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

$214.48

07 Aug
2025

-1.750

OPEN

$214.41

-0.81%

HIGH

$215.94

600,182

LOW

$213.58

TARGET
$221.774 3.4% upside
Franking for last dividend paid out: 30%
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 . PTM . 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 1092.6 xxx
DPS (cps) xxx 650.0 714.0 xxx
EPS Growth xxx 6.9% 11.6% xxx
DPS Growth xxx 1.6% 9.8% xxx
PE Ratio xxx N/A 19.6 xxx
Dividend Yield xxx N/A 3.3% xxx
Div Pay Ratio(%) xxx 66.4% 65.4% xxx

Dividend yield today if purchased 3 years ago: 3.68%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.03

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: 13/05 - ex-div 385c (franking 40%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.1

No. Of Recommendations

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

Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

25/07/2025

3

Equal-weight

$216.00

0.71%

Macquarie's 1Q26 net profit contribution fell an estimated -10% year-on-year, though Morgan Stanley notes full-year divisional guidance was maintained.

Macquarie Capital (MacCap) and Banking & Financial Services performed well, with MacCap a standout surprise to the broker. An offset was provided by weaker results in Macquarie Asset Management (MAM) and Commodities and Global Markets (CGM).

CGM underperformed expectations due to reduced North American Gas & Power trading despite supportive market conditions, explain the analysts. MAM’s softer quarter was attributed to delayed investment income.

The CFO transition, with Alex Harvey stepping down, surprised some investors despite a planned handover, observe the analysts.

Consensus forecasts likely require adjustment, in the broker's view, as 1H26 expectations appear high at 20% growth versus Morgan Stanley’s 6% estimate.

The broker expects a muted share price near-term, with earnings recovery now more reliant on a strong 2H26.

Equal-weight rating. Target $216.  Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 725.00 cents and EPS of 1061.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 770.00 cents and EPS of 1197.00 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$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

29/07/2025

4

Underweight

$200.00

-6.75%

Jarden views Macquarie Group as a "great" business that is snarled between its own business model transition and a global readjustment of geopolitics and capital flows.

The analyst believes the recycling of capital out of public and into private markets should improve the group's growth and returns.

The AGM's 1Q26 update showed net profit was down on the previous year due to the timing of investment-related income from asset revaluations, somewhat offset by a rise in performance fees.

CFO Alex Harvey is stepping down at the end of 2025 and will retire in mid-2026. Jarden expects 2026 earnings growth of around 8%, with consensus cash net profit after tax to rise 20% in 1H26 on the previous year.

Underweight. Target unchanged at $200.

FORECAST
Jarden forecasts a full year FY26 dividend of 693.00 cents and EPS of 1011.60 cents.
Jarden forecasts a full year FY27 dividend of 783.00 cents and EPS of 1148.01 cents.
Access Extra Coverage Research History >

MQG STOCK CHART

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