PEXA: Taxing Times

研报英文原文证据摘录

PEXA: Taxing Times

Tharan Jeyathasan AC Asia Pacific Equity Research

(61-2) 9003-6098 25 June 2026 J P M O R G A N

tharan.jeyathasan@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

PEXA is the operator of the largest digital property settlement

platform (PEXA Exchange) in Australia. PEXA Exchange is

involved in ~90% of all property transactions across Australia,

and enjoys a monopolistic market position in e-conveyancing.

We think there are limited near-term risks to this dominant

market position, given ARNECC’s announcement that it is

pausing interoperability and standing down all project teams as

well as Sympli’s decision to move away from interoperability.

PEXA is looking to replicate this success in the UK, and has

YTD 1m 3m 12m recently achieved some key milestones which we think provide

Abs -22.2% -9.0% -32.8% -21.3% investors with incrementally improved confidence in PEXA’s

Rel -22.6% -9.6% -35.3% -23.5%

prospects for success in the UK. If PEXA is able to consistently

Company Data deliver on its communicated milestones, we think the market

Shares O/S (mn) 177 will start placing value on its growth businesses.

52-week range (A$) 17.18-10.28

Market cap ($ mn) 1,279.29 Valuation

Exchange rate 1.45 Our 31 December 2026 price target of $14.00 is based on a ~6%

Free float (%) 92.7%

3M ADV (mn) 0.65 discount to our SOTP valuation to allow for the elevated

3M ADV ($ mn) 5.5 uncertainty around IPART review pricing outcomes. We

Volatility (90 Day) 44 continue to adopt a 15x EBITDA multiple for each business. For

Index ASX 200

BBG ANR (Buy | Hold | Sell) 7|2|1 the International business specifically, we assume a 75%

probability of success in achieving a 20% market share at 35%

Key Metrics (FYE Jun)

EBITDA margins.