Macquarie On Track for an Impressive Fiscal 2019; AUD 130 FVE Unchanged
Narrow-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 a strong fiscal 2019 profit close to our forecast of AUD 2.7 billion, or AUD 7.93 per share, implying 7% growth. Despite vague guidance, fiscal 2019 profit will be “broadly in line†with the AUD 2.56 billion profit reported for fiscal 2018. We interpret “broadly in line†to mean plus or minus 10%. Fiscal 2019 consensus profit is A...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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