Macquarie Group Ltd

MQG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$534.00	Mnqghkx	Czchdmkpr

Macquarie Earnings: From Great to Mediocre but Outlook Still Good

Nathan Zaia

May 3, 2024

Narrow-moat Macquarie’s fiscal 2024 profit fell 32% to AUD 3.5 billion, missing our forecast by 7%. The largest division, commodities and global markets, recorded a 47% fall in profit following stellar years in fiscal 2022 and 2023. Volatility in gas, oil, and resources prices drove strong client hedging and trading activity. The division’s AUD 3.2 billion profit is still well up on the fiscal 2021 profit of AUD 2.6 billion. Adding products and entering new regions provides a base for earnings growth.

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