Macquarie updates Q4 guidance

After previously expecting profits from the Fixed Income, Currencies and Commodities division to fall in 2014 (Macquarie has a 31 March year end), Macquarie Group has announced that it expects profits from this division to be flat or slightly in the black. Combined with patches of increased corporate activity full year profit should increase 40-45% to around $1.2bn, the company’s largest profit since the $1.8bn achieved in 2008. But with a forecast return on equity of around 10% and a current price-to-tangible-book ratio of 1.5 Macquarie appears fairly valued. For the share price to increase substantially from here Macquarie’s...

After previously expecting profits from the Fixed Income, Currencies and Commodities division to fall in 2014 (Macquarie has a 31 March year end), Macquarie Group has announced that it expects profits from this division to be flat or slightly in the black. Combined with patches of increased corporate activity full year profit should increase 40-45% to around $1.2bn, the company’s largest profit since the $1.8bn achieved in 2008. But with a forecast return on equity of around 10% and a current price-to-tangible-book ratio of 1.5 Macquarie appears fairly valued.

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