MFG witnessed ~41% Revenue Growth in H1 FY 2019


Specialist fund management Company, Magellan Financial Group Limited (ASX: MFG) has released its financial results for the half year ended 31 December 2018. For the half-year period, the company has reported total revenue of $275.604 million which is 40.8% higher than the previous corresponding period (pcp). Further, the company has reported a Net profit after income tax expense of $173.523 million which is 224.6% higher than pcp. Following the release of the results, the share price of the company increased by 10.034% in the intraday trade as on 14 February 2019 (AEST 2:48 PM).

As at 31 December 2018, the Group had FUM of $70.8 billion, split between global equities (74%), infrastructure equities (17%) and Australian equities (9%). The increase in FUM was driven by investment performance of around $0.7 billion less cash distributions (net of reinvestment) of approximately $0.8 billion and net inflows of $1.4 billion. At 31 December 2018, the Group had total retail FUM of $19.0 billion and total institutional FUM of $51.8 billion. 

The company has reported Adjusted revenue of $276.45 million which includes Management and services fees of $228.14 million, Performance fees of $42.7 million and Other revenue of $5.6 million. Management and services fee revenue is 28% higher than pcp. The company has reported Diluted EPS (cents per share) of 98.2 cents per share which is 217% higher than pcp. At the end of December 2018, the company had net assets of $660.9 million, of which $126.7 million are classified as intangible.

With the financial results, the board has also declared an interim dividend of 73.8 cents per share (franked 55.35 cents per share), with an Ex-dividend date of 19 February 2019, Record date of 20 February 2019 and Payment date of 28 February 2019. The declared interim dividend of 73.8 cents per share is 66% higher than pcp.

Recently on 29 January 2019, the company announced that the Magellan Global Trust would offer eligible unitholders an opportunity to participate in a Unit Purchase Plan to increase their holdings by up to $15,000 of units. As per the company’s announcement, the issue price of these units will be at a 5% discount applied to either the prevailing net asset value (NAV) per unit at 28 January 2019 (i.e. $1.5327), or to the NAV per unit at the close of the offer, whichever is lower.

Now, let us have a quick look at Magellan Financial Group Limited’s stock performance and the return it has posted over the last few months. MFG’s share traded at $32.160 with a market capitalization of ~$5.17 billion as on 14 February 2019 (AEST 2:48 PM). The counter opened the day at $30.510, reached a day’s high of $32.270 & touched a day’s low of $30.510 with a daily volume of ~ 6,80,138. Meanwhile, the stock has generated a positive YTD return of 24.95% and posted positive return of 4.43% in the last six months (as at February 14, 2019). It has a 52-week high price of $32.270 and touched 52 weeks low of $21.800.

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