Computershare (CPU.AX): Tokenisation risks likely manageable; albeit uncertainty remains; Bullish/Equiniti outlook supportive of the theme

Research evidence excerpt

Computershare (CPU.AX): Tokenisation risks likely manageable; albeit uncertainty remains; Bullish/Equiniti outlook supportive of the theme

Equity Research

25 June 2026 | 12:30PM AEST

Computershare (CPU.AX): Tokenisation risks likely manageable; albeit

uncertainty remains; Bullish/ Equiniti outlook supportive of the theme

As we published here, and post industry meetings, we think Tokenisation risks on Julian Braganza, FIAA

+61(2)9321-8487 |

registry could be manageable for CPU but longer term uncertainties remain: 1) CPU’s julian.braganza@gs.com

Goldman Sachs Australia Pty Ltd

18mth partnership with Securitize de-risks its capability gap, enabling CPU to offer

Chris Matthews, FIAA

tokenisation services to Issuers. 2) CPU retains optionality to build out its own +61(2)9321-8370 |

tokenisation platform (potentially up to ~$50m, based on channel checks) or acquire chris.matthews@gs.comGoldman Sachs Australia Pty Ltd

the capability to own the tokenisation value chain. 3) Bullish’s acquisition of Equiniti

(here) suggests momentum is building around the tokenisation thematic, supported

by increasing stablecoin supply and liquidity. 4) Long term earnings impacts are

uncertain; however, we think CPU will likely have levers to manage revenue impacts

(including potential loss of MI) through: a) Contract repricing noting Issuer benefits

around 24/7 trading, instantaneous settlement, improved SH engagement and

improved delivery of corporate actions; b) Operating leverage / cost out. 5) Low cost

barriers to entry creates uncertainty on competition/insourcing; however, a key

positive for CPU is that they have strong Issuer relationships.

Bullish is targeting 1) Flat to low single digit growth across the transfer agent

business and interest income revenues.