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Magellan Financial Group (MFG)

$35.20
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Market Matters View Point?

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Market Matters
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MM is now bullish MFG for a mix of income & growth

OPINION

Magellan Financial Group (MFG) $35.20

Hamish Douglass and the Magellan team have been copping plenty of criticism in recent times about underperformance over the past 12 months or so. Their flagship fund is up +7.57% for the year and is up 13.80% on a 5 year basis. That performance is weak (MM Flagship Growth is +30%) however, we believe the Magellan team are good managers, Hamish...

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Magellan Financial Group (MFG) $32.52

MFG has been hammered on poor performance which when combined with a high fee structure has led to withdrawals, a clear poor combination. We’ve considered this stock a few times in 2021 especially as an income play but prudence has overridden valour. The selling feels overdone but the business issues remain unless Hamish Douglass et al can...

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Magellan (MFG) $41.29

Unlike CBA and GMG fund manager MFG failed to hold recent lows yesterday as it continues to struggle in 2021, posting fresh lows for the year by the close of the day. While the stocks forecast to yield over 5% into 2022 which we feel is attractive, it still trades at a reasonable 20% premium to the sector, a premium built on a strong performance track record however that is now being questioned.

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Magellan (MFG) $46.20

One stock we are watching that will come on our ‘income radar’ into further weakness is Magellan (MFG) which might surprise some readers. The stock is currently trading on an estimated 12-months yield of ~5% which is likely to be 75% franked. Back towards the $40 area both the risk / reward towards capital preservation and yield will become compelling in our view.

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Magellan (MFG) $47.15

FY21 Results: The fund manager was hit hard today following a weaker than expected FY21 result that missed profit expectations by ~4% while the dividend of $2.11 was inline. The profit miss seems to be a result of bigger than expected losses on their principal investments, namely Barrenjoey, Guzman Y Gomez, and Finclear. There was already a concern...

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Reporting Today (ARB, BHP, BRG, BXB, CL1, DHG, DXS, EML, SGM, MFG, SCP)

Companies reporting today on MM’s radar include: BHP Billiton (BHP) FY21 Results: Result due out aftermarket today with expectations for revenue of $US59bn, EBIT of $US30.06bn, NPAT of $US17.14bn (up 96% on FY20), EPS of $US3.43, FY Dividend $US2.99. Market currently pricing NPAT for FY22 of $US15.61bn, a jump of 17%.

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Reporting Today (CBA, CPU, IAG, MIN, MFG)

Reporting Calendar: Download here Companies reporting today on MM’s radar include: Commonwealth Bank (CBA) FY21 result – A very strong result today from CBA which we cover in details in the Income Portfolio Section of todays note

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Magellan (MFG) $50.15

Hamish Douglass’ fund manager MFG has pulled back 13% of late after being caught up in the Chinese governments strong arm regulatory tactics however its recovery back above $50 feels constructive although obviously a strong market backdrop helps – the current forecasted yield of 4.4% part franked is clearly attractive in today’s...

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Magellan Financial (MFG) $50.46

MFG has fallen over 10% from this months high with its major exposure to Chinese Alibaba (BABA) and Tencent (700 HK) likely to be dampening investor enthusiasm – these holdings make up over 9% of Hamish Douglass’ major funds at their last update hence not a good week from a performance perspective. Sentiment could easily take...

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Magellan Financial Group (MFG) $53.70

This week Hamish Douglass defended his average returns over the last year due to his conservative stance towards stocks, he drew the markets attention to the importance of a rolling 3-year return as opposed to potential 1-year outliers – we agree. Generally he believes the risks for equities are rising due to the likes of mutating strains of COVID and of course the prospect of rising interest rates / inflation.

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ACTION

MFG
UPDATED 20/10/2021 16:54
MM is now bullish MFG for a mix of income & growth
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MFG
UPDATED 07/10/2021 16:54
MM is neutral to slightly positive MFG
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MFG
UPDATED 13/09/2021 08:21
MM only likes MFG into weakness below $40, especially for the yield hungry
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MFG
UPDATED 19/08/2021 09:14
MM likes MFG ~10% lower
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MFG
UPDATED 18/08/2021 10:07
MM now has MFG firmly on the radar
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MFG
UPDATED 04/08/2021 08:28
MM is bullish MFG with stops below $48.50
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MFG
UPDATED 30/07/2021 09:06
MM likes the risk / reward towards MFG ~$49
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MFG
UPDATED 23/07/2021 17:01
MM is bullish MFG while its hold above $49
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MFG
UPDATED 13/05/2021 11:27
MM likes MFG ~10% lower
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MFG
UPDATED 06/05/2021 08:59
MM is looking to cut our MFG position
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Global investment company

Magellan Financial Group (MFG) is a listed global investment firm which manage a number of listed and unlisted investment vehicles across equities and infrastructure. Star fund manger Hamish Douglas is the lead portfolio manager across the various Magellan funds.

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Magellan Financial Group (MFG)
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Magellan Financial Group (MFG)
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Magellan (MFG)
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Magellan (MFG)
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Magellan (MFG)
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Magellan Financial Group (MFG)
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Magellan Financial (MFG)
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Magellan Financial Group (MFG)
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Magellan (MFG)
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Magellan Financial Group (MFG)
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Magellan Financial Group (MFG)
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Magellan (MFG)
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Magellan Financial Group (MFG)
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Magellan Financial Group (MFG)
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Magellan Financial Group (MFG)
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Magellan Financial Group (MFG)
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Magellan (MFG)
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Magellan Financial Group (MFG)
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Magellan Financial Group (MFG)
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Magellan (MFG)
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Magellan Financial Group (MFG)
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Magellan (MFG)
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