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Perpetual Limited (PPTTF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Perpetual Limited $5.21, price $10.44, upside -50.1%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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  2. Good quality? No
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Financial Services · US · ISIN AU000000PPT9

PL Perpetual Limited logo Some data Sep 24, 2026

Perpetual Limited

PPTTF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $5.21 · Strongly overvalued (−50.1%)
!Quality 43/100
!Weak Growth (revenue 5y −45.6 %/yr)
!Loss-making · -1.2% net margin (TTM)
✓Low debt · generates free cash flow
✓10.8% dividend yield · Cash covered
!Narrow moat 25/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$15.78 $10.37 Fair Value $5.21 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $10.37 – $15.78 · fair‑value band $4.71 – $5.59 · the $10.44 price screens above the $5.21 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Perpetual Limited is a publicly owned investment manager. The firm offers a range of financial products and services in Australia.

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Perpetual Limited is a publicly owned investment manager. The firm offers a range of financial products and services in Australia. The company provides funds management, portfolio management, financial planning, trustee, responsible entity and compliance services, executor services, investment administration and custody services, and mortgage processing services. It offers investment capabilities across a range of asset classes, including Australian and global equities, mortgages, cash and fixed interest, and Australian listed property. The company also provides specialist direct-to-client financial services for high net worth individuals that include fiduciary services, such as trust advice and services, custodial solutions, estate planning, estate administration, and executorial services; independent financial advice services with specialist and "do-it-yourself' superannuation offerings; and philanthropic services. In addition, it offers corporate trustee and transaction support services, including trustee services for mortgage backed and other securitisation programs for major banks and non-bank financial institutions; mortgage services, including mortgage preparations, variations and discharges; post settlement servicing; regulatory compliance services for fund managers; custody, unit registry, and accounting services for property and mortgage funds; and trusteeships for corporate debt issues and infrastructure projects. The company is based in Sydney, Australia.

Stock analysis

Perpetual Limited (PPTTF) currently trades at $10.44, while our model-based Fair Value estimate is $5.21, 50.1% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 10 models at a data quality of 95/100, which puts the evidence level at medium.

Scenario range: $4.71 (bear) to $5.59 (bull), the price of $10.44 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Perpetual Limited reported revenue of A$23.1M in FY2025 versus A$623M in FY2021, a compound −56.1%/yr. Reported net income was −A$58.2M in FY2025.

Key figures

Market cap $1.4B · P/S ratio 1.01 · EPS (TTM) $−0.1100 · Dividend yield 10.8% · Net margin −1.2% · Return on equity −1.0% · Return on assets (EBIT) 4.9% · Operating margin 14.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (low confidence).

What moves the price

The share trades about 17% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −50%, PPTTF screens richer than that median.

Fair Value models

Bear $4.71 Fair Value $5.21 Bull $5.59
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple $6.31 $8.42 $10.52 55
NCAV (Graham) $4.95 $6.64 $9.91 54
All 2 models by family
Multiples
P/B Multiple $6.31 $8.42 $10.52 55
Asset-Based
NCAV (Graham) $4.95 $6.64 $9.91 54

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Quality Score breakdown

Overall quality 43/100

Of which business quality 51 · Market factors (momentum, volatility) 40

Profitability 4
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 98
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 93
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 17/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−98.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−69.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−45.6%
Start year 2020 (pandemic). Over 10 years: −26.4% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
32.0% (2020) → −224.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in AUD, Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about −0.8% a year for the price.

PPTTF screens overvalued: fair value 50% below the price. Compare with Blackstone Inc →

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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10 more Asset Management stocks, each showing price versus our Fair Value estimate.

