Perpetual Ltd (PPT.AX): EQT comeback may provide some support despite its initial rejection

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Perpetual Ltd (PPT.AX): EQT comeback may provide some support despite its initial rejection

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01 Jul 2026 07:09:05 ET │ 10 pages

Perpetual Ltd (PPT.AX)

EQT comeback may provide some support despite its initial rejection

CITI’S TAKE

EQT’s indicative takeover offer for PPT at A$21.64/share (pre-dividends),

Neutral values PPT at ~14x FY26E PE (net of Wealth) and represents a 28%

Price (01 Jul 26 16:00) A$18.10 premium to its last 6 months average share price. While PPT’s Board

rejected the proposal and EQT has a variable history in completing M&A Target price A$17.00

deals in Australia, the offer should nonetheless provide some near term Expected share price return -6.1%

support for PPT’s share price. We wonder whether EQT will now return Expected dividend yield 6.5%

with an enhanced offer. We also note marking to market could see some Expected total return 0.4%

upside risks to consensus PPT’s 2H26E FuM forecasts although we are Market Cap A$2,094M

conscious value indices are most relevant, with the funds likely

US$1,469M underweight tech. We also expect the core issue re material fund outflows

to persist near term, despite PPT’s new seemingly ambitious growth plans.

Takeover for PPT, ~36% premium to yesterday’s close – PPT received a non-binding, Nigel PittawayAC

conditional and indicative proposal to acquire all Perpetual shares for a cash offer of +61-2-8225-4860

A$21.64 per share (before dividends). The proposal is from Windflower Pte Limited, nigel.pittaway@citi.com

an entity indirectly controlled by private equity firm EQT AB. Net of 2H26E dividends,

Jeff Cai, CFAwe estimate the offer price values PPT at ~14x FY26E PE (net of Wealth earnings) and

represents a ~36% premium to 30 Jun 2026 COB share price and 28% premium to +61-2-8225-2688