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Macquarie Group

ASX:MQG
Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MQG
ASX
A$42B
Market Cap
  1. Home
  2. AU
  3. Diversified Financials
Company description

Macquarie Group Limited provides diversified financial services in Australia, Europe, the Middle East, Africa, Americas, and the Asia Pacific. The last earnings update was 139 days ago. More info.


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MQG Share Price and Events
7 Day Returns
2.5%
ASX:MQG
1.7%
AU Capital Markets
0.3%
AU Market
1 Year Returns
21.7%
ASX:MQG
20.1%
AU Capital Markets
2.5%
AU Market
MQG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Macquarie Group (MQG) 2.5% 3.2% 20% 21.7% 90.9% 124.2%
AU Capital Markets 1.7% 3.5% 16.1% 20.1% 84.5% 117.7%
AU Market 0.3% 1.5% 10.2% 2.5% 18.6% 6.2%
1 Year Return vs Industry and Market
  • MQG outperformed the Capital Markets industry which returned 20.1% over the past year.
  • MQG outperformed the Market in Australia which returned 2.5% over the past year.
Price Volatility
MQG
Industry
5yr Volatility vs Market

Value

 Is Macquarie Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Macquarie Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Macquarie Group.

ASX:MQG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= A$53.56 * 17.6%
A$9.43
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. A$53.56
Discount Rate (Cost of Equity) See below 11.9%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:MQG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.734 (1 + (1- 30%) (229.89%))
1.613
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.61
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (1.613 * 5.96%)
11.93%

Discounted Cash Flow Calculation for ASX:MQG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Macquarie Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

ASX:MQG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (17.6% – 11.93%) * A$53.56)
A$3.04
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= A$3.04 / (11.93% - 2.31%)
A$31.60
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= A$53.56 + A$31.60
A$85.16
ASX:MQG Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$85.16
Current discount Discount to share price of A$128.76
= -1 x (A$128.76 - A$85.16) / A$85.16
-51.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Macquarie Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Macquarie Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Macquarie Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:MQG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in AUD A$7.76
ASX:MQG Share Price ** ASX (2019-03-20) in AUD A$128.76
Australia Capital Markets Industry PE Ratio Median Figure of 19 Publicly-Listed Capital Markets Companies 17.59x
Australia Market PE Ratio Median Figure of 543 Publicly-Listed Companies 16.33x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Macquarie Group.

ASX:MQG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:MQG Share Price ÷ EPS (both in AUD)

= 128.76 ÷ 7.76

16.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macquarie Group is good value based on earnings compared to the AU Capital Markets industry average.
  • Macquarie Group is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Macquarie Group's expected growth come at a high price?
Raw Data
ASX:MQG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
6.5%per year
Australia Capital Markets Industry PEG Ratio Median Figure of 9 Publicly-Listed Capital Markets Companies 2.27x
Australia Market PEG Ratio Median Figure of 362 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

ASX:MQG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.59x ÷ 6.5%

2.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macquarie Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Macquarie Group's assets?
Raw Data
ASX:MQG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in AUD A$51.19
ASX:MQG Share Price * ASX (2019-03-20) in AUD A$128.76
Australia Capital Markets Industry PB Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 1.63x
Australia Market PB Ratio Median Figure of 1,669 Publicly-Listed Companies 1.68x
ASX:MQG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:MQG Share Price ÷ Book Value per Share (both in AUD)

= 128.76 ÷ 51.19

2.52x

* Primary Listing of Macquarie Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Macquarie Group is overvalued based on assets compared to the AU Capital Markets industry average.
X
Value checks
We assess Macquarie Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Macquarie Group has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Macquarie Group expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Macquarie Group expected to grow at an attractive rate?
  • Macquarie Group's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Macquarie Group's earnings growth is expected to exceed the Australia market average.
  • Macquarie Group's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:MQG Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:MQG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 6.5%
ASX:MQG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 4%
Australia Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 7.4%
Australia Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
Australia Market Earnings Growth Rate Market Cap Weighted Average 6.5%
Australia Market Revenue Growth Rate Market Cap Weighted Average 2.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:MQG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:MQG Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 3,597
2021-03-31 13,129 3,221 6
2020-03-31 12,724 3,288 3,092 7
2019-03-31 12,307 3,098 2,986 7
ASX:MQG Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-09-30 11,188 2,412 2,509
2018-06-30 10,987 2,682 2,477
2018-03-31 10,786 2,951 2,445
2017-12-31 10,534 -3,853 2,375
2017-09-30 10,282 -8,792 2,304
2017-06-30 10,106 -10,031 2,208
2017-03-31 9,930 -11,269 2,112
2016-12-31 9,869 -2,531 2,028
2016-09-30 9,807 6,207 1,944
2016-06-30 9,945 9,515 1,948
2016-03-31 10,083 12,823 1,951
2015-12-31 10,266 7,348 1,913

