Macquarie Group Ltd
MQG: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$589.00 | Mlvqbr | Vkkzfyhnx |
Macquarie Earnings: From Great to Mediocre but Outlook Still Good
Narrow-moat Macquarie’s fiscal 2024 profit fell 32% to AUD 3.5 billion, missing our forecast by 7%. The largest division, commodities and global markets, recorded a 47% fall in profit following stellar years in fiscal 2022 and 2023. Volatility in gas, oil, and resources prices drove strong client hedging and trading activity. The division’s AUD 3.2 billion profit is still well up on the fiscal 2021 profit of AUD 2.6 billion. Adding products and entering new regions provides a base for earnings growth.