Computershare sells US mortgage servicing business for $720 million
Computershare (ASX:CXU) has concluded that the US mortgage servicing business is not the gold mine that the company once thought.
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Computershare Limited.
Since Computershare was established in Melbourne in 1978, our operations have expanded across five continents. We gain unique insights from around the world, integrating best practice and innovative developments to strengthen our competitive advantage and deliver market leading solutions for high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement.
Many of the world’s leading organisations use us to streamline and maximise the value of relationships with their investors, employees, creditors and customers. By working with Computershare, our clients benefit from our long standing, trusted relationships with third parties and advisors, forged from more than 30 years’ experience in financial markets across the world.
Our global footprint means we have the economies of scale to maintain robust compliance, audit, risk, anti-fraud, disaster recovery and business continuity planning programs – offering peace of mind to our clients and their customers.
Leveraging unrivalled expertise, Computershare’s experience helps to take care of our clients’ needs and ensure that we’re adding value to their business every day.
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News
Trading Tidbits: CPU, BAP
Differing fortunes for financial services group Computershare and car parts group Bapcor in Wednesday trade saw the former gain more than 11% and the latter lose almost as much.
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Investors Endorse Computershare US Expansion
CPU shares closed down 0.2% at $14.96 after the company came out of a trading halt that saw it raise $500 million toward buying Wells Fargo’s US Corporate Trust business.
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Computershare Hikes Long-Term Potential
Computershare will break into the US corporate trust industry with a substantial acquisition promising long-term earnings potential.
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Computershare Holds out Hat for Wells Fargo Deal
Shareholders in Computershare will be asked to pay most of the $US750 million ($A970 million) cost of buying Wells Fargo’s Corporate Trust Services (CTS) in the US.
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Analyst Views
CPU – UBS rates the stock as Buy
The Buy rating is retained and the target price increases to $28.00 from $27.00.
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CPU – Macquarie rates the stock as Outperform
Macquarie raises FY22 EPS forecasts 9.1% and FY23 EPS estimates 13.6%. Target price rises to $25 from $22. Outperform rating retained.
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CPU – UBS rates the stock as Buy
The rating is upgraded to Buy from Neutral and the target price increases to $22.50.
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CPU – UBS rates the stock as Neutral
UBS incorporates the Corporate Trust Services acquisition into its modelling. The broker retains a Neutral rating and raises the target to $16.25 from $15.00.
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CPU – Morgans rates the stock as Add
Morgans assesses the acquisition of Wells Fargo’s Corporate Trust Services (WFCT) business positively as it makes strategic sense and appears highly accretive. Morgans raises the price target to $17.10 from $16.20. The Add rating is unchanged.
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