Computershare Limited: 4Q26 mark-to-market – yield curve increases, strong equity markets and strong outlook for corporate actions into FY27

研报英文原文证据摘录

Computershare Limited: 4Q26 mark-to-market – yield curve increases, strong equity markets and strong outlook for corporate actions into FY27

Siddharth Parameswaran AC Asia Pacific Equity Research

(61-2) 9003-8629 02 July 2026 J P M O R G A N

siddharth.x.parameswaran@jpmorgan.com

• Share Plans – strong markets to help transactional revenues: All indices

recovered through 4Q26 (Figure 13Equitymarketindices) following the geopolitical shocks affecting their

levels in MarQ26. This is a positive for CPU, as more options are likely to vest and

there is more scope for transactional revenues as a result. CPU in their earlier trading

update reported 2H26 trading revenues up vs PCP on higher energy-sector client

transactions, sounding better than our prior expectation from market declines and

supporting a partial reversal of our 3Q26 transactional-revenue cut.

• Issuer Services – cyclically strong conditions: Equity issuances across global

markets showed very strong growth over 4Q26 (Figure 5Equity(initialandsecondary)oferingsanddealcount–Global), and remain much the

above long-term historical average levels, while M&A levels (Figure 6USM&Atransactionvalue) were also

above average in 4Q26, but showed some decline vs very strong trends seen in 3Q26.

CPU in their trading update in May-26 said register maintenance is performing

consistently with corporate action pipelines building. We believe that the oulook into

FY27 looks very strong – noting that we still expect a strong pipeline for raisings in

infrastructrue (for data centres, etc.), possible listings of AI stocks and more M&A.

• Stock view – Maintain OW, Jun-27 of $39.50: CPU trades at 17.4x on JPMe FY27

management EPS of 152 cents, broadly in line with its long term average P/E of ~17.3x