Marex Group plc
Description
Marex Group plc, a financial services platform, provides liquidity, market access, and infrastructure services to clients in the energy, commodities, and financial markets. It operates through four segments: Market Making, Clearing, Agency and Execution, and Hedging and Investment Solutions. The company offers execution and clearing services in metals, agricultural products, and financial futures and options; liquidity and execution services for financial securities through trading desks that cover products, including foreign exchange, equities, fixed income, and others. It also acts as an agent to trades in OTC energy products using knowledge of the energy sector and relationships with clients; and provides market making services across commodities markets, such as metals, agricultural products, and energy and securities markets. In addition, the company offers OTC traded hedging and customized OTC derivatives solutions; and risk management solutions across commodity markets comprising agriculture, metals, energy, and currency markets. Further, it engages in the structured notes business, which allows investors to build their own structured notes across asset classes, including commodities, equities, foreign exchange, and fixed income products for private banks, independent asset managers, pension funds, and corporates. The company operates in the United Kingdom, the United States, and internationally. Marex Group plc was incorporated in 2005 and is headquartered in London, the United Kingdom.
About
Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 7, 2024 | 0.68 | 0.76 | 0.08 | 11.76% |
| Aug 14, 2024 | 0.56 | 0.90 | 0.34 | 60.71% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 6 | — | 8 |
| Average estimate | — | 0.74 | — | 3.04 |
| Low estimate | — | 0.63 | — | 2.87 |
| High estimate | — | 0.83 | — | 3.17 |
| Last year EPS | — | — | — | 2.98 |
Growth estimates
Income statement
| 2023 | |
|---|---|
| Fiscal date | 2023-12-31 |
| Total reported revenue | 2.35B |
| Cost of revenue | 1.32B |
| Gross profit | 1.03B |
| Operating expense | |
| Research & development | — |
| Selling general and admin | 182.10M |
| Other operating expenses | 137.50M |
| Operating income | 678.30M |
| Non operating interest income | |
| Income | 591.80M |
| Expense | 470.20M |
| Other income expense | -6.20M |
| Pretax income | 196.50M |
| Tax provision | 55.20M |
| Net income | 141.30M |
| Basic EPS | 1.81 |
| Diluted EPS | 1.81 |
| Basic average shares | 70.82M |
| Diluted average shares | 70.82M |
| EBITDA | 704.20M |
| Net income from continuing op. | 196.50M |
| Minority interests | -13.30M |
| Preferred stock dividends | — |
Balance sheet
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 17.75B | 15.74B | 5.26B |
| Current assets | |||
| Cash | — | — | — |
| Cash equivalents | — | — | — |
| Cash and cash equivalents | 1.48B | 910.10M | 712.00M |
| Other short term investments | 4.58B | 2.55B | 46.30M |
| Accounts receivable | 823.80M | 141.10M | 2.02B |
| Other receivables | 194.20M | 103.50M | — |
| Inventory | 163.40M | 35.80M | 80.10M |
| Prepaid assets | 293.40M | 368.40M | — |
| Restricted cash | 2.06B | 2.34B | 616.50M |
| Assets held for sale | — | — | — |
| Hedging assets | 794.10M | 480.80M | 496.50M |
| Other current assets | — | — | — |
| Non current assets | |||
| Properties | 40.60M | 33.70M | 17.00M |
| Land and improvements | — | — | — |
| Machinery furniture equipment | 37.30M | 31.20M | 26.90M |
| Construction in progress | — | — | — |
| Leases | 18.10M | 13.90M | 7.50M |
| Accumulated depreciation | -38.80M | -33.30M | -30.50M |
| Goodwill | 383.20M | 336.60M | 439.30M |
| Investment properties | — | — | — |
| Financial assets | — | — | — |
| Intangible assets | 56.00M | 25.60M | 21.50M |
| Investments and advances | 77.00M | 22.00M | 84.80M |
| Other non current assets | 321.80M | 141.10M | 803.70M |
| Total liabilities | 16.97B | 15.07B | 4.79B |
| Current liabilities | |||
| Accounts payable | 5.91B | 6.19B | 3.29B |
| Accrued expenses | 412.90M | 259.50M | — |
| Short term debt | 3.13B | 4.40B | 146.40M |
| Deferred revenue | 500,000 | 1.00M | — |
| Tax payable | 17.50M | 14.40M | 2.10M |
| Pensions | — | — | — |
| Other current liabilities | 6.10B | 3.50B | 1.19B |
| Non current liabilities | |||
| Long term debt | 39.40M | 167.90M | 17.00M |
| Provision for risks and charges | — | — | — |
| Deferred liabilities | 3.70M | 100,000 | 3.20M |
| Derivative product liabilities | — | — | — |
| Other non current liabilities | 907.90M | 336.30M | 136.60M |
| Shareholders equity | |||
| Common stock | 100,000 | 100,000 | 100,000 |
| Retained earnings | 555.30M | 455.30M | 346.60M |
| Other shareholders equity | -1.60M | -1.70M | -3.30M |
| Total shareholders equity | 775.90M | 677.70M | 477.70M |
| Additional paid in capital | 231.90M | 231.90M | 134.30M |
| Treasury stock | 9.80M | 7.90M | — |
| Minority interest | — | — | — |
Cash flow statement
| 2023 | |
|---|---|
| Operating Activities | |
| Net Income | 196.50M |
| Depreciation | 21.90M |
| Deferred Taxes | — |
| Stock-Based Compensation | 20.30M |
| Other Non-Cash Items | -9.90M |
| Accounts Receivable | 777.60M |
| Accounts Payable | — |
| Other Assets & Liabilities | 538.70M |
| Operating Cash Flow | 1.55B |
| Investing Activities | |
| Capital Expenditures | -9.00M |
| Net Intangibles | -3.10M |
| Net Acquisitions | -85.50M |
| Purchase of Investments | — |
| Sale of Investments | — |
| Investing Cash Flow | -94.50M |
| Financing Activities | |
| Long-Term Debt Issuance | — |
| Long-Term Debt Payments | -11.40M |
| Other Financing Charges | — |
| Financing Cash Flow | -72.80M |
| Other Cash Details | |
| End Cash Position | 1.48B |
| Income Tax Paid | — |
| Interest Paid | — |
| Free Cash Flow | 722.90M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| Smallcap World Fund | Sep 30, 2024 | 1,500,000 | 53.93M | 2.13% |
| PGIM Jennison Small Company Fd | Nov 30, 2024 | 906,581 | 32.59M | 1.29% |
| Allspring Special Small Cap Value Fund | Nov 30, 2024 | 734,320 | 26.40M | 1.04% |
| Royce Small-Cap Total Return Fund | Sep 30, 2024 | 678,871 | 24.41M | 0.97% |
| Pioneer Ser Tr I-Pioneer Select Mid Cap Growth Fund | Nov 30, 2024 | 573,424 | 20.61M | 0.82% |
| Fidelity Rutland Square Tr II-Strategic Advisers U.S. Total Stock Fd | Nov 30, 2024 | 560,436 | 20.15M | 0.80% |
| Blair (William) Mutual Funds, Inc.-Small Cap Growth Fund | Nov 30, 2024 | 358,810 | 12.90M | 0.51% |
| Financial Investors Tr-Grandeur Peak International Stalwarts Fd | Oct 31, 2024 | 282,951 | 10.17M | 0.40% |
| Royce Small-Cap Fund | Sep 30, 2024 | 273,150 | 9.82M | 0.39% |
| Royce Small Cap Trust, Inc. | Sep 30, 2024 | 256,417 | 9.22M | 0.36% |
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