Macquarie mending slowly

Macquarie Group has delivered a 100% total return since being upgraded to Strong Buy two years ago. Nathan Bell explains the reasons for holding on.

Macquarie Group’s annual meetings no longer feature a heavenly display of cream-filled desserts, but the company has delivered a 100% total return since it was upgraded to Strong Buy in Chaos amid the storm: The upgrades on 5 Aug 11 (Strong Buy – $22.97).

Back then the investment case was simple. The stock was trading at a 24% discount to net tangible assets and a 33% discount to book value, and you were being paid a 7% unfranked yield to wait for the gap to close.

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