I'm not sure how MBL will hold up during any economic weakness, like US recession, but it gets pretty well rated around the traps. In Lonsec's 'model portfolio', and the following brokers seem to think it's a goer:
JP Morgan rates the stock as Overweight
November 23 2006
The QAN deal adds substance to the rumours that MBL has a whole raft of "super-transactions" in the pipeline, that may even include TLS. the broker is not valuing any of this in, but notes there is upside yet. Target rises from $97.73 to $102.28.
Merrill Lynch rates the stock as Buy, Medium Risk
November 15 2006
As usual, MBL has delivered a result ahead of guidance, and also 8% ahead of the broker (12% ahead on revenue growth, which the broker sees as a highlight). The composition was good, although costs were up, and the broker sees increasing staff remuneration as an issue.
UBS rates the stock as Buy 2
November 15 2006
A solid but lumpy result, the broker suggests, although core trends confirm a trajectory of 20% growth. MBL is difficlt to value, says the broker, given its "private equity" component of business. However, target rises from $82.50 to $85.00.
ABN Amro rates the stock as Buy
November 15 2006
Target $84.00 (was $82.00). The company reported a profit of $638m, the result leading the broker to lift its full year forecast by 3% to $1,216m. It also notes the bank's plans to establish a non-operating holding company make sense as transactions will then not be subject to
Credit Suisse rates the stock as Outperform
November 15 2006
Target $88.00 (was $85.00). Headline profit of $730m was 6% above the broker's forecast thanks to the size of asset disposals in the period. The result has led the broker to lift its forecasts, with its profit estimates increasing in FY07 by 3.4% to $1,297m, in FY08 by 7.4% to
JP Morgan rates the stock as Overweight
November 15 2006
An above-consensus result has led the broker to increase earnings by 5.4% in FY07 although no later changes have been made as operational earnings will be met with a higher tax rate. On a "vanilla" investment bank basis, the broker has increased the target from $97.73 to $102.
SB Citigroup rates the stock as Buy , High Risk
November 15 2006
Target $90.00 (was $86.00). The broker notes profit was about 6% higher than it had anticipated, with most divisions contributing to the result. Following the result the broker has lifted its forecasts in FY07 by 3.7% to $1,343m, in FY08 by 6.1% to $1,479m and in and FY09 by 5
Deutsche Bank rates the stock as Buy
November 15 2006
A solid result ahead of the broker, with subdued guidance as usual that will likely be exceeded. The broker is not, however, pleased about the increase in the staff compensation ratio, although this will provide upside if it reverts once more. Target increased from $80 to $85.
GS JB Were rates the stock as Marketperform, L/T Hold
November 15 2006
Profit of $730m was above the broker's forecast, leading it to lift its forecasts for FY07 by 3.6% to 517.1c and in FY08 by the same percentage to 483.5c. Despite this the broker suggests the deteriorating quality of the earnings is likely to result in a P/E de-rating, though
Credit Suisse rates the stock as Outperform
November 13 2006
The broker is forecasting a profit result of $686m and a dividend of $1.01. It sees strong growth in revenues as likely but a weaker outcome in terms of equity accounting income, funds management performance fees and commodities trading. The broker's forecasts include a lik
Chart wise, was halted at the obvious all time high resistance and also some trend resistance, and now heading back to what should be pretty good support around $70-71. Will find more support at $65. We're due for a correction, so it could well possibly find it's way back there, supported by any US weakness. Santa rally still in train though so........