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Blackstone Inc BX $112.09 $52.29 −53%
KKR & Co KKR $93.18 $29.26 −69%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $116.06 $197.23 +70%
State Street Corporation STT $177.78 $139.37 −22%
Ameriprise Financial, Inc AMP $494.82 $595.40 +20%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $161.16 $317.27 +97%
Exor N.V EXO €68.10 €136.20 +100%

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Cite: Fair Value Calculator (2026). "Perpetual Limited Fair Value". https://www.fairvalue-calculator.com/stock/PPTTF

Frequently asked questions

Is Perpetual Limited (PPTTF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $5.21 versus the last price from Sep 25, 2026 of $10.44, about −50% upside (overvalued).
What is the fair value of PPTTF?
Our model-based fair value for Perpetual Limited is $5.21 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $10.44.
What is the quality score of PPTTF?
Perpetual Limited has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Perpetual Limited (PPTTF)?
Our model-based price target is the fair value of $5.21 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario $4.71, optimistic scenario $5.59. It is a calculation from audited fundamentals, not an analyst target.
What is the Perpetual Limited stock forecast for 2026?
Our models put fair value at $5.21, about −50% upside versus the last price from Sep 25, 2026 of $10.44 (overvalued). Cautious scenario $4.71, optimistic scenario $5.59. The calculation is refreshed regularly with new filings.
Does Perpetual Limited pay a dividend?
Perpetual Limited currently shows a dividend yield of about 10.82% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Perpetual Limited (PPTTF)?
For today's price to be fair in a discounted-cash-flow model, Perpetual Limited would have to grow free cash flow by +2.1 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -45.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PPTTF use?
Our models discount Perpetual Limited at 10.7 %: a base by market capitalisation (small), damped by beta 0.83, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Perpetual Limited that is +2.1 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Perpetual Limited (PPTTF) delivered so far?
Over the past 5 years revenue at Perpetual Limited grew -45.6 % a year. The price currently implies +2.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Perpetual Limited (PPTTF) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into Perpetual Limited (+2.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Perpetual Limited (PPTTF)?
The free-cash-flow yield on the price is 11.73 %: that much free cash flow Perpetual Limited produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Perpetual Limited (PPTTF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Perpetual Limited it is $5.21 per share (as of Sep 24, 2026), against a price of $10.44. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Perpetual Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PPTTF trades above its calculated fair value: price $10.44, fair value $5.21, a gap of about −50% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PPTTF?
No. The price is what the market pays today ($10.44); the fair value is what the company's own numbers justify ($5.21). For Perpetual Limited the two are $5.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is Perpetual Limited worth?
The market values Perpetual Limited at about $1.4B (market capitalisation, as of Sep 24, 2026). Per share that is $10.44; our models calculate a fair value of $5.21 per share.
What do the bullish and bearish scenarios say about PPTTF?
Our models span a range for Perpetual Limited: cautious scenario $4.71, base $5.21, optimistic $5.59 per share (as of Sep 24, 2026, price $10.44). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is PPTTF from its 52-week high?
Perpetual Limited trades at $10.44, about 17% below its 52-week high of $12.60 and at the low of $10.44 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $5.21 is for.
Which stocks are comparable to Perpetual Limited?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Perpetual Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $10.44, calculated fair value $5.21 (−50%), Quality Score 43/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PPTTF calculated?
We run Perpetual Limited through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $5.21, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Perpetual Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Perpetual Limited (PPTTF)?
The latest price we hold is from Sep 25, 2026 and stands at $10.44. Our model-based fair value is $5.21, about −50% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Perpetual Limited right now?
The price sits above even our optimistic bull case ($5.59). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Perpetual Limited

How large is the market capitalisation of Perpetual Limited (PPTTF)?
The market capitalisation of Perpetual Limited is $1.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Perpetual Limited (PPTTF)?
The price-to-sales ratio of Perpetual Limited is 1.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Perpetual Limited (PPTTF)?
Earnings per share at Perpetual Limited are $−0.1100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Perpetual Limited (PPTTF)?
The dividend yield of Perpetual Limited is 10.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Perpetual Limited (PPTTF)?
The net margin of Perpetual Limited is −1.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Perpetual Limited (PPTTF)?
The return on equity (ROE) of Perpetual Limited is −1.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Perpetual Limited (PPTTF)?
On an EBIT basis the return on assets of Perpetual Limited is 4.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Perpetual Limited (PPTTF)?
The operating margin of Perpetual Limited is 14.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Perpetual Limited (PPTTF)?
Revenue at Perpetual Limited is growing +1.6% versus a year earlier (3y avg −69.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Perpetual Limited (PPTTF)?
Earnings per share at Perpetual Limited are growing +339% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Perpetual Limited (PPTTF) carry?
The net debt of Perpetual Limited is A$783M (fiscal year 2025, ≈ 4.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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