bnb and mqg, page-2

wintonstock, MQG is split up into the following groups:
- Macquarie Capital
- Treasury and Commodities Group
- Equity Markets Group
- Real Estate Group
- Banking and Securitisation Group
- Financial Services Group
- Funds Management Group
BNB only replicates MQG Macquarie Capital group. ie. if you split this group from MQG you would in effect have a BNB. BNB have no asperations to replicate the other MBL businesses. The PE's are historically different because BNB is a smaller company with an agressive growth profile. MQG is getting large and has more businesses peceived be at risk from a slowing economy and the current credit wo's. MQG is being lumped in with the other international investment banks that have been hit hard. In my opinion MQG is a standout buy at these prices and this PE ratio. BNB looks good value too but has the potential to come down to a PE more around 14 I think in the short term where it also would be great value.