EQT HOLDINGS LIMITED (EQT)
Share Price Analysis and Chart

28/08/2026

2

Accumulate

$22.15

5.58%

EQT Holdings' FY26 continuing NPAT rose 33% y/y, supported by strong growth across its two core divisions, with Corporate Trustee Services revenue up 14% and Trustee & Wealth Services up 8%.

The superannuation business has now been classified as discontinued, with management still expecting a sale to be agreed in coming months.

Momentum across the continuing businesses remains positive, although investment in Corporate Trustee Services is expected to create FY27 cost headwinds and reduce the group NPBT margin to 27% from 30%.

The analyst sees a reasonable probability of one of the indicative takeover proposals proceeding, with its valuation assuming a 50% probability of a transaction at $24.75. Accumulate. Target price rises to $22.15 from $17.75.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 84.00 cents and EPS of 119.40 cents.
Ord Minnett forecasts a full year FY28 dividend of 102.60 cents and EPS of 136.00 cents.

30/08/2026

3

Downgrade to Hold from Buy

$22.05

5.10%

Canaccord Genuity downgrades its rating for EQT Holdings to Hold from Buy, with a $22.05 target price, pending the Board's response to recent takeover proposals from BGH and TPG.

The company delivered an FY26 result featuring underlying NPATA of $41.3m on revenue of $205.6m, representing a slight miss at the NPATA level due to higher costs in the second half.

The Board declared a final dividend of 20cps, reserving cash flow to manage liquidity for the targeted exit of its Superannuation Trustee Services (STS) business by the end of FY27.

The analyst revises continuing basis estimates lower, factoring in a -24% to -25% reduction in PBT due to increased investment in the Corporate Trustee Services (CTS) business, higher legal expenses, and a lower FUMAS run-rate.

The broker anticipates the STS exit will be via a sale rather than a wind-down, noting the company remains well-positioned to handle the associated liquidity requirements.