Announcement • Jul 29
Windflower Pte. Limited cancelled the acquisition of Perpetual Limited (ASX:PPT). Windflower Pte. Limited proposed to acquire Perpetual Limited (ASX:PPT) for AUD 2.5 billion on July 1, 2026. Under the terms of the Indicative Proposal, Perpetual shareholders would have received AUD 21.64 cash per share (reduced by the value of any dividends, capital returns or distributions declared or paid by the Company). As of July 15, 2026 Perpetual Limited received a non binding conditional and indicative proposal from Windflower Pte. Limited. Under the terms of the Indicative Proposal, Perpetual shareholders would have received AUD 22.74 cash per share. As of July 26, 2026, the bid price has been increased to AUD 22.50 per share
The deal is conditional upon completion of sale of Perpetual's wealth management business to Bain Capital, satisfactory completion of due diligence, negotiation and execution of binding transaction documentation, regulatory approvals and other customary conditions. Perpetual shareholders do not need to take any action this time. As of July 17, 2026, the board of Perpetual Limited rejected the revised proposal.
Windflower Pte. Limited cancelled the acquisition of Perpetual Limited (ASX:PPT) on July 29, 2026. Having carefully considered the revised price and the other terms of the Further Indicative Proposal and having obtained advice from its financial and legal advisers in relation to it, the Perpetual Board has concluded that the Further Indicative Proposal is not in the best interests of Perpetual shareholders. Perpetual does however propose to offer EQT access to limited, non-public information on a non-exclusive basis and to engage with EQT on a number of aspects of the Further Indicative Proposal in order to determine whether EQT is able to formulate an improved proposal that reflects the value of Perpetual and contains terms (including conditions) that the Perpetual Board otherwise considers appropriate. The provision by Perpetual of access to limited non-public information does not guarantee that there will be a binding offer or an offer that is capable of being recommended by the Perpetual Board. Furthermore, the provision of information by Perpetual to EQT will be subject to certain conditions, including the signing of an appropriate confidentiality and standstill agreement by EQT. Perpetual recommends its shareholders to take no action at this time.
Perpetual has engaged BofA Securities as its financial advisers and Mallesons as its legal adviser. Announcement • Jul 18
Windflower Pte. Limited cancelled the acquisition of Perpetual Limited (ASX:PPT). Windflower Pte. Limited proposed to acquire Perpetual Limited (ASX:PPT) for AUD 2.5 billion on July 1, 2026. Under the terms of the Indicative Proposal, Perpetual shareholders would have received AUD 21.64 cash per share (reduced by the value of any dividends, capital returns or distributions declared or paid by the Company). As of July 15, 2026 Perpetual Limited received a non binding conditional and indicative proposal from Windflower Pte. Limited. Under the terms of the Indicative Proposal, Perpetual shareholders would have received AUD 22.74 cash per share.
The deal is conditional upon completion of sale of Perpetual's wealth management business to Bain Capital, satisfactory completion of due diligence, negotiation and execution of binding transaction documentation, regulatory approvals and other customary conditions. Perpetual shareholders do not need to take any action this time.
Windflower Pte. Limited cancelled the acquisition of Perpetual Limited (ASX:PPT) on July 17, 2026. The proposal does not adequately represent fair value for Perpetual shareholders in the context of a change of control transaction and that it is not in the best interests of Perpetual shareholders. The Board therefore rejects the Revised Indicative Proposal. Live News • Jul 02
Perpetual Rejects $1.7 Billion Offer as Market Value Rises Perpetual rejected an unsolicited A$1.7b takeover offer from EQT-controlled Windflower, with the board saying the conditional proposal did not represent fair value for shareholders.
The bid rejection is a significant corporate event that puts a public reference point on Perpetual’s valuation and could influence any future approaches or internal review of the company’s structure and assets.
Perpetual shares last traded at A$18.10, with the stock up 16.8% over the past day, and the company’s statement said the share price rose significantly after the announcement.
The immediate takeaway is that an external party was willing to pay a sizeable premium for control of Perpetual, yet the board believes the intrinsic value is higher. This raises both the bar for any future offers and the stakes around how effectively management uses this leverage. Announcement • Jul 02
Windflower Pte. Limited cancelled the acquisition of Perpetual Limited (ASX:PPT) for AUD 2.5 billion. Windflower Pte. Limited proposed to acquire Perpetual Limited (ASX:PPT) for AUD 2.5 billion on July 1, 2026. Under the terms of the Indicative Proposal, Perpetual shareholders would have received AUD 21.64 cash per share (reduced by the value of any dividends, capital returns or distributions declared or paid by the Company).
Windflower Pte. Limited cancelled the acquisition of Perpetual Limited (ASX:PPT) on July 1, 2026. The Indicative Proposal was highly conditional and did not adequately represent fair value for Perpetual shareholders in the context of a change of control transaction and the Board determined that it was not in the best interests of Perpetual shareholders. The Board therefore rejected the Indicative Proposal. Perpetual shareholders to take no action in response to the Indicative Proposal. Live News • Jun 07
Perpetual Set to Acquire Majority Stake in Interfi With A$55b Lending Exposure Perpetual has agreed to acquire a 70% stake in Victoria-based loan servicing technology provider Interfi Systems, with an option to buy the remaining 30% by FY2031.
