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Perpetual Limited
(Sydney:PPT)
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Rating:41Neutral
Price Target:
AU$15.00
▼(-8.93% Downside)
Action:Reiterated
Date:10/24/25
The score reflects Perpetual Limited's critical financial deterioration as the most significant and negative factor. Margins, revenues, and profits have collapsed, outweighing mild technical stability and a trailing dividend yield that is unlikely to be maintainable given current losses. Risks appear high, with little evidence of near-term recovery in financials or technical momentum.
Positive Factors
Recurring fee-based, diversified business model
Perpetual’s core businesses (asset management, private wealth and corporate trust) generate recurring fees tied to mandates and client relationships. This diversified fee base reduces reliance on a single revenue source, smoothing long-term cash flows and supporting predictable revenue even as markets cycle.
Negative Factors
Severe revenue decline
The reported ~-98% revenue decline represents a structural erosion of core fee income and scale. Such a collapse undermines margin sustainability, reduces economies of scale, and can force permanent cost base reductions or asset disposals. Restoring recurring revenue levels will likely require strategic repositioning and client retention wins.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring fee-based, diversified business model
Perpetual’s core businesses (asset management, private wealth and corporate trust) generate recurring fees tied to mandates and client relationships. This diversified fee base reduces reliance on a single revenue source, smoothing long-term cash flows and supporting predictable revenue even as markets cycle.
Read all positive factors
Perpetual Limited (PPT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.18B
Dividend Yield5.75%
Average Volume (3M)220.36K
Price to Earnings (P/E)―
Beta (1Y)1.42
Revenue Growth2.23%
EPS Growth96.71%
CountryAU
Employees1,789
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.15
Shares Outstanding115,691,220
10 Day Avg. Volume204,215
30 Day Avg. Volume220,360
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)1.22
Price to Sales (P/S)87.27
P/FCF Ratio10.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$20.20Price Target Upside22.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.67
Revenue Forecast (FY)AU$1.29B
Perpetual Limited Business Overview & Revenue Model
Company Description
Established in 1886, Perpetual Limited (PPT.AX) operates as a publicly traded investment management firm, delivering a comprehensive suite of financial solutions across Australia. Its core offerings encompass fund and portfolio management, financi...
How the Company Makes Money
Perpetual makes money mainly by charging fees for financial services delivered through its core operating segments:
1) Asset management (investment management fees): Perpetual earns recurring management fees by managing investment funds and portf...
Perpetual Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 23.10M | 1.30B | 995.60M | 773.50M | 623.30M |
| Gross Profit | 221.80M | -47.90M | 1.14B | 878.80M | 711.40M | 310.10M |
| EBITDA | 268.10M | 140.30M | 281.60M | 217.10M | 199.20M | 162.71M |
| Net Income | -16.30M | -58.20M | -472.20M | 59.00M | 101.20M | 74.87M |
Balance Sheet | ||||||
| Total Assets | 3.35B | 3.42B | 3.40B | 3.94B | 1.75B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 589.80M | 343.20M | 221.30M | 427.10M | 361.70M | 311.00M |
| Total Debt | 1.06B | 1.13B | 833.70M | 825.30M | 330.70M | 249.20M |
| Total Liabilities | 1.74B | 1.77B | 1.66B | 1.57B | 820.70M | 709.80M |
| Stockholders Equity | 1.61B | 1.65B | 1.74B | 2.37B | 925.80M | 907.10M |
Cash Flow | ||||||
| Free Cash Flow | 230.60M | 196.40M | 264.60M | 109.40M | 155.80M | 106.90M |
| Operating Cash Flow | 253.20M | 217.10M | 296.40M | 134.80M | 170.80M | 120.60M |
| Investing Cash Flow | 52.00M | 17.40M | -97.90M | -244.00M | -69.20M | -478.90M |
| Financing Cash Flow | -245.10M | -129.20M | -229.30M | 221.60M | -66.60M | 344.10M |
Perpetual Limited Technical Analysis
Neutral
16.47
Price Trends
17.45
Positive
16.85
Positive
17.38
Positive
Market Momentum
0.38
Positive
49.79
Neutral
28.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PPT, the sentiment is Neutral. The current price of 16.47 is below the 20-day moving average (MA) of 19.18, below the 50-day MA of 17.45, and below the 200-day MA of 17.38, indicating a neutral trend. The MACD of 0.38 indicates Positive momentum. The RSI at 49.79 is Neutral, neither overbought nor oversold. The STOCH value of 28.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:PPT.
