MQG has been the pick of the banks so far this year rallying +5.6% however after delivering a record result for FY23 including ROE of 16.9% the stock is currently trading above historical averages at a PE of ~14.1x – we believe this is warranted after the strong operational performance but not a good reason to increase our exposure.
- We like MQG but will only add to our position around $160, or 8-10% lower
MM is long and bullish toward MQG
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