Macquarie Group (MQG) - A question of faith
May 30, 2025
Macquarie Group operates around the globe through four businesses: Macquarie Asset Management (MAM), Banking and Financial Services (BFS), Commodities and Global Markets (CGM), and Macquarie Capital. Macquarie Group is headquartered in Sydney.
Macquarie Group posted second-half FY25 earnings in line with market expectations, with the asset management arm and banking business being the standout performers. Despite recent global market upheaval, management had a positive view on the outlook in its divisional guidance, which Ord Minnett expects will convince the market to leave consensus FY26 estimates unchanged.
Macquarie is exposed, both positively and negatively, to the market environments, in which it operates, and this means company earnings guidance for the year ahead carries greater risks than might be the case for other businesses. That said, the company’s foresight in identifying global trends, such as the digitisation of the economy, infrastructure expansion as urbanisation intensifies, and the energy transition, recent green energy setbacks notwithstanding, and its track record of shrewd investment decisions to profit off those trends, makes Macquarie an attractive investment option on a medium-term view.
We maintain our Accumulate recommendation and target price of $210.00.
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