Macquarie’s Strong Competitive Advantages Boost FVE to AUD 118 and Moat Rating to Narrow
We reassess the competitive strengths of Macquarie Group’s five business units and conclude the group does benefit from competitive advantages that are sufficiently strong to warrant upgrading the economic moat rating to narrow from no moat. The global diversified financial services group benefits from competitive advantages across its five businesses, but the key to the group’s strong earnings outlook is upside created from complementary activities of each business group. The market does not ap...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.
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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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