Essentials

A funds manager with a focus on (a) global leaders likely to prosper as China and other BRICS countries move rapidly towards higher living standards, and (b) infrastructure.

Half-year Performance & Estimates - MFG

Year-end June	1H12A	FY12A	1H13A	FY13A	1H14A	FY14E	FY15E
Sales, $m	0.00	0.00	0.00	0.00	0.00	141.0	195.0
EBITDA, $m	0.00	0.00	20.2	92.2	0.00	104.5	149.6
EBIT, $m	0.00	0.00	20.1	92.1	0.00	107.0	149.0
Report NPAT, $m	5.3	13.7	15.2	66.7	36.1
Adj. NPAT, $m					36.1	80.3	113.0
Reported EPS, ¢	3.00	9.00	9.00	40.00	21.00
Adjusted EPS, ¢					21.00	48.00	67.00
EPS %FY/Growth	33%		23%	344%	133%	20%	40%
Dividend, ¢	1.5	4.5	5.0	21.5	16.5	36.00	52.00
Franking, %	100%	100%	100%	100%	100%	100%	100%
EBITDA Margin	0	0	0	0	******%	74.1%	76.7%
NPAT Margin	0	0	0	0	******%	57.0%	57.9%
ROE, %	0	9%	9%	44%	20%
EBIT/Interest	0.0	-6.9	-13.4	-31.0	-46.07
Net Debt / Equity	0	-0.01	-0.11	-0.25	-0.19
CashFlow/Sh, ¢	1.8	8.9	8.4	20.5	25.4	46.3	64.7
Y/E Shares, m	152.6	152.6	152.6	152.8	155.8

Notes

Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns except the first half years which show their percentage of full year EPS. In a handful of cases, unadjusted share splits, or changes between positive and negative values, may give strange changes in ratios.

Recent News Highlights

As at 04/09/2012 : see details at www.magellangroup.com.au   (new window? Shift+Click)

28/08/2012     Investor Briefing

Russell Research in the media

Stock Picks for The Bull.com.au -  11 March 2013

HOLD Magellan Financial Group (MFG)

We continue to say “add to positions” in this dynamically growing funds manager. We said it was set for growth in this publication in October last year when the price was $3.31. Funds under management have risen substantially in the past few years and now exceed $10.4 billion after winning a major UK mandate, initially of $3.1 billion. Now globally recognised for its investment focus, we believe there’s plenty more to come. 

Stock Picks for Sunday Herald Sun – 24 February 2013

HOLD Magellan Financial Group, MFG, $7.45

The price of this funds manager has boomed as its successful investment themes have brought critical mass. Much more to come.

Stock Picks for The Bull.com.au -  1 October 2012

HOLD Magellan Financial Group Limited, MFG ($3.38)

This innovative funds manager has caught the flavour – the penetration of top brands into the BRICs countries – and has won the attention of both retail and wholesale investors. Profit tripled in FY12 as funds under management rose from $2.75bn in June 2011 to $4.15bn in August 2012. With the Magellan Global Fund and Magellan Infrastructure Fund substantially outperforming, MFG is well set for growth despite its recent price upswing.

Wave Chart

Company Overview

The old adage, "If you like the fund, buy the manager", certainly applies in this case.

The recent price rise to a market capitalisation of $459m at a share price of $3.03 appears justified on the typical 7% benchmark of FUM (funds under management) which was $4,134m at 31 July 2012. This has been steadily and quite rapidly rising virtually monthly over several years as investors are attracted to its investment themes. The extract from the latest Investor Briefing highlights this growth in Funds Under Management, gathering momentum: