Analyst Note| Mathew Hodge, CFA |
We raise our Computershare fair value estimate by 4% to AUD 23.50, along with transfer of coverage to a new analyst, reflecting a decline in the AUD/USD exchange rate. We also reiterate our narrow moat, Medium uncertainty, and Standard capital allocation ratings. Shares screen as close to fairly valued. Computershare is a leading provider of registry services and also provides mortgage servicing, corporate trust and other financial services. Partly through acquisitions, Computershare has become the largest provider of registry and related services in the world. The narrow moat rests on switching costs and cost advantage.