Macquarie on Track for a Solid Fiscal 2017 result. AUD 89 FVE Unchanged
No change to our positive view and AUD 89 fair value estimate following Macquarie Group’s in line third-quarter fiscal 2017 update. The no-moat-rated diversified global financial services business continues to benefit from structural growth opportunities with fiscal 2017 earnings guidance of “broadly in line with FY16†reiterated. We maintain our above-consensus fiscal 2017 earnings forecast of AUD 2.14 billion, which if achieved, will be 4% higher than the record fiscal 2016 result. Despite gui...Macquarie Group is non-operating holding company. Through its subsidiaries, Co. provides banking, financial, advisory, investment and funds management services. Co.'s principal activities include distribution and manufacture of funds management products; trading in fixed income, equities, currency, commodities and derivative products; corporate and structured finance, advisory, underwriting, facilitation, broking and real estate/ property development; and banking activities, mortgages and leasing. As of Mar 31 2016, Co. had total assets of A$196.76 billion and total deposits of A$52.25 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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