EQT HOLDINGS LIMITED (EQT)
Share Price Analysis and Chart

25/05/2026

2

Reinstates coverage with Accumulate

$17.75

9.37%

Ord Minnett continues to be positive on EQT Holdings as the company is anticipated to be a beneficiary of long-term demographic trends in the retail trustee market.

The broker reinstates coverage of the stock with an Accumulate rating and a $17.75 target price.

Regarding the potential exposure to ASIC penalties around Shield and First Guardians, the analyst estimates the exposure for EQT could be around -$189m if it is liable for both losses. A more bearish case is around -$269m exposure.

Management has started a strategic review of its superannuation business. The Corporate Trustee business remains the largest and is considered a constant earnings growth generator with the tailwinds from the 65yr-plus and 85yr-plus age groups.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 113.30 cents and EPS of 158.10 cents.
Ord Minnett forecasts a full year FY27 dividend of 116.40 cents and EPS of 165.50 cents.

23/02/2026

1

Buy

$34.57

113.00%

Canaccord Genuity retains a Buy rating and $34.57 target price on EQT Holdings following a 1H26 result which delivered no nasty surprises.

The broker notes funds under administration of $283.7bn, up 29% y/y and 3% versus expectations, revenue of $100.0m, up 12% y/y and in line, and net profit before tax of $31.6m, up 23% y/y but -4% versus forecast.

Adjusted EPS of 79.6c rose 22% y/y and was -6% below its estimate.

There has been a sizable lift in operational risk, financial requirement holdings to $153.1m versus its $67.7m estimate following CPS 230 changes, which it expects to lift other revenue but also interest expense.

The broker points to continued elevated legal and advisory costs in 2H26 relating to Shield and First Guardian, and notes Superannuation Trustee Services remains under strategic review with a 6 to 12 month timeline, with no quantitative guidance provided.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 117.00 cents and EPS of 168.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 122.00 cents and EPS of 178.00 cents.