Challenger Ltd. (CGF.AX): Fidante change of control; targeting better organic trends; mid-to-high teens multiple

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Challenger Ltd. (CGF.AX): Fidante change of control; targeting better organic trends; mid-to-high teens multiple

Equity Research

18 June 2026 | 11:49PM AEST

Challenger Ltd. (CGF.AX): Fidante change of control; targeting better

organic trends; mid-to-high teens multiple

n Overall comment: CGF announced an agreement to merge Fidante with Channel Julian Braganza, FIAA

+61(2)9321-8487 |

Capital to form Channel Group (managed by Channel Capital’s MD Glen Holding). julian.braganza@gs.com

Goldman Sachs Australia Pty Ltd

We think this change of control is supportive of Fidante’s/ Channel Group’s

Chris Matthews, FIAA

medium term organic trends given scale /distribution/ product opportunities, +61(2)9321-8370 | chris.matthews@gs.com

and it implies a mid-to-high teens multiple according to management - see Goldman Sachs Australia Pty Ltd

Exhibit 1.

n Key points:

o According to management, the transaction values Fidante on a mid to

high teens multiple on Fidante ex corporate costs (trailing). This

compares to Pinnacle’s ~26.5x based on consensus estimates. We note

that Fidante has experienced pressure on flows /performance (see Exhibit

2 and Exhibit 3) relative to Pinnacle’s relatively better inflow trends.

o Management guidance (mid-to-high teens trailing multiple, i.e. c17x)

would imply c.$400m for Fidante ex allocation of corporate costs. CIM

will be retained in the life business and represents a more meaningful

share of FM earnings.

o CGF will retain 45% of the merged entity + paid $172m cash (50%

contingent over 4 years).

o We calculate that a c.17x multiple for Fidante would imply Channel

Capital’s earnings are valued at a higher multiple of c.28x (and includes

an element of non-recurring revenues). Channel has also been seeing

better growth trends v Fidante.