MELBOURNE, June 30, 2026, 08:06 AEST
- Computershare ended at A$36.82 going into the main ASX session, slipping 0.16% over the last 24 hours.
- The stock gained 6.85% in the past month and is up 8.42% for 2026 so far, though it’s down 7.58% over one year.
- Computershare held its management EPS outlook for FY26 close to 144 U.S. cents in May, while it lifted its margin income forecast to around US$740 million.
- The S&P/ASX 200 Index (INDEXASX:XJO) gained 0.68% to finish at 8,823.4 on Monday. Early Tuesday, futures were little changed.
Computershare Limited ASX:CPU goes into Tuesday’s ASX pre-open up, but so far it’s mostly a rebound, not a full rerate. Stock was last seen at A$36.82. Most of the 2026 gains have come just in the past month. Over the past year, shares are still down.
ASX trading is open from 09:59:45 to 16:00 in Sydney. June 30 isn’t listed as a closed day for 2026, so price checks resume after the opening auction.
The focus is now just on balances. Computershare kept its FY26 management EPS forecast at roughly 144 U.S. cents as of May 5, and bumped margin income guidance to about US$740 million. Back in February, the company saw margin income around US$730 million, assuming average client balances of US$30.8 billion. All figures are U.S. dollars and constant currency unless noted.
| Gauge | February outlook | May 5 update | Change |
|---|---|---|---|
| FY26 management EPS | ~144 U.S. cents | ~144 U.S. cents | no change |
| FY26 margin income | ~US$730 mln | ~US$740 mln | +US$10 mln |
| Average client balances | US$30.8 bln | US$0.5 bln above prior forecast | +US$0.5 bln |
| Average weighted yield | 2.37% as cited in May update | 2.37% | no change |
The math is important here. That extra US$0.5 billion at 2.37% gives around US$11.9 million in annual gross yield. The margin-income outlook moved higher by US$10 million. The May change was tied to corporate-action balances, not to a new yield figure.
At A$36.82 and the Aussie dollar close to US68.90c on Monday, 144 U.S. cents of management EPS works out to about A$2.09 per share. So on that guidance, CPU is trading at around 17.6 times forecast FY26 management EPS. TradingView puts the trailing P/E at 23.13. The numbers don’t match because Computershare gives guidance as management EPS in U.S. dollars.
| Market check | Latest/recent read | Investor read-through |
|---|---|---|
| CPU price | A$36.82 | trading under last year’s top |
| 1 month | +6.85% | recent rally lifts 2026 |
| 2026 YTD | +8.42% | positive move, not a full rerate |
| 1 year | -7.58% | still trailing |
| vs ASX 200 over one year | -10.30 pct pts | index gap stays wide |
| All-time high | A$43.23 on Feb. 20, 2025 | stock 14.8% under high |
That lag makes margin-income important for holders. MarketIndex puts Computershare at 25th place by ASX market cap and says it’s fallen behind the ASX 200 by 10.30 points over the past year. The June rebound hasn’t brought a full recovery.
Chief Executive Stuart Irving didn’t mince words about the rate impact on the February call, saying, “lower cash rates alone sometimes misses the bigger picture.” Chief Financial Officer Nick Oldfield spelled out the key number for analysts: every 50 basis point change in global rates moves margin income by about $48 million. Investing
Non-margin lines helped the stock earlier in the year. Management EBIT without margin income was up 12.0% at US$190.8 million. Total revenue outside margin income climbed 7.2%. Actual margin income dropped 5.4% to US$372.9 million.
Corporate Trust drove most of the ex-margin profit in the segment, while Issuer Services saw ex-margin EBIT hold flat even as revenue was up.
| 1H26 segment | Total revenue | Mgmt EBIT ex margin income | Margin income move |
|---|---|---|---|
| Issuer Services | US$624.6 mln, up 5.5% | US$97.9 mln, unchanged | down 7.3% |
| Corporate Trust | US$513.9 mln, up 5.0% | US$56.3 mln, rose 43.2% | down 3.8% |
| Employee Share Plans | US$246.1 mln, up 4.5% | US$74.8 mln, up 7.4% | down 15.3% |
Dividend support played into the risk trade. Computershare raised its interim dividend by 22.2% to 55 Australian cents and brought net debt to EBITDA down to 0.30 times. The 1H26 payout ratio came in at 53%.
Next up is the August result. Back in February, Computershare said it saw full-year EBIT excluding margin income up roughly 10%, and it aimed for a full-year EBIT margin over 18%, also excluding margin income. In May, the company kept its EPS guidance the same. So now investors are watching for balance gains and ex-margin profit to hit those marks.
