Macquarie Group Limited (MQG) has cheekily launched an offer for a new Additional Tier 1 (AT1) capital hybrid security, to be listed under the ASX code MQGPD, which is not refinancing an existing maturity but rather appears to be an attempt to front-run the federal election and tap into cash... Show More
Big gains in the share prices of the leading gold miners have seen the spotlight swing to the next generation of producers, which are carrying sharply lower valuations. Macquarie sees an opportunity, naming Dacian as its pick. Plus, Stavely awaits results in its hunt for a big copper-gold discovery. Show More
Rates have been soaring as the market braces for fiscal stimulus under a Trump Presidency. But with no clarity on timing, scale, and financing, the spike could look a little overdone. Looking for some thorough analysis on this, the report below came to us through our Contributor network as 'The... Show More
Macquarie Group (ASX: MQG) has earned its nickname by richly rewarding its executives through a high compensation ratio that some believe favours employees over shareholders. Now it seems that could be changing, with the balance starting to tip back towards shareholders. But does that make Macquarie a buy? As value... Show More
In The Australian Financial Review I take the sword to Macquarie Group's silly claims that it does not "speculate" in global high-yield markets after punting $33 billion on the sector and that "it has not received, and does not receive, government backing". I also uncover a fascinating investment puzzle: almost... Show More
In The AFR I dive deeper into Macquarie's junk debt portfolio, which is leveraged approximately ten times and currently worth $10.1 billion (or a touch more than the bank's $9.8 billion in common equity) and find that the default rates on their circa $7 billion of distressed home loans are... Show More
In The AFR I publish a detailed feature that reveals Macquarie has become a major global player in "high yield" or "junk" loans---spending more than $30 billion on the sector---that have blown-out its overall default rates to a staggering five times the major banks' levels. Macquarie established its specialist junk... Show More
Investors watch Macquarie for further upgrades. Macquarie Group, whose shares are trading at a seven year high, is likely to give investors further positive insights into its future earnings growth on Tuesday... Leading into Macquarie's annual operational briefing... analysts were anticipating a $1.46 billion full-year profit... A sustained decline in... Show More
Macquarie Bank analysts say that we should prepare for the end of low inflation in the US. Several measures of inflation are picking up, supporting our view that the output gap is smaller than widely believed. PCE price inflation could rise close to 2% by year-end as services inflation is... Show More
Macquarie Research rate Dick Smith an outperform on the back of last week's Q3 trading update. Dick Smith (DSH) announced overall group third quarter like-for-like sales increased 1%. Like-for-like sales in the Australian business saw sales increase 2.4% in the quarter. Dick Smith (DSH) said it remains on track to... Show More
Macquarie Analysts say Sydney Airports are in a strong position regarding the construction of a 2nd airport in Sydney. The Federal Government has announced the intention of developing Badgerys Creek as Sydney's 2nd airport. The timelines to develop a 2nd airport are long. Whilst the government indicated first planes are... Show More
Macquarie tells clients: don't abandon bonds completely. Defensive assets such as bonds are an essential component of portfolios. Why? 1) Defensive assets provide diversification benefits as they are not correlated to equity markets, this is important during a cyclical downturn or a recession as portfolios gain protection and increase the... Show More
There are some possibly worrying signs for the IPO markets as the pin gets pulled on the Mantra float. Joint lead managers Macquarie and UBS pulled the pin on the float at the last minute due to lackluster demand from institutional investors. Mantra was looking to raise $400million in the... Show More
What I'm Buying, Macquarie Group Ltd (MQG) PT $59. MQG is set to deliver its third-largest annual profit in May, on the back of better than expected results from its Fixed Income, Currencies and Commodities Unit (FICC). Full year earnings would likely be about 40-45% higher than last year, as... Show More
Macquarie Equity Research have retained and outperform rating on Kathmandu following their half year result and raised their price target. Kathmandu reported a good half kicking into the wind. KMD reported 1H14 NPAT of $11.4m up 11% on pcp. (Macquarie estimate $11.2m). We continue to see good medium term upside... Show More
Ardent Leisure Group - AAD Upgrade to Outperform. The Main Event AAD's 1H14 result was 4% below Macquarie EBITDA expactations. Main Event was ahead of expectations; Theme Parks and Health Clubs were below. Trading updates were positive in all divisions except Bowling. AAD are now expecting six Main Event sites... Show More
Macquarie initiates coverage of Nine (ASX: NEC) with an Outperform rating. Our 12-month target price is $2.40 (current px 2.00), driven by our DCF (discounted cash flow) valuation. NEC is exposed to a range of potential positive catalysts in the medium term, including ad market gains, operational improvement and cost... Show More
Macquarie rates Northern Star Resources (NST) Outperform following the acquisition od thje Plutonic Gold Mine from Barrick. NST have acquired the Plutonic Gold Mine in Western Australia for A$25M from Barrick Gold. NST will officially take ownership on the 1st of Feb 2014. The acquisition of the Plutonic Mine from... Show More
Western Desert Resources (WDR) remains on track to commence iron ore production with first shipment scheduled for next month. The Company has just finalised a financing deal with Macquarie and also some hedging over production in the first year. If have look through some of my older posts on WDR... Show More
Macquarie upgrades Seek (SEK) to outperform following a detailed review of the operating outlook, target price has been lifted from $10.00 to $13.60. EPS changes: FY14 -1.5%; FY15 -2.3%; FY16 +8.9%; FY17 +15.0%. Mostly domestic business, and linkage between job ad volumes and unemployment. Seek offers investors a positive exposure... Show More