MCMILLAN SHAKESPEARE LIMITED (MMS)
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MMS

MMS - MCMILLAN SHAKESPEARE LIMITED

FNArena Sector : Vehicle Leasing & Salary Packaging
Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 3.32
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

$20.79

31 Aug
2026

-0.080

OPEN

$20.54

-0.38%

HIGH

$21.10

561,799

LOW

$20.50

TARGET
$21.073

+1.00 change from previous day

 1.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . SIQ .
FNARENA'S MARKET CONSENSUS FORECASTS
MMS: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 152.4 163.9 xxx
DPS (cps) xxx 0.0 129.3 xxx
EPS Growth xxx 11.3% 7.5% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 12.3 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx N/A 78.9% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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: 12/03 - ex-div 62.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx152.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx579.7 M
Book Value Per Share xxxxxxxxxxxxxxx181.7
Net Operating Cash Flow xxxxxxxxxxxxxxx8.1 M
Net Profit Margin xxxxxxxxxxxxxxx18.41 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx89.22 %
Return on Invested Capital xxxxxxxxxxxxxxx12.65 %
Return on Assets xxxxxxxxxxxxxxx6.95 %
Return on Equity xxxxxxxxxxxxxxx89.22 %
Return on Total Capital xxxxxxxxxxxxxxx19.37 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-99.5 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx65 M
Long Term Debt xxxxxxxxxxxxxxx772 M
Total Debt xxxxxxxxxxxxxxx837 M
Goodwill - Gross xxxxxxxxxxxxxxx46 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx566 M
Price To Book Value xxxxxxxxxxxxxxx10.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx13.2 M
Capex % of Sales xxxxxxxxxxxxxxx2.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx337 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx65 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

0.4

No. Of Recommendations

4
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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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

31/08/2026

3

Downgrade to Hold from Buy

$19.90

-4.28%

McMillan Shakespeare's FY26 underlying NPATA was slightly ahead of Bell Potter's forecast and rose 14% y/y, while EBITDA increased 14.1% y/y and also beat expectations.

Novated sales rose 8.4% y/y for FY26 and momentum strengthened into July, with sales up 8% y/y following a 37% increase in order intake during 2H26, the analyst points out. Cost savings of $7.5m were another boost to earnings.

The broker flags FY27 cost growth of 5.9% as sales investment annualises and wages rise, while Asset Management Services faces pressure from customers holding vehicles for longer.

The stock is downgraded to Hold from Buy on a valuation basis, retaining its $19.90 target price.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 137.00 cents and EPS of 166.50 cents.
Bell Potter forecasts a full year FY28 dividend of 143.00 cents and EPS of 192.20 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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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

01/09/2026

3

Hold

$21.45

3.17%

Canaccord Genuity maintains a Hold rating for McMillan Shakespeare with its target price increased to $21.45 from $17.40 following an FY26 result featuring revenue of $602.1m and an underlying NPATA of $107.9m.

The robust performance beat consensus expectations by 3.3%, driven primarily by significant operating leverage and productivity gains within a very strong novated lease environment.

The analyst notes the Plan and Support Services division remains a disproportionate valuation overhang due to ongoing regulatory risks surrounding the National Disability Insurance Scheme.

Reflecting structurally higher margin expectations flowing from the strong second-half operating leverage, the broker increases FY27 and FY28 EPS estimates by 4.8% and 2.9% respectively.

A more attractive price entry point is required for an upgrade despite the solid operational outlook and a sum-of-the-parts valuation equating to a 12.5x multiple for the broader group.
Access Extra Coverage Research History >

MMS STOCK CHART

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