Macquarie Group Ltd

MQG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$648.00	Kzgslwm	Lwqzwvvyz

Despite Multiple Earnings Upgrades Macquarie's Fiscal 2015 Earnings Still Provide Welcome Surprise

, Adrian Atkins

May 8, 2015

Macquarie Group surprised with a higher-than-expected net profit of AUD 1.6 billion for fiscal 2015, up an impressive 27% on a year ago. Earnings beat our forecast and consensus of AUD 1.5 billion by 7%. Five of the six divisions contributed with strong performances. A significant increase in performance fees boosted the bottom line. Macquarie's guidance for fiscal 2016 is for profit to be "slightly up" on fiscal 2015. The 40% franked final dividend of AUD 2.00 per share takes total dividends to AUD 3.30 per share (40% franked) up an impressive 27%.

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