PERPETUAL LIMITED (PPT)
Share Price Analysis and Chart

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PPT - PERPETUAL LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 2.96
Index: ASX200 | ASX300 | ALL-ORDS

Perpetual is an Australian investment and trustee company providing investment products, superannuation financial advice and corporate services. The Perpetual Trustee Co was founded in 1886 and became a listed entity in 1964. Its core approach is based on 'value' investing.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$20.00

19 Dec
2024

-0.160

OPEN

$20.02

-0.79%

HIGH

$20.07

448,084

LOW

$19.72

TARGET
$22.862 14.3% upside
Franking for last dividend paid out: 50%
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AEF . AMP . ASX . AVC . BVS . CGF . CVW . DJW . ENN . GDC . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PTM . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
PPT: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 420.8 174.4 xxx
DPS (cps) xxx 118.0 121.2 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx - 23.9% 2.7% xxx
PE Ratio xxx N/A 11.2 xxx
Dividend Yield xxx N/A 6.2% xxx
Div Pay Ratio(%) xxx N/A 69.5% xxx

Dividend yield today if purchased 3 years ago: 3.37%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.02

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/09 - ex-div 53c (franking 50%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-420.8
DPS All xxxxxxxxxxxxxxx118.0
Sales/Revenue xxxxxxxxxxxxxxx1,333.9 M
Book Value Per Share xxxxxxxxxxxxxxx1,583.0
Net Operating Cash Flow xxxxxxxxxxxxxxx296.4 M
Net Profit Margin xxxxxxxxxxxxxxx-35.40 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-22.96 %
Return on Invested Capital xxxxxxxxxxxxxxx-18.68 %
Return on Assets xxxxxxxxxxxxxxx-12.86 %
Return on Equity xxxxxxxxxxxxxxx-22.96 %
Return on Total Capital xxxxxxxxxxxxxxx5.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx122.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx698 M
Long Term Debt xxxxxxxxxxxxxxx136 M
Total Debt xxxxxxxxxxxxxxx834 M
Goodwill - Gross xxxxxxxxxxxxxxx1,521 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx381 M
Price To Book Value xxxxxxxxxxxxxxx1.35

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx31.8 M
Capex % of Sales xxxxxxxxxxxxxxx2.38 %
Cost of Goods Sold xxxxxxxxxxxxxxx196 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx975 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx382 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

10/12/2024

1

Buy

$22.50

12.50%

The Australian Tax Office has delivered a nasty surprise for Perpetual and its shareholders with Citi commenting the ATO's view on Perpetual's proposed Scheme of Arrangement transaction looks extremely unfavourable for the deal's prospects with the range of tax outcomes potentially as large as -$493m-$529m.

The range previously suggested by the fund manager was -$106m-227m hence the latest ATO indication is much worse than feared.

The broker suggests the ATO has essentially kyboshed any separation plans and the best option available seems to be to keep everything as is and trust the new CEO to cut costs and revive returns for shareholders.

In addition, Citi expects significant one-off costs have likely been incurred as part of the long-winded process. Buy. Target $22.50.

FORECAST
Citi forecasts a full year FY25 dividend of 120.00 cents and EPS of 176.10 cents.
Citi forecasts a full year FY26 dividend of 150.00 cents and EPS of 199.60 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

16/12/2024

2

Overweight

$24.20

21.00%

The ATO ruling on the tax treatment of the sale of the Corporate Trust and Wealth divisions is viewed as disappointing by Jarden for Perpetual.

The higher tax liability will reduce the net cash proceeds to shareholders by -33% and lowers the chances of the KKR deal proceeding.

Management previously estimated the tax liability at -$106m-$227m, but this has now increased to -$493m-$529m.

Jarden explains uncertainty over the transaction leads the analyst to value Perpetual using a discounted cash flow and relative price-to-earnings ratio. This increases the target price to $24.20 from $22.70.

Overweight rating maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 96.70 cents and EPS of 171.90 cents.
Jarden forecasts a full year FY26 dividend of 108.50 cents and EPS of 193.10 cents.
Access Extra Coverage Research History >

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