Macquarie Group Limited

ASX:MQG Stock Report

Market Cap: AU$79.7b

Macquarie Group Valuation

Is MQG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MQG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MQG (A$218.9) is trading above our estimate of fair value (A$166.31)

Significantly Below Fair Value: MQG is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MQG?

Key metric: As MQG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MQG. This is calculated by dividing MQG's market cap by their current earnings.
What is MQG's PE Ratio?
PE Ratio22.3x
EarningsAU$3.57b
Market CapAU$79.66b

Price to Earnings Ratio vs Peers

How does MQG's PE Ratio compare to its peers?

The above table shows the PE ratio for MQG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average41.6x
AFI Australian Foundation Investment
31.2xn/aAU$9.2b
ASX ASX
26.3x4.0%AU$12.5b
ARG Argo Investments
26.6xn/aAU$6.7b
NWL Netwealth Group
82.4x16.5%AU$6.9b
MQG Macquarie Group
22.3x9.8%AU$79.7b

Price-To-Earnings vs Peers: MQG is good value based on its Price-To-Earnings Ratio (22.3x) compared to the peer average (41.6x).

Price to Earnings Ratio vs Industry

How does MQG's PE Ratio compare vs other companies in the AU Capital Markets Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BPH BPH Energy
2.9xn/aUS$8.38m
KBC Keybridge Capital
1.4xn/aUS$6.46m
OEQ Orion Equities
0.7xn/aUS$1.22m
PEQA Pritchard Equity
2.7xn/aUS$861.02k
MQG 22.3xIndustry Avg. 20.5xNo. of Companies8PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MQG is expensive based on its Price-To-Earnings Ratio (22.3x) compared to the Australian Capital Markets industry average (20.5x).

Price to Earnings Ratio vs Fair Ratio

What is MQG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MQG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.3x
Fair PE Ratio26.5x

Price-To-Earnings vs Fair Ratio: MQG is good value based on its Price-To-Earnings Ratio (22.3x) compared to the estimated Fair Price-To-Earnings Ratio (26.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MQG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$218.90
AU$215.12
-1.7%
11.7%AU$248.00AU$167.27n/a12
Dec ’25AU$231.11
AU$215.12
-6.9%
11.7%AU$248.00AU$167.27n/a12
Nov ’25AU$223.20
AU$210.67
-5.6%
12.4%AU$250.00AU$167.27n/a11
Oct ’25AU$228.35
AU$203.82
-10.7%
11.1%AU$250.00AU$167.27n/a12
Sep ’25AU$215.65
AU$198.49
-8.0%
8.6%AU$234.00AU$167.27n/a12
Aug ’25AU$211.31
AU$198.49
-6.1%
8.6%AU$234.00AU$167.27n/a12
Jul ’25AU$203.16
AU$192.74
-5.1%
7.7%AU$215.00AU$167.27n/a12
Jun ’25AU$190.95
AU$192.53
+0.8%
7.2%AU$215.00AU$167.27n/a13
May ’25AU$185.85
AU$191.90
+3.3%
8.2%AU$225.00AU$161.00n/a12
Apr ’25AU$199.70
AU$191.27
-4.2%
8.2%AU$225.00AU$161.00n/a12
Mar ’25AU$194.34
AU$189.35
-2.6%
6.7%AU$205.00AU$161.00n/a12
Feb ’25AU$188.16
AU$185.47
-1.4%
6.6%AU$205.00AU$161.00n/a12
Jan ’25AU$183.63
AU$182.88
-0.4%
6.8%AU$202.00AU$161.00n/a12
Dec ’24AU$167.79
AU$182.49
+8.8%
6.6%AU$202.00AU$161.00AU$231.1113
Nov ’24AU$160.02
AU$191.01
+19.4%
6.4%AU$215.00AU$170.00AU$223.2013
Oct ’24AU$167.73
AU$190.93
+13.8%
5.6%AU$209.00AU$175.00AU$228.3513
Sep ’24AU$176.76
AU$188.73
+6.8%
6.5%AU$209.00AU$165.00AU$215.6514
Aug ’24AU$177.50
AU$190.30
+7.2%
7.5%AU$218.00AU$165.00AU$211.3114
Jul ’24AU$177.62
AU$193.32
+8.8%
7.9%AU$218.00AU$165.00AU$203.1614
Jun ’24AU$170.49
AU$193.32
+13.4%
7.9%AU$218.00AU$165.00AU$190.9514
May ’24AU$183.77
AU$201.56
+9.7%
8.8%AU$231.00AU$165.00AU$185.8513
Apr ’24AU$175.66
AU$201.56
+14.7%
8.8%AU$231.00AU$165.00AU$199.7013
Mar ’24AU$188.90
AU$201.41
+6.6%
8.8%AU$231.00AU$165.00AU$194.3413
Feb ’24AU$187.00
AU$191.01
+2.1%
9.8%AU$218.00AU$150.00AU$188.1613
Jan ’24AU$166.96
AU$189.21
+13.3%
9.3%AU$215.00AU$150.00AU$183.6313
Dec ’23AU$182.10
AU$195.22
+7.2%
10.4%AU$225.00AU$150.00AU$167.7914

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 21:04
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Macquarie Group Limited is covered by 29 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brett Le MesurierAxiome Equities
Craig StaffordBarrenjoey Markets Pty Limited
Jonathan MottBarrenjoey Markets Pty Limited