Macquarie Remains On Track for a Strong Fiscal 2018; AUD 93 FVE Unchanged
No-moat Macquarie Group’s brief trading update confirmed our positive view that Australia’s largest global asset manager and investment bank is on track to deliver above-consensus fiscal 2018 profit close to our unchanged AUD 2.4 billion forecast. We retain our AUD 93 fair value estimate and our fiscal 2018 forecast of an above-consensus AUD 4.90 per share 45% franked dividend. At current prices, the stock is undervalued, trading 8% below our valuation.We expect 7.9% EPS growth for fiscal 2018 ...
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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