MCMILLAN SHAKESPEARE LIMITED (MMS)
Share Price Analysis and Chart

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MMS - MCMILLAN SHAKESPEARE LIMITED

FNArena Sector : Vehicle Leasing & Salary Packaging
Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 2.92
Index: ASX300 | ALL-ORDS

McMillan Shakespeare is an Australian provider of salary packaging, novated leasing and asset management. Founded in 1988, the company listed on the ASX in 2004.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$14.94

21 Nov
2024

-0.130

OPEN

$15.12

-0.86%

HIGH

$15.33

274,238

LOW

$14.94

TARGET
$20.166 35.0% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . SGF . SIQ .
FNARENA'S MARKET CONSENSUS FORECASTS
MMS: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 120.0 143.9 xxx
DPS (cps) xxx 154.0 143.7 xxx
EPS Growth xxx 100.0% 19.9% xxx
DPS Growth xxx 24.2% - 6.7% xxx
PE Ratio xxx N/A 10.4 xxx
Dividend Yield xxx N/A 9.6% xxx
Div Pay Ratio(%) xxx 128.4% 99.9% xxx

Dividend yield today if purchased 3 years ago: 11.68%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 10.34

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/09 - ex-div 78c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx120.0
DPS All xxxxxxxxxxxxxxx154.0
Sales/Revenue xxxxxxxxxxxxxxx498.2 M
Book Value Per Share xxxxxxxxxxxxxxx185.0
Net Operating Cash Flow xxxxxxxxxxxxxxx-106.0 M
Net Profit Margin xxxxxxxxxxxxxxx18.08 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx65.63 %
Return on Invested Capital xxxxxxxxxxxxxxx15.38 %
Return on Assets xxxxxxxxxxxxxxx7.66 %
Return on Equity xxxxxxxxxxxxxxx65.63 %
Return on Total Capital xxxxxxxxxxxxxxx22.42 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-205.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx8 M
Long Term Debt xxxxxxxxxxxxxxx580 M
Total Debt xxxxxxxxxxxxxxx588 M
Goodwill - Gross xxxxxxxxxxxxxxx216 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx556 M
Price To Book Value xxxxxxxxxxxxxxx9.47

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx21.6 M
Capex % of Sales xxxxxxxxxxxxxxx4.34 %
Cost of Goods Sold xxxxxxxxxxxxxxx310 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx55 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.9

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

29/08/2024

1

Buy

$21.00

40.56%

Bell Potter adjusts earnings forecasts up by 5% in FY25 and 7% in FY26 after a "very strong" FY24 result from McMillan Shakespeare. Core earnings per security were 2% ahead of the broker's estimates while the final dividend was also ahead.

The broker notes a further reduction in vehicle delivery timeframes in July with increased competition in price, and management has also advised that settlements for combustion engines are down marginally.

The broker retains a Buy rating, viewing the stock as a cash generating business with exposure to EVs. Target is reduced to $21.00 from $22.20.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 149.50 cents and EPS of 149.50 cents.
Bell Potter forecasts a full year FY26 dividend of 157.10 cents and EPS of 157.10 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

02/09/2024

3

Downgrade to Hold from Buy

$18.50

23.83%

While McMillan Shakespeare revealed a "strong" (in-line with consensus) FY24 result, in Canaccord Genuity's view, the broker's rating is downgraded to Hold from Buy.

Key positives, according to the analyst, were strong cashflows leading to an increased net corporate cash position of $86.8m, along with
the Group Remuneration Services (GRS) EBITDA margin holding at around 45%.

The broker lacks some conviction around the short-term earnings outlook and slightly reduces novated lease yields forecasts, and, by extension, margins within GRS for FY25.

The target falls to $18.50 from $21.80.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 138.50 cents and EPS of 129.70 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 148.50 cents and EPS of 150.30 cents.
Access Extra Coverage Research History >

MMS STOCK CHART

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