Computershare shares dropped 3% to A$40.02 in early trade on Wednesday after some analysts flagged the stock as “expensive” amid concerns that lower United States interest rates could pressure future earnings.
The large-cap share registry and corporate services group posted its full-year 2025 results on Tuesday evening, reporting management earnings per share of 135.1 cents, up 15% year-on-year, on revenue of A$3.1 billion, down 5.6% from FY24. Statutory profit climbed 72% to A$607 million.
Management earnings before interest and taxes, excluding margin income, rose 17% to A$411.9 million. Margin income of A$759 million, down 2.8%, was described as “resilient” and exceeded internal forecasts, with higher balances offsetting lower rates across major markets. A final dividend of 48 cents per share will be paid on 15 September.
For FY26, management EPS is expected to rise 4% to around 140 cents. Morgan Stanley analysts, including Andrei Stadnik, said: “CPU is managing its earnings trajectory well given falling margin income contribution, but the stock seems expensive in light of potential for lower US rates.”
The broker noted FY25 EPS was 0.5% below consensus, with FY26 guidance “compositionally softer” despite being broadly in line.