Perpetual Limited Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$3.66B | 28.04 | 13.61% | 3.60% | 11.69% | -15.05% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | AU$2.79B | 11.94 | 14.31% | 5.99% | -12.42% | -36.36% | |
52 Neutral | AU$5.23B | 40.95 | 3.56% | 1.87% | -14.25% | -25.71% | |
49 Neutral | AU$2.62B | 128.75 | 58.96% | 0.92% | 215.38% | -82.04% | |
41 Neutral | AU$2.18B | -126.40 | -1.00% | 6.01% | 2.23% | 96.71% |
* Financial Sector Average
AU:PPT
Perpetual Limited
18.70
-1.41
-7.00%
AU:AMP
AMP
2.18
0.55
34.07%
AU:MFG
Magellan Financial Group Ltd
10.36
0.43
4.31%
AU:L1G
Platinum Asset Management Ltd
1.11
0.33
41.76%
AU:PNI
Pinnacle Investment Management Group Limited
19.25
-5.18
-21.21%
Perpetual Limited Corporate Events
Perpetual Ceases to Be Substantial Holder in Qantas Airways
Jul 29, 2026
Perpetual Limited and its related bodies corporate have notified Qantas Airways Limited that they have ceased to be a substantial holder in the airline as of 27 July 2026. The change reflects adjustments in Perpetual’s relevant interests in ...
Perpetual Rejects EQT’s Revised Bid but Opens Door to Talks
Jul 29, 2026
Perpetual Limited has rejected a further revised, non-binding and indicative takeover proposal from EQT’s affiliate Windflower Pte. Limited to acquire all of its shares via a scheme of arrangement at A$22.50 per share, concluding the offer i...
Perpetual posts solid Q4 growth as it reshapes portfolio and boosts digital trust capabilities
Jul 28, 2026
Perpetual Limited reported solid growth across all business divisions in its fourth quarter FY26 update, with Corporate Trust delivering another quarter of funds under administration growth driven by strong issuance in Debt Market Services, positi...
Perpetual weighs higher EQT takeover proposal amid strategic reshaping
Jul 26, 2026
Perpetual Limited has received a further revised, non-binding and conditional proposal from EQT-controlled Windflower Pte. Limited to acquire all its shares via a scheme of arrangement at A$22.50 per share. The latest approach represents a modest ...
Perpetual Weighs Higher EQT Takeover Proposal Amid Strategy Push
Jul 15, 2026
Perpetual Limited has received a revised, non-binding and conditional proposal from Windflower Pte. Limited, an EQT AB-controlled entity, to acquire all its shares via a scheme of arrangement at A$22.07 per share, a modest 2% increase on the earli...
Perpetual sets date for full-year 2026 results webcast
Jul 6, 2026
Perpetual Limited, listed on the ASX as PPT, is a global financial services firm operating multi-boutique asset management, wealth management and trustee services businesses. It owns asset management brands including Perpetual, Pendal, Barrow Hanl...
Perpetual Limited Updates Market on Cessation of Performance Rights
Jul 3, 2026
Perpetual Limited, the ASX-listed financial services firm known for its wealth management and asset management offerings, has reported a change to its issued capital structure. The company routinely updates the market on movements in its securitie...
Perpetual rejects EQT-linked takeover approach as undervaluing company
Jul 1, 2026
Perpetual Limited has rejected an unsolicited, non-binding and highly conditional proposal from Windflower Pte Limited, an entity understood to be indirectly controlled by EQT AB, to acquire all its shares via a scheme of arrangement. The offer, w...
Perpetual Seeks Trading Halt Amid Potential Change-of-Control Bid
Jul 1, 2026
Perpetual Limited has requested a trading halt on its fully paid ordinary shares on the ASX, after receiving an approach related to a potential change of control transaction. The halt will remain in place until the company releases a further annou...
Perpetual Seeks ASX Quotation for New Employee Incentive Shares
Jun 29, 2026
Perpetual Limited has applied for quotation on the ASX of 40,000 new ordinary fully paid shares issued on June 25, 2026. The securities were created under an employee incentive scheme and will trade under the existing PPT code, expanding the compa...
Perpetual to Acquire Majority Stake in Interfi as Debt Levels Improve
Jun 4, 2026
Perpetual’s Corporate Trust division has agreed to acquire a 70% stake in Interfi Systems, a Victoria-based loan servicing technology provider to the non-bank lending sector with about $55 billion in assets under administration. The deal, fu...
Perpetual Lifts Stake in Vista Group to Over 6%
May 11, 2026
Perpetual Limited and its subsidiaries have increased their substantial holding in Vista Group International Limited, lifting their stake from about 5.1% to 6.1% of the company’s ordinary shares. The move reflects additional share acquisitio...
Perpetual exits substantial shareholder status in AMP
May 8, 2026
Perpetual Limited and its related bodies corporate have ceased to be a substantial shareholder in AMP Limited, according to a notice lodged under Australia’s Corporations Act. The change reflects a reduction in Perpetual’s relevant int...
Perpetual exits substantial holder position in Nine Entertainment
May 1, 2026
Perpetual Limited and its related bodies corporate have ceased to be a substantial holder in Nine Entertainment Co. Holdings, the Australian media group, as of 29 April 2026. The change, detailed in an ASIC Form 605 notice, indicates that Perpetua...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.