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Macquarie Group's earnings are expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
  • Macquarie Group's revenue is expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:MQG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Macquarie Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:MQG Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 11.69 11.69 11.69 1.00
2021-03-31 9.40 10.78 8.83 7.00
2020-03-31 9.08 9.94 8.63 8.00
2019-03-31 8.77 9.03 8.57 4.00
ASX:MQG Past Financials Data
Date (Data in AUD Millions) EPS *
2018-09-30 7.76
2018-06-30 7.67
2018-03-31 7.58
2017-12-31 7.37
2017-09-30 7.16
2017-06-30 6.87
2017-03-31 6.58
2016-12-31 6.32
2016-09-30 6.07
2016-06-30 6.13
2016-03-31 6.19
2015-12-31 6.16

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Macquarie Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Macquarie Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Macquarie Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Macquarie Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Macquarie Group's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Macquarie Group's year on year earnings growth rate has been positive over the past 5 years.
  • Macquarie Group's 1-year earnings growth is less than its 5-year average (8.9% vs 16.8%)
  • Macquarie Group's earnings growth has exceeded the AU Capital Markets industry average in the past year (8.9% vs 3.5%).
Earnings and Revenue History
Macquarie Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Macquarie Group Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:MQG Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 11,188.00 2,509.00 5,821.00
2018-06-30 10,987.00 2,477.00 5,701.50
2018-03-31 10,786.00 2,445.00 5,582.00
2017-12-31 10,534.00 2,374.50 5,501.00
2017-09-30 10,282.00 2,304.00 5,420.00
2017-06-30 10,106.00 2,208.00 5,457.50
2017-03-31 9,930.00 2,112.00 5,495.00
2016-12-31 9,868.50 2,028.00 5,445.00
2016-09-30 9,807.00 1,944.00 5,395.00
2016-06-30 9,945.00 1,947.50 5,354.00
2016-03-31 10,083.00 1,951.00 5,313.00
2015-12-31 10,265.50 1,913.00 5,387.00
2015-09-30 10,448.00 1,875.00 5,461.00
2015-06-30 9,939.00 1,686.00 5,247.00
2015-03-31 9,430.00 1,497.00 5,033.00
2014-12-31 9,099.50 1,418.50 4,894.00
2014-09-30 8,769.00 1,340.00 4,755.00
2014-06-30 8,464.50 1,257.00 4,631.50
2014-03-31 8,160.00 1,174.00 4,508.00
2013-12-31 7,731.50 1,077.00 4,330.50
2013-09-30 7,303.00 980.00 4,153.00
2013-06-30 6,980.00 915.50 4,038.00
2013-03-31 6,657.00 851.00 3,923.00
2012-12-31 6,741.50 794.50 4,067.50
2012-09-30 6,826.00 738.00 4,212.00
2012-06-30 6,922.50 712.50 4,292.00
2012-03-31 7,019.00 687.00 4,372.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Macquarie Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Macquarie Group used its assets less efficiently than the AU Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Macquarie Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Macquarie Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Macquarie Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Macquarie Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Macquarie Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Macquarie Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Macquarie Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Macquarie Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Macquarie Group Company Filings, last reported 5 months ago.

