Computershare – Earnings Downgrade

  Computershare has been on our “high conviction” shortlist for the past few months and today’s 1H20 earnings result helps to support our bearish case.

EPS fell 17% on the same time last year. Lower margin income, weaker corporate actions and pressure in the UK mortgage business all weighed on earnings.

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We’re skeptical of the company’s reassurance that 2H earnings will improve.

 

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