No Surprises in Macquarie Group’s 3Q19 Trading Update. FVE AUD 135 Unchanged
There were no surprises in narrow-moat Macquarie Group’s third-quarter fiscal 2019 trading update and we retain our positive view and AUD 135 fair value estimate. Fiscal 2019 earnings guidance was reiterated with Macquarie expecting an increase in group net profit of up to 15% compared with the AUD 2.56 billion result in fiscal 2018. Guidance is subject to the usual challenges including market conditions, currency movements, and potential regulatory and tax uncertainties. Our fiscal 2019 earning...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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