Computershare struggles for growth

This share registry business has been helped out by merger synergies and the lower $A, but real organic growth remains elusive.

When we upgraded Computershare back in 2011, we suggested that earnings could get a boost from any of four possible sources: the integration of the US Shareowner Services acquisition, an increase in corporate activity, a rise in interest rates, or a fall in the Australian dollar.

In the three years since, two of these have come through for us, driving forecast earnings per share up 54% to 71 cents and the share price up 23%. You’d think we’d be happy with that, but it feels like there’s something missing.

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