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Equity Bottom-Up

<p>We reassess the competitive strengths of Macquarie Group’s five business units and conclude the group does benefit from competitive advantages that are sufficiently strong to warrant upgrading the economic moat rating to narrow from no moat. The global diversified financial services group benefits from competitive advantages across its five businesses, but the key to the group’s strong earnings outlook is upside created from complementary activities of each business group. The market does not…</p>

We reassess the competitive strengths of Macquarie Group’s five business units and conclude the group does benefit from competitive advantages that are sufficiently strong to warrant upgrading the economic moat rating to narrow from no moat. The global diversified financial services group benefits from competitive advantages across its five businesses, but the key to the group’s strong earnings outlook is upside created from complementary activities of each business group. The market does not…

Macquarie’s Strong Competitive Advantages Boost FVE to AUD 118 and Moat Rating to Narrow