The acquisition brings exposure to about $55b in assets under administration through Interfi’s non-bank lending clients.
Management expects the deal to support its Corporate Trust Digital and Markets division and contribute to a reduction in Perpetual’s gross debt of around 15% by June 2026, with completion targeted before the end of June 2026.
The move signals a push deeper into loan servicing technology and non-bank lending, which may broaden Perpetual’s revenue mix and add more fee-based, infrastructure-style income streams.
Investors may want to watch how quickly Perpetual integrates Interfi and whether the expected gross debt reduction and AUA exposure are reflected in changes to cash flow metrics over time. Announcement • Mar 16
Bain Capital Private Equity, LP entered into a binding agreement to acquire Perpetual PWM Services PTY Ltd from Perpetual Limited (ASX:PPT) for AUD 550 million on a cash and debt free basis. Bain Capital Private Equity, LP entered into a binding agreement to acquire Perpetual PWM Services PTY Ltd from Perpetual Limited (ASX:PPT) for AUD 550 million on a cash and debt free basis on March 16, 2026. The total consideration elements comprise an upfront cash payment at completion of AUD 500 million (subject to adjustments for regulatory capital, working capital and other customary adjustments relating to the Wealth Management business as at completion), a potential additional upfront cash payment at completion based on the performance of the advice business prior to completion and an earn out payment of up to AUD 50 million, relating to the performance of the Accounting and Wealth operations of the Wealth Management business following completion, which will be tested and payable two years following completion. As part of the Transaction, Perpetual will licence the brands “Perpetual Wealth” and “Perpetual Private” to the Perpetual Wealth Management Group for a period of 15 years. Perpetual will continue to own all rights in the “Perpetual” brand. Net cash proceeds from the Transaction will be used to reduce debt and support investment in organic growth in the Asset Management and Corporate Trust businesses. The sale agreement includes certain termination rights, including for non-satisfaction of the above conditions or due to the occurrence of one or more events that would, or be reasonably expected to, materially adversely impact FY26 or FY27 earnings of the Perpetual Wealth Management Group. Under the sale agreement, Perpetual will retain responsibility for certain pre-completion matters and will provide protection to Bain Capital and the Perpetual Wealth Management Group in relation to those precompletion matters via indemnities.
Completion of the Transaction is subject to the following conditions: Bain Capital obtaining FIRB and ACCC approvals; and Perpetual completing the corporate restructure (and other associated activities) required to separate the Wealth Management business from the broader Perpetual Group and its asset management and corporate trustee services businesses. Implementation of the restructure to create the Perpetual Wealth Management Group will require (amongst other matters) regulatory relief and approvals from ASIC and Court orders to facilitate the transfer of certain assets, liabilities and undertakings relating to the Wealth Management business, including by way of schemes of arrangement under Part 5.1 of the Corporations Act, and Ministerial consent to the change in control of the Wealth Management traditional trustee business. The current intention of the parties is to complete the Transaction towards the end of the 2026.
King & Wood Mallesons acted as legal advisor for Perpetual Limited. Barrenjoey Capital Partners acted as financial advisor for Perpetual Limited. Noah Obradovic, Lachlan Martin, Jack Shanahan, Simun Soljo, Kerensa Sneyd, Michael Mathieson, David Couper, Jessica Mottau, Tracy Lu, Annabelle Aland, Chloe Wilton, Dora Banyasz, Felicity McMahon, Konrad Stilin, Michael Mathieson, Angelina Mihaylova, Aveline Orban and Andrew Wong of Allens acted as legal advisor for Bain Capital Private Equity, LP. Declared Dividend • Mar 02
First half dividend reduced to AU$0.59 Dividend of AU$0.59 is 3.3% lower than last year. Ex-date: 12th March 2026 Payment date: 7th April 2026 Dividend yield will be 6.1%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (56% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Feb 27
First half 2026 earnings released: EPS: AU$0.48 (vs AU$0.11 in 1H 2025) First half 2026 results: EPS: AU$0.48 (up from AU$0.11 in 1H 2025). Revenue: AU$704.1m (up 1.6% from 1H 2025). Net income: AU$53.9m (up 349% from 1H 2025). Profit margin: 7.7% (up from 1.7% in 1H 2025). Revenue is forecast to stay flat during the next 3 years compared to a 6.5% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
Perpetual Limited Announces Ordinary Unfranked Dividend for the Six Months Ended December 31, 2025, Payable on 7 April, 2026 Perpetual Limited announced ordinary unfranked dividend of AUD 0.59000000 per security for the six months ended December 31, 2025. Payment Date: 7 April, 2026. Ex Date: 12 March, 2026. Record Date: 13 March, 2026. Announcement • Nov 06
Bain Capital Reportedly in Talks to Acquire Perpetual’s Wealth Management Unit Australian asset manager, Perpetual Limited (ASX:PPT) is in talks with Bain Capital, LP over a potential sale of its USD 14 billion wealth-management business to the U.S. private-equity firm. Perpetual said that it had entered into an exclusivity deed with Boston-based Bain Capital. The ASX-listed company cautioned that there is no certainty a binding agreement will be reached or that any transaction will proceed. Bain Capital declined to comment. Buy Or Sell Opportunity • Sep 01
Now 24% undervalued Over the last 90 days, the stock has risen 16% to AU$20.34. The fair value is estimated to be AU$26.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Aug 30
