broker reports

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MQG - MACQUARIE GROUP LIMITED
ABN Amro rates MQG as Buy - The broker notes the sale of its Italian mortgage portfolio results in a post-tax charge of $70m from the write-off of loan acquisition costs and a loss on the sale. While the broker thinks it unlikely there will be further writedowns on infrastructure holdings, it does expect increased writedowns on real estate funds given the continuing decline in global listed real estate markets.
The brokers FY09F EPS and DPS forecasts decline by 7.5%, but Buy retained and target reduced by only 50c to $63.50, with the broker saying the company is well positioned for growth in the medium term.

Target price is $63.50 Current Price is $31.90 Difference:$31.60 - (brackets indicate current price is over target). If MQG meets the ABN Amro target it will return approximately 99% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in March. ABN Amro forecasts a full year FY09 dividend of 303.00 cents and EPS of 504.50 cents . At the last closing share price the estimated dividend yield is 9.50%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.32.

Market Sentiment: 0.9