Macquarie Group

Macquarie Group’s share price has increased 86% since reaching a low of $19.94 on 26 September 2011, and 62% since we upgraded the stock to Strong Buy in Chaos amid the storm: The upgrades on 5 Aug 11 (Strong Buy – $22.97). Back then the stock was trading at a 23% discount to net tangible assets (NTA) and offered an 8.1% unfranked dividend yield (note the dividend was cut slightly after the recommendation). With the stock price falling 4% today after the company announced it should produce a 10% increase in earnings for the full year (Macquarie has a...

Macquarie Group’s share price has increased 86% since reaching a low of $19.94 on 26 September 2011, and 62% since we upgraded the stock to Strong Buy in Chaos amid the storm: The upgrades on 5 Aug 11 (Strong Buy – $22.97). Back then the stock was trading at a 23% discount to net tangible assets (NTA) and offered an 8.1% unfranked dividend yield (note the dividend was cut slightly after the recommendation). With the stock price falling 4% today after the company announced it should produce a 10% increase in earnings for the full year (Macquarie has a 31 March year end), the stock currently trades at a 22% premium to NTA and the dividend yield has fallen to 4.0%.

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