Macquarie Group Ltd

MQG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$212.00	Tvtwvd	Cxxdxqjtn

Macquarie Earnings: The Hangover After a Record Year Is Expected to Pass

Nathan Zaia

Nov 3, 2023

Narrow-moat Macquarie’s first-half fiscal 2024 profit of AUD 1.4 billion and short-term guidance prompts a 5% reduction in our fiscal 2024 forecast to AUD 3.8 billion. The key culprit is lower investment income as a result of fewer asset realizations. We expect a much stronger second half, with management commentary giving us comfort it has profitable assets in the pipeline to be sold soon that have strong buyer interest.

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