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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Macquarie Group Limited    MQG   AU000000MQG1

MACQUARIE GROUP LIMITED

(MQG)
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Macquarie prepares intel analytics seller Nuix for $1.5 billion IPO

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09/18/2020 | 10:10am EDT

Australia's Macquarie Group is preparing to list its majority-owned software provider Nuix in a deal that would value the data-analysis program seller at close to $1.5 billion, two sources with knowledge of the plans told Reuters on Friday.

Macquarie, which owns about 65% of the company that has been used to analyse thousands of documents as part of high-profile investigations such as Volkswagen's emissions scandal and the "Panama Papers" cases, is handling the process alongside Morgan Stanley, the sources said.

The people, who asked to be anonymous because they were not allowed to speak to the media, said the company was likely to list before Christmas, but plans depended on market conditions and had not been finalised, they said.

Media representatives for Macquarie and Morgan Stanley declined to comment. Nuix representatives were not immediately available for comment outside business hours.

A selected group of fund managers have been briefed on the plans, the two people and a third source said.

If achieved at the targeted valuation range of between A$1.5 billion ($1.1 billion) and A$2 billion, the listing will be the biggest since fintech firm Tyro Payments braved negative market sentiment late last year following six initial public offering (IPO) cancellations.

This year, the coronavirus pandemic has all but frozen large IPOs in the country, as the halt in economic activity led to plummeting revenues and valuations of Australian companies, hurting sentiment and leading many to shore up their balance sheets with secondary capital raisings.

Nuix sells software for cybersecurity risk, compliance and "case discovery", that helps companies, enforcement authorities and investigators, review digital data and detect fraud and corruption.

Customers include American Express Co, Barclays Plc, Amazon.com Inc, WPP Plc, and Unilever Plc, according to its website.

The company's revenue has grown at over 15% per year in the last two years, to about A$175 million in fiscal 2020, one of the sources said.

($1 = 1.3674 Australian dollars)

By Paulina Duran


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -1.86% 95.15 Delayed Quote.-22.18%
BARCLAYS PLC -3.55% 106.6 Delayed Quote.-38.48%
INTEL CORPORATION -2.58% 45.54 Delayed Quote.-21.94%
MACQUARIE GROUP LIMITED -0.94% 135.17 End-of-day quote.-1.94%
MORGAN STANLEY -3.10% 48.75 Delayed Quote.-1.56%
TYRO PAYMENTS LIMITED -2.62% 3.72 End-of-day quote.5.68%
UNILEVER N.V. 1.38% 51.3 Delayed Quote.-1.23%
WPP PLC -5.07% 625.2 Delayed Quote.-38.25%
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Financials
Sales 2021 11 116 M 7 940 M 7 940 M
Net income 2021 2 383 M 1 702 M 1 702 M
Net Debt 2021 71 858 M 51 330 M 51 330 M
P/E ratio 2021 20,0x
Yield 2021 2,87%
Capitalization 46 932 M 33 530 M 33 525 M
EV / Sales 2021 10,7x
EV / Sales 2022 10,4x
Nbr of Employees 15 849
Free-Float 93,4%
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 133,16 AUD
Last Close Price 135,17 AUD
Spread / Highest target 12,5%
Spread / Average Target -1,49%
Spread / Lowest Target -11,2%
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Managers
NameTitle
Shemara Wikramanayake Chief Executive Officer, MD & Executive Director
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Corporate Operations Group
Alex H. Harvey CFO & Head-Financial Management Group
Diane Jennifer Grady Independent Non-Executive Director
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