Magellan Loses Bear Despite Spike in Retail Outflows -- Market Talk

Dow Jones10-08

2220 ET - Macquarie is no longer bearish about fund manager Magellan Financial, despite a spike in retail outflows. Magellan reported A$1.8 billion of retail outflows in 1Q, and Macquarie expects another A$600 million of outflows in the current quarter. However, Magellan's share price now implies a 10x price-to-earnings multiple for its funds management business, which Macquarie thinks is more reasonable than before. It upgrades Magellan to neutral, from underperform. "We still view FY 2025 as a transition year, with optionality from investments more likely an FY 2026 story," Macquarie says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 07, 2024 18:20 ET (22:20 GMT)

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It upgrades Magellan to neutral, from underperform. \"We still view FY 2025 as a transition year, with optionality from investments more likely an FY 2026 story,\" Macquarie says. 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