QUALITAS LIMITED (QAL)
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25/08/2025

1

Outperform

$3.98

7.57%

Qualitas reported in-line EPS of 12.3c for FY25. Net funds management missed expectations, with net performance fees better than Macquarie's forecast at $8.1m versus $7.4m.

Management pointed to the pool of embedded and unrecognised performance fees for the next seven years to rise 2%, but recognition may not be in a straight line.

Corporate costs lifted 25% due to new Melbourne office space, while a $500m transaction may be delayed post indication in May due to its complexity.

Macquarie lifts its EPS forecasts by 1.7% for FY26 and 3% for FY27 post FY26 guidance, which infers 13%-25% EPS growth versus 35% in FY25.

The analyst likes the structural drivers and sees the business as well supported. No change in Outperform. Target rises 6.7% to $3.98.

FORECAST
Macquarie forecasts a full year FY26 dividend of 11.50 cents and EPS of 14.70 cents.
Macquarie forecasts a full year FY27 dividend of 15.20 cents and EPS of 17.00 cents.

28/08/2025

1

Buy

$4.26

15.14%

Jarden describes Qualitas' FY25 result as robust with net profit before tax beating consensus by 3% and would have been a bigger beat if $500m deal had been recognised, and not slipped into FY26.

Pipeline is strong at $2.1bn, up 24% y/y with increasing non-residential opportunities and supported by $3.1bn of dry powder for new deployments. Customer metrics are improving with rising proportion of repeat customers and reduced churn.

The broker made revisions to modelling, resulting in a -3.3% downgrade to FY26 EBITDA forecast but a 6.1% upgrade to FY30.

Target rises to $4.26 from $4.15. Buy.

FORECAST
Jarden forecasts a full year FY26 dividend of 12.90 cents and EPS of 13.80 cents.
Jarden forecasts a full year FY27 dividend of 15.70 cents and EPS of 16.90 cents.