Final dividend of AU$0.54 announced Shareholders will receive a dividend of AU$0.54. Ex-date: 11th September 2025 Payment date: 3rd October 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (66% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Aug 28
Full year 2025 earnings released: AU$0.52 loss per share (vs AU$4.21 loss in FY 2024) Full year 2025 results: AU$0.52 loss per share (improved from AU$4.21 loss in FY 2024). Revenue: AU$1.39b (up 2.4% from FY 2024). Net loss: AU$58.2m (loss narrowed 88% from FY 2024). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Aug 21
Perpetual Limited Provides Impairment Guidance for the Full Year Ended June 30, 2025 Perpetual Limited provided impairment guidance for the full year ended June 30, 2025. The company has completed its impairment testing for the year to 30 June 2025 and expects to recognize a non-cash impairment charge of approximately $153.7 million, pre-tax, in its financial results for the full year ended 30 June 2025 (subject to completion of the audit process). The non-cash charge includes an additional impairment of $128.2 million for the second half of the financial year, predominantly related to the carrying value of goodwill and customer contracts for the J O Hambro boutique within the Asset Management business. As previously announced in Perpetual's quarterly updates throughout fiscal year 2025, certain key J O Hambro strategies continued to experience greater than expected net outflows throughout fiscal year 2025. Announcement • Aug 09
Perpetual Limited, Annual General Meeting, Oct 23, 2025 Perpetual Limited, Annual General Meeting, Oct 23, 2025. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 64% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 64% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Buy Or Sell Opportunity • Jun 12
Now 21% undervalued Over the last 90 days, the stock has risen 1.0% to AU$18.48. The fair value is estimated to be AU$23.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 11
Perpetual Limited Announces Change of Chief Financial Officer, Effective 1 July 2025 Perpetual Limited announced the appointment of Suzanne Evans as Chief Financial Officer (CFO), succeeding Chris Green. Ms. Evans joins from First Sentier Investors where she held both CFO and strategy roles since 2017, including most recently as Chief Financial & Strategy Officer. Prior to that, she held senior executive roles at Lend Lease and Challenger Limited, including in investor relations, strategy and finance. Suzanne will take over from Chris Green, who has played a critical leadership role throughout his tenure at Perpetual, which spans nearly 20 years, initially as Chief Executive of Corporate Trust business, and in more recent years, as Perpetual's CFO. Chris has been a highly valued member of the executive team and a dedicated leader over a time of significant change. Ms. Evans will commence in the CFO role on 1 July 2025, and at that point Chris Green will move to an advisory role to support the transition and other strategic initiatives, finishing with Perpetual towards the end of the calendar year. Price Target Changed • Apr 16
Price target decreased by 10% to AU$20.42 Down from AU$22.80, the current price target is an average from 10 analysts. New target price is 31% above last closing price of AU$15.63. Stock is down 36% over the past year. The company is forecast to post earnings per share of AU$0.56 next year compared to a net loss per share of AU$4.21 last year. Recent Insider Transactions • Apr 04
Independent Non-Executive Director recently bought AU$159k worth of stock On the 27th of March, Christopher Mark Jones bought around 8k shares on-market at roughly AU$19.93 per share. This transaction increased Christopher Mark's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$674k more in shares than they have sold in the last 12 months. Declared Dividend • Mar 03
First half dividend reduced to AU$0.61 Dividend of AU$0.61 is 6.2% lower than last year. Ex-date: 13th March 2025 Payment date: 4th April 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (63% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Mar 01
Perpetual Limited Announces Interim Unfranked Ordinary Dividend for First Half of 2025, Payable on 4 April 2025 The Board of Perpetual Limited announced an interim unfranked ordinary dividend for first half of 2025 of 61 cents per share, to be paid on 4 April 2025. This represents a payout ratio of 70% of 1 H2 5 UPAT. Record Date: March 14, 2025 and Ex Date: March 13, 2025. Reported Earnings • Feb 28
First half 2025 earnings released First half 2025 results: Revenue: AU$686.2m (up 2.2% from 1H 2024). Net income: AU$12.0m (down 65% from 1H 2024). Profit margin: 1.7% (down from 5.1% in 1H 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Capital Markets industry in Australia. Announcement • Feb 25
Perpetual Commotion as Rival Groups Circle Wealth Business Oaktree Capital Management, L.P. and TA Associates, L.P., have been named as potential suitors of - Perpetual Limited (ASX:PPT)'s Wealth Management arm. The business is on the market after a deal to sell it to Kohlberg Kravis Roberts with Perpetual's Corporate Trust unit collapsed, with the pair unable to agree a price. TA Associates is known to have been searching for opportunities in the financial services space in Australia. However, sources say that the US-based buyout fund has -already looked at the division of Perpetual for a purchase but has opted to move on. Perpetual shareholder Soul Patts is also understood to have looked but cooled on the opportunity. Other potential suitors are JBWere Pty. Ltd., Crestone, Viridian and Koda Capital Pty Ltd, while groups such as Shaw and Partners Limited and Ord Minnett Limited cannot be discounted. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Rodney Forrest was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 23
