MACQUARIE GROUP LIMITED (MQG)
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MQG

MQG - MACQUARIE GROUP LIMITED

FNArena Sector : Wealth Management & Investments
Year End: March
GICS Industry Group : Diversified Financials
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Macquarie Group is an Australian multinational investment bank and financial services company operating in 25 countries. It is one of the world's largest infrastructure asset managers with over $495bn in AUM. It was founded in 1969 and listed in November 2007.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$195.05

24 Mar
2026

0.590

OPEN

$197.99

0.30%

HIGH

$198.48

572,614

LOW

$194.50

TARGET
$229.304 17.6% upside
Franking for last dividend paid out: 35%
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . ASX . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . NGI . NWL . PAC . PNI . PPS . PPT . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
MQG: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 979.4 1127.4 xxx
DPS (cps) xxx 650.0 718.5 xxx
EPS Growth xxx 6.9% 15.1% xxx
DPS Growth xxx 1.6% 10.5% xxx
PE Ratio xxx N/A 18.1 xxx
Dividend Yield xxx N/A 3.5% xxx
Div Pay Ratio(%) xxx 66.4% 63.7% xxx

Dividend yield today if purchased 3 years ago: 3.83%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.18

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 17/11 - ex-div 280c (franking 35%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx979.4
DPS All xxxxxxxxxxxxxxx650.0
Sales/Revenue xxxxxxxxxxxxxxx32,008.0 M
Book Value Per Share xxxxxxxxxxxxxxx9,696.3
Net Operating Cash Flow xxxxxxxxxxxxxxx2,878.0 M
Net Profit Margin xxxxxxxxxxxxxxx11.19 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx10.41 %
Return on Invested Capital xxxxxxxxxxxxxxx2.95 %
Return on Assets xxxxxxxxxxxxxxx0.84 %
Return on Equity xxxxxxxxxxxxxxx10.41 %
Return on Total Capital xxxxxxxxxxxxxxx1.67 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-374.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx69,177 M
Long Term Debt xxxxxxxxxxxxxxx88,270 M
Total Debt xxxxxxxxxxxxxxx157,447 M
Goodwill - Gross xxxxxxxxxxxxxxx1,159 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx92,964 M
Price To Book Value xxxxxxxxxxxxxxx2.03

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx1,065.0 M
Capex % of Sales xxxxxxxxxxxxxxx3.33 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx4,947 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx80,760 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Morgans

13/02/2026

3

Hold

$223.52

14.60%

Macquarie Group benefited from market-facing businesses in the third quarter with substantially stronger results, Morgans notes. Additionally there was an upgrade to CGM guidance, which has been offset to some degree by a higher expected FY26 tax rate.

The broker considers the stock a quality franchise that is well exposed to structural growth such as infrastructure and green energy, although trading on a PE of 20x and with earnings delivery more patchy recently believes it is fair value. Hold rating. Target rises to $223.52 from $215.70.

FORECAST
Morgans forecasts a full year FY26 dividend of 769.00 cents and EPS of 1160.00 cents.
Morgans forecasts a full year FY27 dividend of 844.00 cents and EPS of 1280.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

19/03/2026

1

Buy

$240.00

23.05%

APRA has announced a consultation on enhancements to bank capital and liquidity frameworks which Jarden notes appears to be a marginal tweak to requirements to further buttress the financial system.

The regulator had recently noted that its inaugural system risk stress test uncovered liquidity stress vulnerabilities from the listed superannuation sector.

The proposals for consultation include LCR banks (the majors plus Macquarie Group) buttressing the liquidity coverage ratio by addressing risks not currently covered.

The MLH banks are advised to create a more risk-sensitive framework that incentivises better liquidity management practices.

LCR stands for liquidity coverage ratio and refers to more complex banking operations. MLH refers to minimum liquidity holdings, essentially smaller, less complex bank businesses.

Jarden retains a Buy rating and $240 target on Macquarie Group.

FORECAST
Jarden forecasts a full year FY26 dividend of 700.00 cents and EPS of 1091.40 cents.
Jarden forecasts a full year FY27 dividend of 830.00 cents and EPS of 1296.40 cents.
Access Extra Coverage Research History >

MQG STOCK CHART

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Mar 19 2026 - Rudi's View
2
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