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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Macquarie Group Ltd    MQG   AU000000MQG1

MACQUARIE GROUP LTD

(MQG)
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Macquarie : Australia's Macquarie CEO looks offshore for growth

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02/11/2019 | 11:42pm EDT
A pedestrian walks past the logo of Australia's biggest investment bank Macquarie Group Ltd which adorns a wall on the outside of their Sydney office headquarters in central Sydney, Australia

SYDNEY (Reuters) - Australia's Macquarie Group on Tuesday outlined the global ambitions of its new chief executive as it tracks towards a record annual profit thanks to its diversified business model, which helped offset losses from recent global market volatility.

Shares in Australia's largest investment bank hit a five-month high as CEO Shemara Wikramanayake stuck to a 15 percent profit growth forecast for the year to March and sketched growth plans for the bank in Asia, Europe and the American continent.

In her first results announcement since becoming chief executive in December, Wikramanayake said the 50-year-old company's future lay offshore.

"Apart from Business and Financial Services, all other four of our operating groups have found ... that they've reached a point of maturity in Australia, where they've really needed to expand offshore to grow their businesses," she said.

"We are still tiny in the Americas," Wikramanayake said, referring to the A$50 billion ($35.4 billion) of assets it manages in the continent.

Macquarie shares rose 2.5 percent, reaching their highest intraday level since September, while the broader Australian market was flat.

Wikramanayake said the bank planned to invest its A$4 billion in surplus capital to strengthen Macquarie's position in key geographies across the world, even as the global economy slows and Australia's other banks, beset by governance scandals, turn inward.

The bank's operations - spanning funds management, commodities trading, principal investment, and commercial and investment banking - would continue to prioritise investment in the real estate, infrastructure, technology and energy industries.

CLSA banking analyst Brian Johnson cautioned investors not to expect immediate returns from Macquarie's offshore strategy.

"One of the dangers of this is that as you see all these amazing opportunities, sometimes they take a long time to coalesce," he said.

The bank said that during the three months to December, corporate finance deals and commodities trading made up for weaker earnings in asset management.

Profit from its core "annuity-style businesses" - including its banking and finance, funds management and leasing units - in the third quarter was slightly higher than a year ago, but was down for the nine months to December because of lower performance fees in its asset management business.

Assets under management for the bank's biggest-earning unit shrank 2 percent to A$551 billion as at Dec. 31, from three months earlier, "predominately driven by market movements", the company said.

(Reporting by Byron Kaye and Paulina Duran in Sydney and Nikhil Kurian Nainan in Bengaluru; Editing by Stephen Coates)

By Paulina Duran and Byron Kaye

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Financials (AUD)
Sales 2019 12 217 M
EBIT 2019 3 896 M
Net income 2019 2 963 M
Debt 2019 -
Yield 2019 4,38%
P/E ratio 2019 15,83
P/E ratio 2020 15,06
Capi. / Sales 2019 3,78x
Capi. / Sales 2020 3,68x
Capitalization 46 214 M
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Number of Analysts 12
Average target price 131  AUD
Spread / Average Target -3,6%
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Managers
NameTitle
Shemara Wikramanayake Chief Executive Officer, Executive Director & MD
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Operations Group
Alex Harvey CFO & Head-Financial Management Group
Michael John Hawker Independent Non-Executive Director
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