Perpetual Limited to Report First Half, 2025 Results on Feb 27, 2025 Perpetual Limited announced that they will report first half, 2025 results on Feb 27, 2025 Price Target Changed • Oct 04
Price target decreased by 7.3% to AU$22.92 Down from AU$24.74, the current price target is an average from 10 analysts. New target price is 15% above last closing price of AU$19.90. Stock is down 0.5% over the past year. The company is forecast to post earnings per share of AU$1.18 next year compared to a net loss per share of AU$4.21 last year. Announcement • Sep 06
Perpetual Limited Announces Board Changes Perpetual Limited announced the appointment of Mr. Paul Ruiz as a Non-Executive Director, effective 9 September 2024. Mr. Ruiz will Chair Perpetual’s Audit, Risk & Compliance Committee (ARCC) following the expected retirement of Mr. Ian Hammond at Perpetual’s Annual General Meeting on 17 October 2024 in accordance with Perpetual’s Board rotation policy. Mr. Ruiz currently serves as a Non-Executive Director of TAL Dai-ichi Life Australia, one of Australia’s leading life insurers, where he chairs the Audit Committee. He previously served on the boards and chaired audit committees of AMA Group, the Financial Planning Association of Australia, the Fred Hollows Foundation and its controlled entity Alina Vision, as well as serving on a number of NSW Government audit and risk committees. Until 2016, Mr. Ruiz was an audit partner with KPMG. During his career, he specialised in the audit of financial services businesses and led the delivery of assurance services to a number of major financial services groups in Australia and internationally. Mr. Ruiz is a Fellow of the Institute of Chartered Accountants in England and Wales, a Graduate of the Australian Institute of Company Directors and also holds a BSc Economics. Declared Dividend • Aug 31
Final dividend reduced to AU$0.53 Dividend of AU$0.53 is 18% lower than last year. Ex-date: 12th September 2024 Payment date: 4th October 2024 Dividend yield will be 6.0%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (49% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Aug 29
Perpetual Limited Announces Final Dividend, Payable on 4 October 2024 Perpetual Limited announced a final 50% franked dividend of 53 cents per share was declared on 29 August 2024 and is to be paid on 4 October 2024 to shareholders entitled to receive dividends and registered on 13 September 2024, being the record date. Reported Earnings • Aug 29
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: AU$4.21 loss per share (down from AU$0.73 profit in FY 2023). Revenue: AU$1.36b (up 31% from FY 2023). Net loss: AU$472.2m (down AU$531.2m from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Aug 29
Perpetual Limited Announces Board and Committee Changes Perpetual Limited announced orderly changes to its Board of Directors as it completes the sale of Corporate Trust and Wealth Management and transitions to a single purpose asset management business. Perpetual Chairman Tony D’Aloisio AM intends to retire from the Perpetual Board following implementation of the Scheme of Arrangement with Kohlberg Kravis Roberts & Co. L.P. (KKR) in early 2025 (the Transaction). Mr. Gregory Cooper, appointed Deputy Chairman in May 2024, will assume the role of Chairman on Tony D’Aloisio’s retirement. Independent Non-Executive Directors, Mr. Ian Hammond and Ms. Nancy Fox AM, will retire at the Annual General Meeting (AGM) on 17 October 2024 in accordance with Perpetual’s Board rotation policy. Mr. Hammond and Ms. Fox have been on the Board since 2015 and Chair the Audit, Risk & Compliance Committee (ARCC) and the People & Remuneration Committee (PARC), respectively. Perpetual is well advanced with the recruitment of an Independent Non-Executive Director to replace Mr. Hammond and Chair the ARCC. Perpetual is in the final stages of that appointment and will make the announcement in time for voting at the AGM. Ms. Fiona Trafford-Walker will chair the PARC following Ms. Fox’s retirement at the AGM. Announcement • Aug 06
Perpetual Limited, Annual General Meeting, Oct 17, 2024 Perpetual Limited, Annual General Meeting, Oct 17, 2024. Major Estimate Revision • Jul 25
Consensus EPS estimates fall by 39% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from AU$0.901 to AU$0.552 per share. Revenue forecast steady at AU$1.33b. Net income forecast to grow 77% next year vs 36% growth forecast for Capital Markets industry in Australia. Consensus price target down from AU$25.93 to AU$25.13. Share price fell 2.5% to AU$22.25 over the past week. Announcement • Jun 18
PYFA Australia Pty Ltd completed the acquisition of remaining 89.67% stake in Probiotec Limited (ASX:PBP). PYFA Australia Pty Ltd entered into a binding scheme implementation deed to acquire remaining 89.67% stake in Probiotec Limited (ASX:PBP) for approximately AUD 240 million on December 21, 2023. The transaction will be financed from combination of debt and direct or indirect equity contributions. The transaction is subject to regulatory approvals, approval by shareholders of PT Pyridam Farma Tbk and Probiotec Limited and court approvals. As of May 10, 2024, The deal has been approved by Foreign Investment Review Board. The transaction has been approved by the Federal Court of Australia. The transaction is expected to close on June 18, 2024. Canterbury Partners Pty Ltd acted as financial and Arnold Bloch Leibler and Soewito Suhardiman Eddymurthy Kardono acted as legal advisors to Probiotec Limited. Grant Samuel Group Limited and PT Mandiri Sekuritas acted as financial and Ashurst Australia and Armand, Yapsunto, Muharamsyah & Partners acted as legal advisor to PYFA Australia Pty Ltd. Boardroom Pty Limited acted as registrar to Probiotec Limited. Grant Thornton Corporate Finance Pty Ltd, Investment Banking Arm acted as financial advisor to Probiotec.
