Computershare Increasingly Undervalued Despite U.K. Mortgage Servicing Issues
The market appears to have over-reacted to narrow-moat-rated Computershare’s news of problems within its U.K. mortgage servicing business. Management used its annual investor day to announce a one-off USD 35 million EBITDA impact in fiscal 2020, relating to information technology issues, in addition to slower than expected lending growth by its "challenger bank" clients in the U.K. However, the EBITDA impact equates to only around 5% of fiscal 2020 group EBITDA whereas the 9% share price fall im...Computershare is engaged in the operation of investor services, which provides registry maintenance and related services; plan services, which provides administration and related services for employee share and option plans; communication services, which comprise document composition and printing, intelligent mailing, among others; business services, which provides bankruptcy, class action and utilities administration services, voucher services, corporate trust services and mortgage servicing activities; stakeholder relationship management services, which provides investor analysis, investor communication and management information services; and technology services.
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