Macquarie Group

Macquarie Group’s share price has rebounded 40% since the low of $19.94 on 26 Sep 2011, and the company is now more rationally valued given the quality of its business. Buying at today’s price requires faith that eventually Macquarie’s market facing divisions will produce significantly higher profits than those expected when the company announces its full year result on 27 April. The range of outcomes from here is still wide. While we believe that Macquarie is worth more than its current market value, the reduced margin of safety means we’re getting closer to downgrading to Hold. If Macquarie has...

Macquarie Group’s share price has rebounded 40% since the low of $19.94 on 26 Sep 2011, and the company is now more rationally valued given the quality of its business. Buying at today’s price requires faith that eventually Macquarie’s market facing divisions will produce significantly higher profits than those expected when the company announces its full year result on 27 April.

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