PYFA Australia Pty Ltd completed the acquisition of remaining 89.67% stake in Probiotec Limited (ASX:PBP) on June 18, 2024. Trading in Probiotec shares on ASX was suspended at the close of trading on June 5, 2024. Probiotec has applied for its removal from the official list of ASX with effect from the close of trading as on June 19, 2024. Jared Stringer and Andrew Phillips have been appointed as new Directors of Probiotec. Announcement • May 09
KKR & Co. Inc. (NYSE:KKR) agreed to acquire Wealth Management and Corporate Trust businesses of Perpetual Limited (ASX:PPT) for AUD 2.1 billion KKR & Co. Inc. (NYSE:KKR) agreed to acquire Wealth Management and Corporate Trust businesses of Perpetual Limited (ASX:PPT) for AUD 2.1 billion on May 8, 2024. BofA Securities and Goldman Sachs are acting as financial advisers on the transaction.
Luminis Partners is acting as independent advisers to the Board of Perpetual. Herbert Smith Freehills is acting as legal adviser to Perpetual Announcement • May 01
Perpetual Confirms Talks with KKR Perpetual Limited (ASX:PPT) is in exclusive talks with KKR & Co. Inc. (NYSE:KKR) on the sale of its corporate trust and wealth management businesses, with the global private equity giant a preferred bidder over a joint tilt from TA Associates and EQT. The Australian's DataRoom column first revealed that KKR was in talks for the Perpetual assets in December, with the private equity giant firming up as the favourite in recent weeks. Perpetual's shares jumped more than 3% on 29 April 2024, closing at $24.02. Perpetual has been running the sale process on its corporate trust and wealth management divisions for a number of months after it received a $3 billion bid from Soul Patts last year. Soul Patts is Perpetual's largest shareholder with about 12%. Perpetual's response to that proposal was that it undervalued its business. A strategic review of its operations, announced by Perpetual in December as it fobbed off Soul Patts' advances, was aimed at unlocking value from its corporate trust and wealth divisions following its $2.5 billion acquisition of rival Pendal Group earlier in 2023. Offloading the corporate trust and wealth arms would see Perpetual become a pure-play asset management offering. The wealth manager has beefed up this side of the business in recent years, including through bolt-on acquisitions Trillium and Barrow Hanley. But the asset management operation has endured its own challenges amid the flight to passive investing. In a quarterly update last week, Perpetual said it had suffered $5.2 billion in net outflows in the March quarter, with $2.2 billion flowing out from a single strategy. The bulk of the outflows - $3.5 billion - were pulled from boutique J O Hambro Capital Management, with its UK Dynamic strategy losing $2.2 billion over the three months after portfolio manager Alex Savvides left the group. There is no certainty of reaching a binding agreement with KKR, or that any transaction would proceed, Perpetual said, adding that any transaction would be subject to conditions including regulatory approvals. Exclusivity runs out on May 7, with Perpetual expected to provide an update by the following day. Luminis Partners, Bank of America and Goldman Sachs are advising Perpetual on the strategic review and sale process. KKR is advised by Jefferies. Buy Or Sell Opportunity • Apr 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to AU$23.30. The fair value is estimated to be AU$29.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Buy Or Sell Opportunity • Apr 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.7% to AU$24.70. The fair value is estimated to be AU$30.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Announcement • Mar 21
PRM Services LLC made an offer to acquire remaining 88.54% stake in Sierra Rutile Holdings Limited (ASX:SRX) from Samuel Terry Absolute Return Fund managed by Samuel Terry Asset Management Pty Ltd, Perpetual Limited (ASX:PPT), Ecsson Investments Limited, Rockbridge Overseas Limited, Mano Mining And Logistics Limited, Assaad Yazbeck and Joseph Yazbeck for AUD 35.7 million. PRM Services LLC made an offer to acquire remaining 88.54% stake in Sierra Rutile Holdings Limited (ASX:SRX) from Samuel Terry Absolute Return Fund managed by Samuel Terry Asset Management Pty Ltd, Perpetual Limited (ASX:PPT), Ecsson Investments Limited, Rockbridge Overseas Limited, Mano Mining And Logistics Limited, Assaad Yazbeck and Joseph Yazbeck for AUD 35.7 million on March 20, 2023. PRM has offered to acquire all the shares of Sierra at AUD 0.095 per share. PRM already holds 11.46% of SRX Shares. The transaction will be funded from existing cash reserves held by PRM. Sierra Rutile Holdings Limited has recommended to take no action in relation to the on-market takeover offer. The Board of Sierra will consider the Offer and the Bidder's Statement and provide a recommendation to Sierra Rutile shareholders in due course. The deal is expected to close on May 5, 2024. Gadens is acting as the legal advisor to PRM Services LLC. Upcoming Dividend • Mar 06
Upcoming dividend of AU$0.65 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 08 April 2024. The company is paying out more than 100% of its profits and is paying out 79% of its cash flow. Trailing yield: 4.9%. Lower than top quartile of Australian dividend payers (6.3%). Higher than average of industry peers (3.8%). Announcement • Mar 01
Perpetual Limited to Report Fiscal Year 2024 Results on Oct 31, 2024 Perpetual Limited announced that they will report fiscal year 2024 results on Oct 31, 2024 Announcement • Dec 06
Washington H. Soul Pattinson and Company Limited cancelled the acquisition of Perpetual Limited (ASX:PPT) for AUD 2.7 billion. Washington H. Soul Pattinson and Company Limited made an indicative proposal to acquire Perpetual Limited (ASX:PPT) for AUD 2.7 billion on November 21, 2023. The Indicative Proposal is subject to satisfactory completion of confirmatory due diligence by WHSP, the execution of transaction documentation and a unanimous recommendation from the Perpetual Board that shareholders vote in favor of the Indicative Proposal, as well as other customary conditions.
