Macquarie Group: Annual result 2015

Macquarie has posted its best quality result since the GFC but, as Nathan Bell explains, its current valuation leaves no room for error.

Barely three years ago investors thought Macquarie was broken, ‘ex-growth’ and would never recover from the GFC, which forced management to ditch its highly leveraged satellite business model in favour of expanding its funds management business in the US.

Since then, the share price has increased four-fold and, along with its annual result, signifies redemption even though the share price still remains 25% below its pre-GFC high.

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