Highlights

  • Consensus rating of Hold from 4 analysts: 1 Buy or equivalent, 3 Hold, 0 Sell or equivalent.
  • Mean price target of A$20.32 against a share price of A$17.15 on 8 October 2026, an implied upside of 18.5%.
  • Analyst targets range from A$17.50 to A$22.80.
  • Limited, an entity it understands is indirectly controlled by EQT AB, to acquire 100% of its shares by way of a scheme of arrangement for cash consideration of $22.50 per share.

Perpetual (ASX:PPT) carries a consensus analyst rating of Hold. Of the 4 analyst recommendations recorded, 1 is Buy or equivalent, 3 are Hold and 0 are Sell or equivalent. The mean price target is A$20.32, with targets ranging from A$17.50 to A$22.80, against a current share price of A$17.15 (8 October 2026). Perpetual Limited is a financial services group with Corporate Trust and Asset Management businesses and a Wealth Management Business that is being sold.

Company name

Perpetual

Ticker

(ASX:PPT)

Exchange

ASX (Australian Securities Exchange)

Current share price

A$17.15

Price date

8 October 2026

Number of analysts

4

Rating consensus

Hold

Consensus price target (mean)

A$20.32

Highest target

A$22.80

Lowest target

A$17.50

Implied upside/downside to mean target

Implied upside of 18.5%

Latest developments

Perpetual (ASX:PPT) announced on 21 September 2026 that it rejected a further revised non-binding proposal from Windflower Pte. Limited, an entity it understands is indirectly controlled by EQT AB, to acquire 100% of its shares by way of a scheme of arrangement for cash consideration of $22.50 per share.

The proposal also provided that the Board may declare and pay a Dividend for the half year to 31 December 2026 of up to $0.60 per share, as stated in the announcement, without an adjustment to the scheme consideration. EQT expressed the proposal as best and final in the absence of a competing proposal. The Board noted that the $22.50 price is the same as EQT's earlier proposal of 27 July 2026, which it had considered was not in the best interests of shareholders. Perpetual had provided EQT with access to limited non-public information on a non-exclusive basis following that proposal.

The Board determined that the further revised proposal undervalues Perpetual and is not in the best interests of shareholders as a whole, and said that a number of the assumptions underpinning the proposal give rise to an unacceptable degree of transaction execution risk. It considers the engagement process with EQT to have concluded, and shareholders do not need to take any action.

Perpetual said the conclusion of the EQT process does not alter its strategic priorities or the planned completion of the sale of its Wealth Management business, which is expected in the fourth quarter of 2026. It expects to move to a net cash position after the sale, with capacity for additional Capital management Options alongside dividends, and said it remains focused on its Corporate Trust and Asset Management businesses.

Risks and what to watch

The proposal was non-binding and has been rejected, and the announcement says the engagement process has concluded, so no transaction is in progress. Any future dividend remains subject to Board determination, and the Board cannot give assurance on whether a dividend will be declared for the half to 31 December 2026. The Wealth Management sale is expected in the fourth quarter of 2026 and remains subject to completion.

Next milestones

Items to watch include completion of the Wealth Management sale in the fourth quarter of 2026, any capital management announcements following the move to a net cash position, any dividend declaration for the half to 31 December 2026, and any new proposal from EQT or another party.