WHSP has appointed Macquarie Capital as its financial adviser and Ashurst as its legal adviser. BofA Securities and Goldman Sachs are acting as financial advisers with Herbert Smith Freehills acting as legal adviser to Perpetual.
Washington H. Soul Pattinson and Company Limited cancelled the acquisition of Perpetual Limited (ASX:PPT) on December 6, 2023. Perpetual Limited board has rejected the offer due to inadequate price offer. Announcement • Nov 03
Perpetual Limited Announces Executive Changes Perpetual Limited announced that Craig Squires has been appointed to the role of Chief Operating Officer and will take on an expanded role overseeing the integration program of Pendal Group. He will replace Amanda Gazal, Chief Integration Officer, who will be leaving the company, following a transition period, to take on a new external opportunity. Craig Squires is currently Deputy Chief Operating Officer. He joined Perpetual in early 2022 as Chief Technology Officer and has been attending the Executive Committee since January this year. He brings over 35 years' experience in financial services' IT development, project management, support and information security. Prior to joining Perpetual, Craig held senior roles with a number of financial services organizations including Challenger, Barclays Global Investors, MLC and Westpac. Announcement • Oct 19
Perpetual Limited Announces Board Changes Perpetual Limited (Perpetual Group) announced the appointment of Mr. Phil Wagstaff as a Non-Executive Director, effective 1 November 2023. Based in the United Kingdom, Mr. Wagstaff is a seasoned director and business leader with over 35 years' leadership experience across prominent UK and global asset managers. Mr. Wagstaff has served as a senior executive and board member for multiple leading asset managers, including Henderson PLC, Henderson Investment Funds Ltd, Gartmore Japan and M&G Limited. Between 2019 and 2022, Mr. Wagstaff was the Global Head of Distribution and Member of the Executive Committee at Jupiter Asset Management PLC, and prior to that was in similar roles at both Henderson Global Investors and Janus Henderson Investors. This appointment follows the retirement of Kathryn Matthews, a Pendal director who joined the Board following the acquisition of Pendal. Price Target Changed • Sep 29
Price target decreased by 7.9% to AU$27.06 Down from AU$29.38, the current price target is an average from 11 analysts. New target price is 29% above last closing price of AU$20.95. Stock is down 11% over the past year. The company is forecast to post earnings per share of AU$1.23 for next year compared to AU$0.73 last year. Announcement • Sep 21
Perpetual Limited to Report First Half, 2024 Results on Feb 23, 2024 Perpetual Limited announced that they will report first half, 2024 results on Feb 23, 2024 Upcoming Dividend • Aug 31
Upcoming dividend of AU$0.65 per share at 5.7% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 29 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.7%. Lower than top quartile of Australian dividend payers (7.0%). Higher than average of industry peers (4.3%). Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from AU$1.68 to AU$1.23 per share. Revenue forecast steady at AU$1.33b. Net income forecast to grow 108% next year vs 28% growth forecast for Capital Markets industry in Australia. Consensus price target down from AU$30.65 to AU$28.53. Share price fell 14% to AU$21.40 over the past week. Reported Earnings • Aug 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: AU$0.73 (down from AU$1.80 in FY 2022). Revenue: AU$1.03b (up 38% from FY 2022). Net income: AU$59.0m (down 42% from FY 2022). Profit margin: 5.7% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from AU$1.17 to AU$0.986 per share. Revenue forecast steady at AU$1.03b. Net income forecast to grow 89% next year vs 16% growth forecast for Capital Markets industry in Australia. Consensus price target broadly unchanged at AU$31.06. Share price fell 8.7% to AU$24.06 over the past week. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$21.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Capital Markets industry in Australia. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Mar 02
Upcoming dividend of AU$0.55 per share at 8.5% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 31 March 2023. The company is paying out more than 100% of its profits and is paying out 98% of its cash flow. Trailing yield: 8.5%. Within top quartile of Australian dividend payers (7.0%). Higher than average of industry peers (3.9%). Major Estimate Revision • Mar 01
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from AU$1.25 to AU$1.11 per share. Revenue forecast steady at AU$1.01b. Net income forecast to grow 80% next year vs 12% growth forecast for Capital Markets industry in Australia. Consensus price target broadly unchanged at AU$30.17. Share price fell 8.7% to AU$24.39 over the past week. Reported Earnings • Feb 24
