Ann: 2022 AGM presentations and FY23 guidance upgrade, page-7

Just got this in an email ...Tue, 31 Jan at 9:41 am

Tuesday, 31 January 2023

CPU - COMPUTERSHARE LIMITED

Credit Suisse rates CPU as Outperform (1) - Credit Suisse has reviewed its outlook on Computershare, accounting for market and foreign exchange movements. The broker finds valuation support for the company is not as strong as it once was, but does continue to see upside potential.

Given fixed income market expectations, Credit Suisse expects Computershare will maintain FY23 guidance, but that FY24 margin income guidance will be reduced to US$940-905m from US$1,010. The broker expects rates to remain a tailwind throughout FY24, before turning to a headwind in FY25.

The Outperform rating is retained and the target price decreases to $27.00 from $29.00.

Target price is $27.00 Current Price is $23.89 Difference: $3.11 If CPU meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges). Current consensus price target is $30.83, suggesting upside of 29.1%(ex-dividends)The company's fiscal year ends in June.

Forecast for FY23:

Current consensus EPS estimate is 139.3, implying annual growth of N/A. Current consensus DPS estimate is 117.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY24:

Current consensus EPS estimate is 174.4, implying annual growth of 25.2%. Current consensus DPS estimate is 119.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.Market Sentiment: 0.8All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources