Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James and Team All the very best wishes for 2022. An observation, MM rarely discusses MQG and when you do discuss the the banks it is generally the big 4 and when appropriate then their smaller country cousins. Does MQG fit with the big 4 or is it's business model that different from the big 4? Would MM consider CSL to be an international holding or a local holding, based on their Australian footprint and source of revenue? Regards, JanP
Hi Jan – good point, we should cover MQG more often although it is very different to a major bank with only ~25% of MQG’s earnings actually coming from lending. In terms of CSL, I view this as a domestic holding given it is listed in Australia however I’m probably wrong in doing that when Oz only accounts for ~8% of their earnings. The US is by far their biggest market making up ~48% of their revenue.
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