First half 2023 earnings released: EPS: AU$0.47 (vs AU$1.05 in 1H 2022) First half 2023 results: EPS: AU$0.47 (down from AU$1.05 in 1H 2022). Revenue: AU$393.2m (up 2.5% from 1H 2022). Net income: AU$26.8m (down 55% from 1H 2022). Profit margin: 6.8% (down from 16% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Capital Markets industry in Australia. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. Major Estimate Revision • Feb 14
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from AU$1.11 to AU$1.25. Revenue forecast steady at AU$1.01b. Net income forecast to shrink 6.3% next year vs 4.9% growth forecast for Capital Markets industry in Australia . Consensus price target broadly unchanged at AU$29.97. Share price was steady at AU$26.80 over the past week. Announcement • Jan 25
Perpetual Limited Announces Special Dividend for the Quarter Ended September 30, 2022, Payable on February 8, 2023 Perpetual Limited announced special dividend for the quarter ended September 30, 2022 of AUD 0.35000000 per share. Record date is January 10, 2023. Ex-date is January 9, 2023. Payment date is February 8, 2023. Announcement • Jan 23
Perpetual Limited Announces Board Changes Perpetual Limited announced that following completion of its acquisition of Pendal Group (Pendal), the foreshadowed appointments on 12 December 2022 of Kathryn Matthews and Christopher Jones to Perpetual's Board of Directors will take effect on 24 January 2023. As part of coming onto the Board, Kathryn will join the Board's Audit, Risk and Compliance Committee and Christopher will join the Board's People and Remuneration Committee. Both will also join the Board's Investment Committee. As part of the Board changes, existing Perpetual independent Non-Executive Director Craig Ueland will retire from the Board effective 24 January 2023. Craig has been a valued member of Perpetual's Board and was asked by the Board to stay on past the usual three terms and with the completion of the Pendal acquisition Craig feels it is an appropriate time to retire. Independent Non-Executive Director, Greg Cooper, replaces Craig as Chairman of the Board's Investment Committee. Announcement • Jan 13
Perpetual Limited (ASX:PPT) completed the acquisition of acquire Pendal Group Limited (ASX:PDL) from a group of shareholders. Perpetual Limited (ASX:PPT) entered into non-binding indicative proposal to acquire Pendal Group Limited (ASX:PDL) from a group of shareholders for AUD 2.6 billion on April 4, 2022. As per the transaction, Perpetual Limited will issue 1 share for every 7.5 Pendal shares plus AUD 1.67 cash for each Pendal share. As of August 24, 2022, Perpetual Limited (ASX:PPT) entered into a binding Scheme Implementation Deed to acquire Pendal Group Limited (ASX:PDL) from a group of shareholders for AUD 2.5 billion. As per the transaction, Perpetual Limited will issue 1 share for every 7.5 Pendal shares plus AUD 1.976 cash for each Pendal share. The cash portion of the transaction will be financed from new debt facility. As on November 16, 2022, transaction terms are revised in which Perpetual Limited now will pay AUD 1.650 per share in cash and 1 share for every 7 Pendal shares. A buy side break fee of AUD 23 million will be payable by Perpetual in case Perpetual breaches the SID to pursue an alternative transaction to the Scheme.
The transaction is subject to due diligence, negotiation and execution of transaction documentation and receipt of all applicable regulatory, court, Pendal shareholders, third party consents and other approvals. As on April 12, 2022, Pendal Group Limited's board unanimously determined that transaction is significantly undervalues the current and future value of Pendal and is therefore not in the best interests of shareholders. As of August 25, 2022, Pendal Group Limited's board unanimously approved and considered this in the best interests of shareholders. As per the update on November 14, 2022, Court made orders to stand over the proceedings to November 16, 2022, and will consider whether the meeting of Pendal shareholders to approve the Scheme should be convened. As of November 22, 2022, Scheme Booklet has been registered with ASIC and the scheme meeting is scheduled to be held on December 23, 2022. As of December 23, 2022, the transaction has been approved by the shareholders of Pendal and remains subject to court approval. As of January 3, 2023, the regulatory approval conditions have now been satisfied and the implementation of the scheme remains subject to the other conditions. The scheme is expected to be implemented by January 23. As of January 11, 2023, the scheme has been approved by the Supreme Court of New South Wales.
The Goldman Sachs Australia Pty Ltd acted as financial advisor and Herbert Smith Freehills acted as legal advisor to Perpetual Limited (ASX:PPT) and Macquarie Capital and Adara Partners acted as financial advisor and King & Wood Mallesons acted as legal advisor to Pendal Group Limited. BofA Securities, Inc. acted as financial advisor to Perpetual Limited (ASX:PPT). Ernst & Young Services Pty Limited acted as Due Diligence Provider to Perpetual Limited (ASX:PPT). Adrian Tan, Michael McKee, Puesan Lam, Emma Kendall, Marina Troullinou and Conor Houlihan of DLA Piper Australia Pty Ltd acted as legal advisor to Perpetual Limited.
Perpetual Limited (ASX:PPT) completed the acquisition of acquire Pendal Group Limited (ASX:PDL) from a group of shareholders on January 12, 2023. Announcement • Jan 03
Perpetual Limited Confirms Special Dividend, Payable on 8 February 2023 Perpetual Limited announced that the Regulatory Approval conditions set out in the scheme implementation deed with Pendal Group entered into on 25 August 2022 and amended on 16 November 2022 ("Scheme Implementation Deed") have now been satisfied. The implementation of the scheme remains subject to the other conditions. These Regulatory Approval conditions were a pre-requisite for paying the special dividend announced on the 13 December 2022. The special dividend of $0.35 per share, fully franked, for Perpetual shareholders has a record date of 10 January 2023 and will be payable on 8 February 2023. The Dividend Reinvestment Policy will remain in place for those Perpetual shareholders who have elected to reinvest their dividends. Announcement • Dec 13
Perpetual Limited Resolves Special Dividend for the 3-Month Period Ending 30 September 2022, Payable on 8 February 2023 Perpetual Limited announced that the Board of Perpetual has resolved to pay a special dividend of $0.35 per share, fully franked, for the 3-month period ending 30 September 2022, subject to satisfaction or waiver of all of the Regulatory Approval conditions set out in the scheme implementation deed with Pendal Group entered into on 25 August 2022, and amended on 16 November 2022. The special dividend for Perpetual shareholders has a record date of 10 January 2023 and will be payable on 8 February 2023, subject to the Regulatory Approvals condition being satisfied or waived before the dividend record date. The Dividend Reinvestment Policy will remain in place for those Perpetual shareholders who have elected to reinvest their dividends. Announcement • Dec 12
Perpetual Limited Announces Appointment of Pendal Directors to the Perpetual Board On 25 August 2022, Perpetual Limited announced that as part of its proposed acquisition of Pendal Group up to three Pendal directors would be invited to join the Perpetual Board. Perpetual has invited Pendal independent non-executive directors Christopher Jones, Kathryn Matthews and Ben Heap to join the Board of the combined group. The knowledge and experience of these Pendal directors will be important for the combined business and will add to and complement the skills of the Perpetual Board. These appointments are being made by the Perpetual Board pursuant to section 201H of the Corporations Act (Cth) and therefore, once they become effective, the directors will be subject to re-election by shareholders at the next AGM in October 2023. Both Christopher Jones and Ben Heap have agreed to be appointed on that basis. In the case of Kathryn Matthews, who is fully committed to bringing the two groups together, for business and personal reasons she does not intend to stand for re-election at the next AGM. These appointments would only become effective on the completion of the Pendal acquisition and completion of formalities required of new directors joining a board and company would expect their start dates to be in late January 2023. Announcement • Nov 21
Perpetual Limited Promotes Vince Pezzullo as Head of Equities Within Perpetual Asset Management Australia Perpetual Limited announced the promotion of Vince Pezzullo to Head of Equities within Perpetual Asset Management Australia. The announcement follows the resignation of current Head of Equities, Paul Skamvougeras, who has made the decision to step down from the role. Vince, who will commence in the role immediately, has over 26 years' experience and has been with Perpetual since 2007, including as Deputy Head of Equities since 2016. He has a deep understanding of Perpetual's investment approach, process and philosophy and a proven ability to deliver strong performance through market cycles. Paul will continue to work with Vince and the team to support a smooth transition and is committed to ensuring Perpetual's continued success in delivering strong and consistent outcomes for clients. Announcement • Nov 12
Regal Partners Limited (ASX:RPL) and Morello Pte. Limited cancelled the acquisition of Perpetual Resources Limited (ASX:PEC). Regal Partners Limited (ASX:RPL) and Morello Pte. Limited made an offer to acquire Perpetual Resources Limited (ASX:PEC) for AUD 1.7 billion on November 4, 2022. Regal and Morello is paying AUD 30 per share. On November 8, 2022, Under the Revised Indicative Proposal, Regal Partners Limited (ASX:RPL) and Morello Pte. Limited made revised offer to acquire Perpetual Resources Limited (ASX:PEC) for AUD 1.9 billion. The Consortium is offering AUD 33.00 cash per share.Regal and the BPEA EQT Fund have agreed that Regal will seek to acquire the asset management businesses of Perpetual and, simultaneously, the Morello will seek to acquire the Perpetual Corporate Trust and Private Clients businesses. The transaction is subject to due diligence, a unanimous recommendation from the Board of Perpetual, the BPEA EQT Fund’s final internal approvals, final Regal Board approval and the termination of the Scheme Implementation Deed with Pendal. Perpetual Resources Board reject the offer. The Regal Partners notes that the Improved Proposal has been rejected by the Board of Perpetual without discussion with the Consortium. On November 3, 2022 & on November 10, 2022, Perpetual’s Board advises shareholders to take no action at this time. Goldman Sachs Australia Pty Ltd acted as financial advisor to Perpetual Limited.
Regal Partners Limited (ASX:RPL) and Morello Pte. Limited cancelled the acquisition of Perpetual Resources Limited (ASX:PEC) on November 10, 2022. Announcement • Nov 04
Regal Partners Limited (ASX:RPL) and Morello Pte. Limited made an offer to acquire Perpetual Limited (ASX:PEC) for AUD 1.7 billion. Regal Partners Limited (ASX:RPL) and Morello Pte. Limited made an offer to acquire Perpetual Resources Limited (ASX:PEC) for AUD 1.7 billion on November 4, 2022. Regal and Morello is paying AUD 30 per share. Regal and the BPEA EQT Fund have agreed that Regal will seek to acquire the asset management businesses of Perpetual and, simultaneously, the Morello will seek to acquire the Perpetual Corporate Trust and Private Clients businesses. The transaction is subject to due diligence, a unanimous recommendation from the Board of Perpetual, the BPEA EQT Fund’s final internal approvals, final Regal Board approval and the termination of the Scheme Implementation Deed with Pendal. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 18% share price gain to AU$28.82, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Capital Markets industry in Australia. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$41.66 per share. 
