MQG - Macquarie Group

[MRC & Co]

^^^^

Or you can just sell the futs, and catch them all in one juicy basket!

Available now!

 

[sammy84]

The sentiment in all the posts seems pretty negative for MQG, which is obviously visible in their price as well. Does this mean that the general consensus out there is that the macquarie model is completely broken or just needs tinkering?

 

[nick2fish]

LoL .....you have opened up a can of worms now sammy This will make for interesting reading over the next couple of days

 

[Mofra]

The sentiment in all the posts seems pretty negative for MQG, which is obviously visible in their price as well. Does this mean that the general consensus out there is that the macquarie model is completely broken or just needs tinkering?

Independant valuations of their infrastructure assets would be a start... and a change to prevent "management fees" the spun off assets paid to MQG being higher than the year's cash receipts (as opposed to increased borrowings).

Of course, when has an unfettered credit ever impacted on the financials of a bank

 

[Macquack]

Shares in Macquarie Group rose 16.5 per cent ($3.40) to end at $24 today.
Head groupie Nick (give me) Moore reported a 43 per cent fall in first half net profit to $604 million, which was adjusted to be better than market expectations.

Moore refrained from taking a charge against Macquarie Infrastructure Group, the world's biggest owner of toll roads, and Macquarie Airports, even after they slid more than 50 percent this year. He said "infrastructure assets were resilient in economic slowdowns".
If they are so robust, why has their share price halved?

Macquarie Asset Valuation Policy
1. Revalue ALL assets when they go up in value (unconditionally).
2. Selectively write-down SOME assets when they devalue by less than 50%.
3. NEVER (under any circumstances) write-down an asset if the devaluation is greater than 50%.

 

[KFC soup]

this could work if they can keep the funding facilities,
with the borrowing cost coming down and all.
the only downside now is more write downs, which is inevitable
though i don't like how it's paying so much dividents in an environment like this, guess they don't want their share prices get too low

 

[AS414]

Some interssting insights into their MMG operations here: http://business.theage.com.au/busin...at-macquarie-media-20081216-6z90.html?page=-1

More skimming of cash from other operations...

 

[Garpal Gumnut]

The Macquarie model is now unravelling.

MIG looks like the first satellite to hit reality full on.

From Compareshares.


gg





News
MIG cuts valuation of toll roads by 24%


AAP
16/12/2008 4:55pm Email to a friend Print article

Macquarie Infrastructure Group (MIG) has cut its valuation of its toll roads assets by 24 per cent because of the dislocation in global economic and market conditions.

The lower asset values reflect lower forecast traffic volumes for its Northern Hemisphere toll roads, higher financing costs and the effect of foreign exchange movements.

MIG, one of Macquarie Group Ltd's satellite funds, said on Tuesday its portfolio valuation at December 31 this year was expected to be about $6.5 billion, down from $8.6 billion at the end of June.

The new valuation translates to a net asset backing of $3.02 per stapled security, down from $3.84 previously.

MIG's securities fell 4.4 per cent, or 7.5 cents, to $1.63 on Tuesday.

MIG owns stakes in 11 toll roads in seven countries, including the US, UK and Australia, which the company bought into at an early stage to take advantage of development and expansion of the assets.

The company then sells the toll roads at a later date, as it has done with the Lusoponte toll road in Portugal and aims to do with Westlink M7 in Sydney, once the growth in value slows.

In October, MIG forecast its earnings to grow in 2008/09 as the company increased tolls on its motorways.

Toll revenue in the September quarter had risen 2.8 per cent, even though traffic volumes fell.

The current portfolio valuation will be updated and fleshed out when MIG reports its first half results on February 19.

MIG also announced on Tuesday it would pay a final distribution of 10 cent per security for the half year ending December 31, which would leave the fund with about $1 billion in cash.

 

[investorpaul]

Macquarie has cash and liquid assets of A$32.1 billion compared with short-term wholesale issued securities of A$12.7 billion, it said in today’s statement. The firm has raised A$10.9 billion in term funding since the government in November introduced a plan to guarantee wholesale debt sold by lenders operating in Australia, it said.

Macquaire group article

I had heard of Maquarie raise some cash but I didn't realise their cash and liquid assets totaled $43 bn. Thats a huge some of money. When things calm down and begin to return to normality they should be well positioned to capitalise on any bargains laying around.

For now though I still think its wait and see

 

[juw177]

I didn't realise their cash and liquid assets totaled $43 bn. Thats a huge some of money.

Except it is not real money, it is paper that no one wants to buy.

And they say "since there is no market for it, I will value it myself"

 

[djdutts]

Macquarie MQG in 2009?!

Hello all!

Just thinking about MQG share price this year. I've bought MQG at prices ranging from $20 back to $35 a while ago. I believe it's a long term investment, but any ideas from anyone what will happen to MQG share price in 2009?

I believe the market will pick up second half of the year - surely MQG at low $20s is an excellent buy?

Thoughts please

 

[Largesse]

no advice given but it bounced pretty strongly off $20 last time it got there.... different reasons for the plunge that time though...

i'll definitely be looking at it if it gets down that low again

 

[djdutts]

no advice given but it bounced pretty strongly off $20 last time it got there.... different reasons for the plunge that time though...

i'll definitely be looking at it if it gets down that low again

Yeah, same here. $22.07 at the moment

Very tempting. Surely in 18/24 months it'll be good?

Hmmmmm

 

[djdutts]

$20.43!!!!!!!!!!!

Jump on board! Surely this is GREAT value for Macquarie?!

or I am I crazy?

 

[sammy84]

Fantastic company in my opinion. However that means nothing in this market. 20.8 restance has broken so it could be catch fallng knives at this point

 

[djdutts]

Catch falling knives?

Sorry - don't know what this means?!

 

[Julia]

Re: Macquarie MQG in 2009?!

I believe the market will pick up second half of the year

If you believe the market will pick up in the second half of the year, could you outline the reasons why you think this will happen?

 

[sammy84]

Catch falling knives?

Sorry - don't know what this means?!

Sorry it means the share price is falling and is yet to find a base. Hence you can get very hurt trying to catch it

 

[vincent191]

In my humble opinion MQG will never be the same again. They had a very complex business model and Companies like Allco & banks like Babcock & Brown have tried to copy the model and have failed in spectacular fashion.

Will the Macquarie model ever regain it's former glory? Will the millionaire factory ever be the same again? That is the 64 dollar question that punters will have to decide for themselves.

There is a report out today claiming that Westpac is the best bank in the world. If you agree with that assesment than how about investing in WBC rather than MQG?

I am not a licensed financial advisor, any opinion expressed here is purely my own. I have shares in both WBC & MQG.

 

[jackson8]

$20.43!!!!!!!!!!!

Jump on board! Surely this is GREAT value for Macquarie?!

or I am I crazy?

if you look at the fall from grace of all the banks, resource stocks and the rest ........how do you determine what is good value ???