ASX:MQG Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 17,159.00 96,005.00 47,108.00
2018-06-30 17,159.00 96,005.00 47,108.00
2018-03-31 18,180.00 88,837.00 41,355.00
2017-12-31 18,180.00 88,837.00 41,355.00
2017-09-30 17,099.00 89,713.00 37,493.00
2017-06-30 17,099.00 89,713.00 37,493.00
2017-03-31 17,270.00 87,180.00 50,252.00
2016-12-31 17,270.00 87,180.00 50,252.00
2016-09-30 15,463.00 102,262.00 49,263.00
2016-06-30 15,463.00 102,262.00 49,263.00
2016-03-31 15,664.00 110,170.00 56,831.00
2015-12-31 15,664.00 110,170.00 56,831.00
2015-09-30 15,217.00 117,100.00 63,284.00
2015-06-30 15,217.00 117,100.00 63,284.00
2015-03-31 14,396.00 104,385.00 67,887.00
2014-12-31 14,396.00 104,385.00 67,887.00
2014-09-30 12,216.00 86,275.00 52,088.00
2014-06-30 12,216.00 86,275.00 52,088.00
2014-03-31 11,914.00 82,163.00 51,791.00
2013-12-31 11,914.00 82,163.00 51,791.00
2013-09-30 12,719.00 82,172.00 43,285.00
2013-06-30 12,719.00 82,172.00 43,285.00
2013-03-31 11,955.00 74,162.00 34,480.00
2012-12-31 11,955.00 74,162.00 34,480.00
2012-09-30 11,499.00 83,050.00 47,541.00
2012-06-30 11,499.00 83,050.00 47,541.00
2012-03-31 11,732.00 79,440.00 45,540.00
  • Macquarie Group's level of debt (559.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (646.5% vs 559.5% today).
  • Debt is not well covered by operating cash flow (2.5%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Macquarie Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Macquarie Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Macquarie Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Macquarie Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.16%
Current annual income from Macquarie Group dividends. Estimated to be 4.85% next year.
If you bought A$2,000 of Macquarie Group shares you are expected to receive A$83 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Macquarie Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.61%).
  • Macquarie Group's dividend is below the markets top 25% of dividend payers in Australia (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:MQG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Australia Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 3.9%
Australia Market Average Dividend Yield Market Cap Weighted Average of 418 Stocks 4.4%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.6%
Australia Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:MQG Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 7.27 2.00
2021-03-31 6.45 11.00
2020-03-31 6.22 13.00
2019-03-31 5.94 13.00
ASX:MQG Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-11-27 5.350 4.532
2018-05-03 5.250 4.378
2017-10-26 4.850 4.774
2017-05-04 4.700 5.290
2016-05-06 4.000 4.962
2015-05-07 3.300 4.397
2014-09-22 2.660 4.117
2014-09-15 2.660 4.544
2014-07-23 2.600 4.490
2014-05-02 2.660 4.443
2014-05-01 2.660 4.550
2013-05-02 2.649 5.164
2012-11-01 1.589 4.222
2012-04-27 1.483 5.161
2011-10-28 1.748 6.466
2011-04-29 1.971 6.888
2010-10-29 1.971 5.019
2010-04-29 1.971 4.763
2009-10-30 1.335 2.586
2009-05-04 1.960 4.353
2009-03-23 3.655 11.990

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Macquarie Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Macquarie Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Macquarie Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Macquarie Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Macquarie Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Shemara Wikramanayake
COMPENSATION A$18,892,830
AGE 57
TENURE AS CEO 0.3 years
CEO Bio

Ms. Shemara Wikramanayake, LLB, BCom (UNSW), has been an Executive Voting Director of Macquarie Group Limited and Macquarie Bank Ltd. since August 28, 2018. She has been Managing Director and Chief Executive Officer at Macquarie Group Limited since November 2018. Ms. Wikramanayake serves as Head of Macquarie Asset Management at Macquarie Bank Limited August 1, 2008 and served as its Group Head of Macquarie Funds Group since June 10, 2008. She was Head of Macquarie Asset Management at Macquarie Group Limited till November 2018. She served as the Head of Infrastructure and Specialized Funds division for North America of Macquarie Power Management Ltd., the Manager of Macquarie Power & Infrastructure Income Fund since October 2004. She joined Macquarie Group in 1987. She was employed as head of the Prudential Oversight team in the Investment Banking Group, a position she held since 2001. Prior to 2001, She spent 14 years in Macquarie Bank Limited’s Corporate Advisory team, where she advised on a range of transactions including mergers and acquisitions, restrcturings, valuations and public sector advice and privatizations, established and headed Macquarie Bank Limited's Corporate Advisory office in New Zealand and helped develop Corporate Advisory operations in Asia based in Hong Kong and Malaysia. She served as an Alternate Chairman of Macquarie Infrastructure Corporation since July 2013. She served as an Executive Director of Macquarie Bank Limited since 1997. She serves as a Director of AMPCI Macquarie Infrastructure Management No 2 Ltd. She served as a Director of AMPCI Macquarie Infrastructure Management No 1 Ltd. She served as a Director of D UET Investment Holdings Limited. She served as Director of Macquarie Infrastructure Company LLC. since November 2004. She served as a Trustee of Macquarie Power & Infrastructure Income Fund from December 5, 2005 to November 2007 and served as Executive Director of Macquarie group. Ms. Wikramanayake also serves as Chair of the Macquarie Group Foundation. She has a Bachelor's Degree in Commerce and a LLB from the University of New South Wales, Australia and completed the Advanced Management Program at Harvard Business School.

