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Macquarie Group overview and recent performance snapshot

Macquarie Group (ASX:MQG) has drawn investor interest after a period of solid share price gains, with the stock returning 16.9% over the past month and 9.9% over the past 3 months.

Those moves sit against a business generating A$17.8b in revenue and A$3.6b in net income, supported by diversified operations across asset management, banking, commodities and capital markets.

See our latest analysis for Macquarie Group.

That backdrop of solid financials sits alongside stronger recent momentum, with a 16.9% 1 month share price return contributing to a 24.5% 1 year total shareholder return and a 72.8% 5 year total shareholder return. This suggests sentiment has been improving.

If Macquarie’s move has you thinking about where capital could work harder, it may be worth scanning for other bank and financial leaders and 4 top founder-led companies

With Macquarie now trading at A$233.13 against an average analyst price target of A$238.63, the question for you is simple: is this a genuine opportunity or are markets already pricing in future growth?

Most Popular Narrative: 2.3% Undervalued

The most followed narrative on Macquarie Group pegs fair value at around A$238.63, slightly above the last close of A$233.13, framing modest undervaluation in the context of measured growth and profitability assumptions.

The analysts have a consensus price target of A$238.63 for Macquarie Group based on their expectations of its future earnings growth, profit margins and other risk factors.

However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of A$270.0, and the most bearish reporting a price target of just A$205.0.

Read the complete narrative.

Curious what justifies that fair value in a business growing earnings, tweaking margins and sitting on very different analyst targets? The narrative leans on specific revenue trajectories, profit margin shifts and a future earnings multiple that is higher than the broader capital markets group. The full story connects those moving parts into one valuation picture.

Result: Fair Value of A$238.63 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, you also need to factor in pressure points such as margin competition in Banking and Financial Services, as well as softer client activity in Commodities and Global Markets, which could challenge that thesis.

Story Continues

Find out about the key risks to this Macquarie Group narrative.

Another View on Valuation

The analyst fair value narrative points to modest undervaluation, but the current P/E of 23.5x tells a different story. It sits above both the Australian Capital Markets industry at 19.1x and peers at 21x, and even above a fair ratio of 22.3x, which raises the question of how much optimism is already baked in.

To see how those earnings multiples stack up against the underlying numbers, and what that gap might mean for valuation risk, See what the numbers say about this price — find out in our valuation breakdown.ASX:MQG P/E Ratio as at Apr 2026

Next Steps

Mixed signals like these can split opinions. If you want to act with confidence, run the numbers yourself, weigh the trade offs, and check the 2 key rewards and 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MQG.AX.

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