Magellan Financial: Result 2013

With funds under management soaring and performance fees flowing, Magellan Financial Group has quadrupled its profits.

Magellan Financial Group has made a mockery of my forecasts from Fair winds blow for Magellan on 10 April (Hold – $6.40), making earnings before interest and tax (EBIT) of $60m, ahead of last year’s $16m and my April forecast for $43m. Underlying earnings per share came in at 29 cents, out of which a fully franked final dividend of 16.5 cents will be paid (ex date 13 Sep), to give 21.5 cents for the year (up from 4.5 cents in 2012).

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