CEO Compensation
  • Shemara's compensation has been consistent with company performance over the past year.
  • Shemara's remuneration is higher than average for companies of similar size in Australia.
Management Team Tenure

Average tenure and age of the Macquarie Group management team in years:

7.3
Average Tenure
52.5
Average Age
  • The average tenure for the Macquarie Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Shemara Wikramanayake

TITLE
CEO, MD & Executive Voting Director
COMPENSATION
A$19M
AGE
57
TENURE
0.3 yrs

Alex Harvey

TITLE
CFO, Head of Financial Mgt Group & Executive Chairman of Macquarie Group
COMPENSATION
A$1M
TENURE
1.2 yrs

Nicole Sorbara

TITLE
COO & Head of Corporate Operations Group
COMPENSATION
A$7M
TENURE
6.2 yrs

Greg Ward

TITLE
Head of Banking & Financial Services Group and Deputy MD
COMPENSATION
A$10M
AGE
50
TENURE
7.3 yrs

Andrew Downe

TITLE
Head of Commodities & Global Markets Group
COMPENSATION
A$15M
TENURE
22.2 yrs

Tim Bishop

TITLE
Head of Macquarie Capital
COMPENSATION
A$9M
AGE
51
TENURE
8.7 yrs

Nick O'Kane

TITLE
Head of Commodity Markets & Finance
COMPENSATION
A$10M
TENURE
12.2 yrs

Garry Farrell

TITLE
Co-Group Head of Corporate & Asset Finance Group
COMPENSATION
A$10M
TENURE
8.7 yrs

Patrick Upfold

TITLE
Chief Risk Officer & Head of Risk Management Group
COMPENSATION
A$7M

John O'Connell

TITLE
Chief Investment Officer
AGE
54
TENURE
3.6 yrs
Board of Directors Tenure

Average tenure and age of the Macquarie Group board of directors in years:

6
Average Tenure
67
Average Age
  • The tenure for the Macquarie Group board of directors is about average.
Board of Directors

Peter Warne

TITLE
Independent Chairman of the Board
COMPENSATION
A$865K
AGE
62
TENURE
2.9 yrs

