PLATINUM ASSET MANAGEMENT LIMITED (PTM)
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10/07/2025

1

Upgrade to Buy from Hold

$0.60

-3.23%

Bell Potter notes the renegotiated merger terms between Platinum Asset Management and L1 Capital ((LSF)) advanced to a merger implementation deed and provided more details about cost synergies and some key figures for L1 Capital.

The terms are considered positive for the company, with combined business growth likely to rise to 2.5% from -9%.

The merged company expects to realise $20m of synergies, which together with Platinum's $10-15m, would be around 25-30% of the run rate costs of -$134m.

EPS forecast lifted by 1.2% for FY25, 16.2% for FY26 and 66.8% for FY27. Rating upgraded to Buy from Hold. Target rises to 60c from 49c.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 2.90 cents and EPS of 6.70 cents.
Bell Potter forecasts a full year FY26 dividend of 2.00 cents and EPS of 3.90 cents.

10/07/2025

3

Neutral

$0.53

-14.52%

Jarden believes the proposed merger between Platinum Asset Management and L1 Capital is strategically sound.

The new entity will combine complementary funds under management (FUM) and target $20m in cost synergies on top of Platinum's existing cost-out plans, explain the analysts.

The broker estimates the merger would be around 11% EPS accretive within a year and 38% by FY27, with potential upside if L1’s FUM grows faster than forecast or Platinum's outflows improve.

L1 shareholders would own 74% of the merged entity, with escrow conditions applied, and the deal remains subject to a Platinum shareholder vote in September and a $3m break fee.

Jarden raises its 12-month target price to 53c from 37c and retains a Neutral rating.

FORECAST
Jarden forecasts a full year FY25 dividend of 22.20 cents and EPS of 3.50 cents.
Jarden forecasts a full year FY26 dividend of 3.20 cents and EPS of 3.30 cents.