PRAEMIUM LIMITED (PPS)
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23/07/2026

1

Buy

$1.20

77.78%

Bell Potter highlights the outlook provided by Praemium in its June quarter update. Advisers are seeking integrated administration services in alternative assets which is driving the uptake of multiple products.

The platform operator has simplified its business model and improved operating leverage while an external independent technical review has commenced to assess productivity benefits and commercial assumptions.

Gross inflows of $2.13bn were up 14%. Bell Potter points out the broking segment experienced minimal contributions while work around uplifting the superannuation offer needs to be done.

Buy rating and $1.20 target unchanged.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 2.60 cents and EPS of 3.80 cents.
Bell Potter forecasts a full year FY27 dividend of 3.00 cents and EPS of 4.70 cents.

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15/06/2026

1

Buy

$1.40

107.41%

Canaccord Genuity maintains a Buy rating on Praemium with a $1.40 target price following progress on the rollout of its next-generation wealth platform and revised incentive arrangements linked to the Technotia acquisition.

The new core technology platform is scheduled for a staged launch through the remainder of 2026, while a technology restructure completed earlier this year has reduced the technology workforce to around 40 employees from more than 140 and is expected to deliver annualised cost savings of approximately $9m from FY27.

Technotia's two founding principals will transition to part-time consulting roles under a revised incentive structure comprising an immediate $2.5m payment and potential additional payments of up to $7.5m, subject to independent review of technical and commercial outcomes.

The analyst estimates the revised incentives imply incremental cash generation of between $25m and $100m across FY27-FY29, while noting the payments can be comfortably funded from cash reserves of $31m as at December 2025.

No changes have been made to underlying forecasts, with the incentive payments expected to be treated as non-recurring items affecting statutory earnings.