Alan James

TITLE
Chairman of US Interests
TENURE
13.3 yrs

Mike Hawker

TITLE
Independent Director
COMPENSATION
A$403K
AGE
59
TENURE
9 yrs

Michael Coleman

TITLE
Independent Director
COMPENSATION
A$403K
AGE
68
TENURE
6.3 yrs

Ray Cosman

TITLE
Vice Chairman of Macquarie Infrastructure and Real Assets (Mira) Limited

Nicola M. Evans

TITLE
Independent Director
COMPENSATION
A$403K
AGE
57
TENURE
5.1 yrs

Peter Erskine

TITLE
Member of the Telecom Board and Member of IT Advisory Board
AGE
67

Diane Grady

TITLE
Independent Director
COMPENSATION
A$363K
AGE
70
TENURE
7.8 yrs

Gary Banks

TITLE
Independent Director
COMPENSATION
A$363K
AGE
68
TENURE
5.6 yrs

Gordon Cairns

TITLE
Independent Director
COMPENSATION
A$328K
AGE
67
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
03. Aug 18 Sell Macquarie Investment Management Australia Limited Company 15. Dec 16 27. Jul 18 -215,590 A$125.25 A$0
03. Aug 18 Buy Macquarie Investment Management Australia Limited Company 14. Dec 16 11. Jul 18 519,132 A$123.26 A$0
03. Dec 18 Buy Diane Grady Individual 29. Nov 18 29. Nov 18 250 A$116.85 A$29,212
03. Aug 18 Sell Macquarie Investment Management Limited Company 14. Dec 16 31. Jul 18 -393,566 A$125.81 A$0
03. Aug 18 Buy Macquarie Investment Management Limited Company 14. Dec 16 31. Jul 18 275,871 A$125.81 A$0
08. Nov 18 Buy Glenn Stevens Individual 05. Nov 18 05. Nov 18 500 A$122.70 A$61,350
03. Aug 18 Buy Glenn Stevens Individual 01. Aug 18 01. Aug 18 500 A$122.15 A$61,075
24. May 18 Buy Glenn Stevens Individual 22. May 18 22. May 18 500 A$114.50 A$57,250
X
Management checks
We assess Macquarie Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Macquarie Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Macquarie Group Limited (ASX:MQG): Will The Growth Last?

The most recent earnings update Macquarie Group Limited's (ASX:MQG) released in March 2018a

Simply Wall St -

Want To Invest In Macquarie Group Limited (ASX:MQG)? Here's How It Performed Lately

For investors with a long-term horizon, assessing earnings trend over time and against industry benchmarks is more valuable than looking at a single earnings announcement in one point in time. … Were MQG's earnings stronger than its past performances and the industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 19.27%, indicating the rate at which MQG is growing has slowed down

Simply Wall St -

What Should Investors Know About Macquarie Group Limited's (ASX:MQG) Growth?

Since Macquarie Group Limited (ASX:MQG) released its earnings in March 2018,. … By 2019, we can expect Macquarie Group’s bottom line to reach AU$2.69b, a jump from the current AU$2.45b … Below is a brief commentary on the longer term outlook the market has for Macquarie Group

Simply Wall St -

Was Macquarie Group Limited's (ASX:MQG) Earnings Growth Better Than The Industry's?

When Macquarie Group Limited (ASX:MQG) announced its most recent earnings (31 March 2018), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … Since these figures may be somewhat short-term thinking, I have calculated an annualized five-year figure for Macquarie Group's earnings, which stands at AU$1.45B This suggests that, generally, Macquarie Group has been able to consistently grow its profits over the past few years as well. … This shows that any uplift the industry is benefiting from, Macquarie Group is able to amplify this to its advantage.What does this mean?

Simply Wall St -

3 Days Left Before Macquarie Group Limited (ASX:MQG) Will Start Trading Ex-Dividend, Should Investors Buy?

Investors who want to cash in on Macquarie Group Limited's (ASX:MQG) upcoming dividend of A$3.2 per share have only 3 days left to buy the shares before its ex-dividend date, 14 May 2018, in time for dividends payable on the 03 July 2018. … View our latest analysis for Macquarie Group Here's how I find good dividend stocks Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Does it pay an annual yield higher than 75% of dividend payers? … Relative to peers, Macquarie Group produces a yield of 4.61%, which is high for Capital Markets stocks but still below the market's top dividend payers.

Simply Wall St -

Will Macquarie Group Limited's (ASX:MQG) Earnings Grow In The Years Ahead?

Today I want to provide a brief commentary on how market analysts perceive Macquarie Group's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … View our latest analysis for Macquarie Group Analysts' outlook for the upcoming year seems rather muted, with earnings growing by a single digit 5.48%. … This means that, we can presume Macquarie Group will grow its earnings by 4.96% every year for the next couple of years.

Simply Wall St -

Is Now The Time To Bet On The Financial Sector And Macquarie Group Limited (ASX:MQG)?

Macquarie Group Limited (ASX:MQG), a AU$33.77B large-cap, operates in the capital markets industry, which now face the choice of either being disintermediated or proactively disrupting their own business models to thrive in the future. … Check out our latest analysis for Macquarie Group What’s the catalyst for Macquarie Group's sector growth? … In terms of returns, Macquarie Group generated 14.30% in the past year, which is 5.56% over the capital markets sector.

Simply Wall St -

What Do Macquarie Group Limited (ASX:MQG) Insiders Know That You Don't?

