PRAEMIUM LIMITED (PPS)
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01/09/2026

1

Buy

$1.10

69.23%

Praemium's FY26 underlying earnings (EBITDA) rose 15% to $32.1m, broadly in line with Bell Potter's forecast, while revenue of $110.5m was slightly below expectation.

The broker highlights progress on cost reductions, with -$9m of annualised technology synergies targeted and delivery expected during FY27.

While FY27-FY29 earnings forecasts are reduced by -6% to -9% on lower sales assumptions, Bell Potter sees growth potential from superannuation and new client wins beginning to convert into revenue.

The broker cuts its target to $1.10 from $1.20 and retains a Buy rating.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 3.00 cents and EPS of 4.00 cents.
Bell Potter forecasts a full year FY28 dividend of 4.00 cents and EPS of 5.40 cents.

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02/09/2026

1

Buy

$1.12

72.31%

Canaccord Genuity maintains a Buy rating for Praemium with its target price decreased to $1.12 from $1.20 following the release of an FY26 result featuring underlying EBITDA of $32.1m.

The 14.5% year-on-year earnings growth beat both Canaccord Genuity's estimates and consensus by approximately 2%, supported by EBITDA margin expansion to 29.1%.

This leverage countered platform margin compression to 27 basis points, which the analyst attributes to higher initial account balances for early Spectrum adopters and funds under administration growth aligned to lower-margin enterprise agreements.

Operational initiatives delivered $9m in annualised cash cost savings following the Technology Division restructure, alongside a net $0.7m EBITDA benefit from the OneVue integration.

Downward revisions to FY27 and FY28 underlying NPATA forecasts of -9.6% and -8.8% respectively drive the target price reduction, though the broker views the current 7.1x forward enterprise value-to-EBITDA multiple as a compelling discount to peers.