Consensus community valuation
Average Intrinsic Value
Undervalued by
Active Member Straws
#Results & Presentations
Added 3 months ago

08-May-2020:  The following announcements have been released by MQG this morning:

Macquarie Group FY20 Presentation

Macquarie Group FY20 Media Release

Macquarie Group Appendix 4E March 2020

Macquarie Group FY20 Annual Report

Macquarie Group FY20 Management Discussion and Analysis

Macquarie Group 2020 Corporate Governance Statement

At around $100/share, MQG look reasonable here.  Not like the bargain prices we got down to during the GFC, but still decent levels.  I don't consider their near-term upside to be AS good as other opportunities out there right now, so I don't hold them, but if I HAD to hold one Australian bank, Macquarie would be the one. 

They derive more than 60% of their income from offshore now, and they are one of the world's largest asset managers.  They are particularly big in global infrastructure asset management.  The "Millionaires' Factory" is still evolving and finding new ways to make money.  It's what they do.  They are NOTHING like our big 4 banks, and don't have the same risk profile.  There are certainly risks with MQG, but they are different risks.  Their performance will be somewhat correlated with global sharemarket recoveries, particularly the US sharemarket.  A deep global recession will hurt them.  A global recovery will help them, and they'll outperform in that scenario.

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#Results & Presentations
Added 6 days ago
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