Macquarie Group's insiders have invested more than 5 million shares in the large-cap stocks within the past three months. … ASX:MQG Insider_trading Mar 9th 18 Over the past three months, more shares have been bought than sold by Macquarie Group's' insiders. … Next Steps: Macquarie Group’s net buying tells us the stock is in favour with some insiders, which is fairly consistent with earnings growth expectations, although the share price has not moved significantly to warrant reassessment of mispricing.

Simply Wall St -

Should Macquarie Group Limited (ASX:MQG) Be Part Of Your Dividend Portfolio?

Macquarie Group Limited (ASX:MQG) has returned to shareholders over the past 10 years, an average dividend yield of 5.00% annually. … Check out our latest analysis for Macquarie Group 5 questions to ask before buying a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is it paying an annual yield above 75% of dividend payers? … In terms of its peers, Macquarie Group has a yield of 4.68%, which is high for Capital Markets stocks but still below the market's top dividend payers.Next Steps: With these dividend metrics in mind, I definitely rank Macquarie Group as a strong income stock, and is worth further research for anyone who considers dividends an important part of their portfolio strategy.

Simply Wall St -

Is Macquarie Group Limited's (ASX:MQG) PE Ratio A Signal To Buy For Investors?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for MQG Price per share = A$103.08 Earnings per share = A$7.162 ∴ Price-Earnings Ratio = A$103.08 ÷ A$7.162 = 14.4x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … MQG’s P/E of 14.4x is lower than its industry peers (23.4x), which implies that each dollar of MQG’s earnings is being undervalued by investors. … For example, if you are inadvertently comparing lower risk firms with MQG, then MQG’s P/E would naturally be lower than its peers, since investors would value those with lower risk with a higher price.

Simply Wall St -

Company Info

Description

Macquarie Group Limited provides diversified financial services in Australia, Europe, the Middle East, Africa, Americas, and the Asia Pacific. It operates in five segments: Macquarie Asset Management (MAM), Corporate and Asset Finance (CAF), Banking and Financial Services (BFS), Commodities and Global Markets (CMG), and Macquarie Capital. The MAM segment specializes in infrastructure, real estate, agriculture, and energy via public and private funds, co-investments, partnerships, and separately managed accounts; and offers securities investment management solutions across various asset classes, including fixed income, currencies, equities, infrastructure securities, hedge funds, and multi-asset allocation solutions. It also provides investment solutions and balance sheet lending services. The CAF segment offers finance and asset management solutions, such as aircraft, vehicles, technology, healthcare, manufacturing, industrial, energy, rail, and mining equipment to clients across specialized assets. It also provides primary financing solutions; and engages in secondary market investing activities. The BFS segment offers retail banking products comprising mortgages, credit cards, and transaction and savings accounts; and wrap platform and cash management, financial advisory, and private banking and stockbroking services, as well as investment and superannuation products. It also provides deposit, lending, and payment solutions, as well as tailored services to business clients. The CGM segment offers end-to-end offering, which comprise equities, fixed income, foreign exchange, and commodities. The Macquarie Capital segment provides corporate finance advisory and capital market services to corporate and government clients involved in public and private mergers and acquisitions, debt and equity fund raisings, private equity raisings, and corporate restructuring. The company was founded in 1969 and is headquartered in Sydney, Australia.

Details
Name: Macquarie Group Limited
MQG
Exchange: ASX
Founded: 1969
A$41,761,643,254
323,482,906
Website: http://www.macquarie.com
Address: Macquarie Group Limited
50 Martin Place,
Level 6,
Sydney,
New South Wales, 2000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX MQG Ordinary Shares Australian Securities Exchange AU AUD 31. Jul 1996
OTCPK MCQE.F Ordinary Shares Pink Sheets LLC US USD 31. Jul 1996
DB 4M4 Ordinary Shares Deutsche Boerse AG DE EUR 31. Jul 1996
OTCPK MQBK.Y ADR NEW Pink Sheets LLC US USD 22. Jan 2014
ASX MQGPC FRN 12/2027 AUD1000 Australian Securities Exchange AU AUD 12. Jun 2018
Number of employees
Current staff
Staff numbers
14,869
Macquarie Group employees.
Industry
Diversified Capital Markets
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 10:34
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/03/18
Last earnings filing: 2018/11/01
Last earnings reported: 2018/09/30
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.