Bigger bang for your buck

Research evidence excerpt

Bigger bang for your buck

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Insurance Australia Group (IAG Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of Insurance Australia

AU) Group Ltd.

Outperform Macquarie Group Limited together with its affiliates beneficially owns 1% or more of the equity securities of Insurance Australia

12-month target: AUD9.00 - DCF Group Ltd.

Valuation: AUD 8.70 - DCF (WACC 9.7%,

beta 0.9, ERP 5.6%, RFR 4.6%, TGR 4.6%)

Price: AUD7.46

Target Price Risk Disclosures

Company Name Risk Disclosure

More frequent catastrophes, higher reinsurance costs and higher-for-longer claims inflation. Insurance Australia Group (IAG • In the short term: