Business Summary Macquarie Group Limited (MQG) is a global provider of banking, financial, advisory, investment and fund management services, headquartered in Sydney. Latest Research Gas Price Spike Adds to a Golden Few Months for CGM MQG has upgraded FY21 guidance as commodities revenues spike – Just 2 weeks after guiding the Market to “slightly down compared to FY20”, implying cash NPAT of $2.4-$2.7bn, Macquarie has suddenly revised its guidance to “up 5-10% on FY20”, implying FY21 cash profit of $2.85-$3.0bn or ~15% higher. For more information see research 23 Feb 2021. GICS - Div. Financials Macquarie Group Limited ASX Code: MQG Price: $145.32 12 Mth Target Price: $125.00 Rating: Sell Important Disclaimer - This may affect your legal rights: Because this document has been prepared without consideration of any specific client's financial situation, particular needs and investment objectives, a Bell Potter Securities Limited investment adviser (or the financial services licensee, or the proper authority of such licensee, who has provided you with this report by arrangement with Bell Potter Securities Limited) should be consulted before any investment decision is made. While this document is based on the information from sources which are considered reliable, Bell Potter Securities Limited, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate. Nor does Bell Potter Securities Limited accept any responsibility to inform you of any matter that subsequently comes to its notice, which may affect any of the information contained in this document. This document is a private communication to clients and is not intended for public circulation or for the use of any third party, without the prior approval of Bell Potter Securities Limited. This is general investment advice only and does not constitute advice to any person. Disclosure of Interest: Bell Potter Securities Limited receives commission from dealing in securities and its authorised representatives, or introducers of business, may directly share in this commission. Bell Potter Securities and its associates may hold shares in the companies recommended. Snapshot Date Market Cap. Shares on issue 12 Month High 12 Month Low 26 February 2021 $52,580m 361.8m $149.00 $70.45 Rating Rating 12 Mth Target Price Capital Gain Gross Yield Implied Total Return Sell $125.00 -14.0% 3.9% -10.1% Investment Fundamentals FYE 31 Mar 2020A 2021F 2022F 2023F Profit $m 2,636.0 2,839.0 2,655.0 3,043.0 Profit (norm)* $m 2,636.0 2,839.0 2,655.0 3,043.0 EPS* ¢ 765.0 796.0 747.0 851.0 EPS Growth % -11.9 4.1 -6.2 13.9 P/E* x 19.0 18.3 19.5 17.1 P/E Relative % 0.0 0.0 0.0 0.0 DPS ¢ 430.0 385.0 490.0 570.0 Yield % 3.0 2.6 3.4 3.9 Franking % 42.0 43.0 43.0 43.0 * Adjusted for goodwill and unusual items Source: Based on Citi estimates Share Price Chart Total Return on $10,000 Investment
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Business SummaryMacquarie Group Limited (MQG) is a global provider of banking, financial,advisory, investment and fund management services, headquartered inSydney.
Latest ResearchGas Price Spike Adds to a Golden Few Months for CGM
MQG has upgraded FY21 guidance as commodities revenues spike – Just2
weeks after guiding the Market to “slightly down compared to FY20”,implying cash NPAT of $2.4-$2.7bn, Macquarie has suddenly revised itsguidance to “up 5-10% on FY20”, implying FY21 cash profit of$2.85-$3.0bn or ~15% higher.
Important Disclaimer - This may affect your legal rights: Because this document has been prepared without consideration of any specific client's financial situation, particular needs and investmentobjectives, a Bell Potter Securities Limited investment adviser (or the financial services licensee, or the proper authority of such licensee, who has provided you with this report by arrangement withBell Potter Securities Limited) should be consulted before any investment decision is made. While this document is based on the information from sources which are considered reliable, Bell PotterSecurities Limited, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.Nor does Bell Potter Securities Limited accept any responsibility to inform you of any matter that subsequently comes to its notice, which may affect any of the information contained in this document.This document is a private communication to clients and is not intended for public circulation or for the use of any third party, without the prior approval of Bell Potter Securities Limited. This is generalinvestment advice only and does not constitute advice to any person.Disclosure of Interest: Bell Potter Securities Limited receives commission from dealing in securities and its authorised representatives, or introducers of business, may directly share in thiscommission. Bell Potter Securities and its associates may hold shares in the companies recommended.
Snapshot
DateMarket Cap.Shares on issue12 Month High12 Month Low
26 February 2021$52,580m361.8m$149.00$70.45
RatingRating12 Mth Target Price
Capital GainGross Yield
Implied Total Return
Sell$125.00-14.0%3.9%-10.1%
Investment FundamentalsFYE 31 Mar 2020A 2021F 2022F 2023F
* Source: Morningstar. This chart shows the spread of recommendations from thosebroker analyst's in Australia with research coverage of this stock.
Principals & DirectorsPrincipals
Company Secretary Mr Dennis Leong
Directors
Ms Diane Jennifer Grady(Non-Executive Director)Ms Jillian Rosemary Broadbent(Non-Executive Director)Mr Gordon McK Cairns(Non-Executive Director)Mr Michael J Coleman(Non-Executive Director)Mr Peter Hastings Warne(Non-Executive Director,Non-ExecutiveChairman)Mr Philip Mathew Coffey(Non-Executive Director)Ms Shemara Wikramanayake(Executive Director,Chief ExecutiveOfficer,Managing Director)Ms Rebecca Joy McGrath(Non-Executive Director)Ms Nicola Wakefield Evans(Non-Executive Director)Mr Glenn R Stevens(Non-Executive Director)Mr Mike Roche(Non-Executive Director)
To access further Research or for information regarding our recommendations and ratings please seewww.bellpotter.com.au
