Computershare Limited (ASX: CPU) is a global leader in financial administration and share registry services, offering integrated solutions across issuer services, employee equity plans, and corporate trust operations. Computershare Limited was listed on the ASX on 27 May 1994 at an issue price of AUD 0.20 per share.
Computershare recorded strong revenue and earnings growth in 1H25, with management EPS rising to 69 US cps. The full-year EPS is expected to reach 135 US cps, up 15% from FY24, reflecting solid business performance and effective cost management. EBIT excluding margin income rose significantly, driven by higher recurring fees, increased activity in employee share plans, and stronger stakeholder relationship management services. Dividends and share buybacks continue to support shareholder returns, with US$167.6 million distributed in the first half alone.
Margin income is projected at US$750 million for FY25, slightly down from previous guidance due to marginally lower average client balances (US$29.9bn). However, the impact is mitigated by a consistent weighted average yield and prudent hedging practices. The EBIT margin remains strong, exceeding 30%, and the company’s capital expenditure remains minimal, reinforcing its capital efficiency.
Computershare has positioned itself as a resilient and future-ready financial services provider, leveraging its integrated platform across issuer services, corporate trust, and employee share plan management. Scalable technology, deep client relationships, and growing participation in global capital markets underpin the company’s long-term growth trajectory. Key growth drivers highlighted during the Macquarie Australia Conference include sustained demand for securitisation services, increased equity-based remuneration programs, and rising governance and compliance requirements across jurisdictions. Furthermore, the firm’s disciplined M&A approach continues to complement organic growth, as evidenced by recent acquisitions like BNY Trust Company of Canada, which expands its footprint in high-growth international markets.
The company invests strategically in innovation and operational efficiencies, maintaining its capital-light model while enhancing its technological capabilities. Cost transformation programs and business integrations have led to higher EBIT margins across all segments. Notably, EBIT margin in the Issuer Services segment improved to 32% in 1H25, while Corporate Trust saw EBIT margin rise to 15%, excluding margin income.
Capital management remains a key focus area, with over AUD 525 million (more than 70%) of the announced AUD 750 million buyback already executed. The remaining portion is expected to be completed by the end of June 2025. The company’s strong balance sheet, with a net debt to EBITDA ratio forecast around 0.4x post-buyback, allows continued funding flexibility for future acquisitions, R&D, and shareholder returns. Additionally, Computershare has increased dividend distributions and maintained a strong cash conversion ratio, reflecting its ongoing commitment to delivering shareholder value.
Computershare operates at the confluence of technology, governance, and finance, capitalising on macroeconomic trends and specific sector advantages. The rising digitalisation of financial services, the need for enhanced regulatory compliance, and the movement towards outsourcing registry and shareholder services drive demand for its offerings. Amid fluctuating interest rates, Computershare’s varied income sources, including recurring fees and transaction revenues, provide stability in earnings. With a strong global footprint in North America, Australia, and Europe, the company is well-equipped to shield against regional economic shifts and regulatory adjustments. Holding a leadership position in vital sectors, Computershare will gain from heightened capital market activity and the transition to cloud-based and digital platforms for investor engagement.
Chifley Tower, 2 Chifley Square,
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1300 854 151
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