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: 3.44
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

$16.44

26 Nov
2025

0.230

OPEN

$16.40

1.42%

HIGH

$16.48

162,100

LOW

$16.18

TARGET
$20.473 24.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . SIQ .
FNARENA'S MARKET CONSENSUS FORECASTS
MMS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 136.9 155.5 xxx
DPS (cps) xxx 148.0 152.8 xxx
EPS Growth xxx 14.1% 13.6% xxx
DPS Growth xxx - 3.9% 3.2% xxx
PE Ratio xxx N/A 10.6 xxx
Dividend Yield xxx N/A 9.3% xxx
Div Pay Ratio(%) xxx 108.1% 98.3% xxx

Dividend yield today if purchased 3 years ago: 10.92%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 9.02

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 © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx136.9
DPS All xxxxxxxxxxxxxxx148.0
Sales/Revenue xxxxxxxxxxxxxxx538.2 M
Book Value Per Share xxxxxxxxxxxxxxx162.0
Net Operating Cash Flow xxxxxxxxxxxxxxx-59.7 M
Net Profit Margin xxxxxxxxxxxxxxx17.80 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx79.28 %
Return on Invested Capital xxxxxxxxxxxxxxx12.79 %
Return on Assets xxxxxxxxxxxxxxx6.88 %
Return on Equity xxxxxxxxxxxxxxx79.28 %
Return on Total Capital xxxxxxxxxxxxxxx18.79 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-164.6 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx82 M
Long Term Debt xxxxxxxxxxxxxxx676 M
Total Debt xxxxxxxxxxxxxxx758 M
Goodwill - Gross xxxxxxxxxxxxxxx46 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx533 M
Price To Book Value xxxxxxxxxxxxxxx9.60

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx19.3 M
Capex % of Sales xxxxxxxxxxxxxxx3.58 %
Cost of Goods Sold xxxxxxxxxxxxxxx328 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx61 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

0.6

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

01/09/2025

3

Hold

$19.70

19.83%

Bell Potter assesses McMillan Shakespeare's FY25 results as broadly in line with guidance and slightly higher than its forecast. The result showed resilience despite contract loss, with novated leasing growth and PSS digital benefits offsetting headwinds.

Revenue was flat y/y in the GRS unit and margin fell to 40.9% reflecting slower cost reallocation following a major contract loss. On the positive side, Oly is emerging as an incremental growth channel.

Revenue rose 12% y/y in PSS, but the broker flagged -$4.5m headwind in FY26 from the removal of set-up fees, which is expected to impact EBITDA. Novated leases grew 9% q/q in 4Q25 despite Cyclone Alfred disruption and the removal of the PHEV discount.

The broker lifted net profit forecasts by 6-7%, reflecting stable vehicle prices and stronger novated lease sales.

Hold. Target increases to $19.70 from $16.30.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 157.40 cents and EPS of 160.60 cents.
Bell Potter forecasts a full year FY27 dividend of 168.80 cents and EPS of 172.20 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$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

07/09/2025

3

Hold

$20.05

21.96%

Canaccord Genuity notes McMillan Shakespeare's FY25 underlying net profit was broadly in line with its forecast. While cost reductions supported margins, the broker highlights the divisional outlook remains mixed for FY26.

The GRS unit was impacted by the loss of the South Australian government contract, but this was offset by retail channel growth. The broker expects some yield moderation in 1H26 vs 2H25, though still above 1H25 levels.

FY26 EBITDA for the AMS business is expected to benefit from stable used car pricing, with a modest uplift expected in remarketing yields. The PPS unit is expected to continue benefiting from strong NDIS growth.

Overall, the broker lifted FY26 EPS forecast by 4.4% and FY27 by 5.3% to reflect operational improvements and cost efficiencies.

Target rises to $20.05 from $16.50, with an increase in GRS and AMS multiples the key reason. Hold maintained.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 171.00 cents and EPS of 162.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 171.00 cents and EPS of 173.00 cents.
Access Extra Coverage Research History >

MMS STOCK CHART

FNArena News on MMS

1
Rudi’s View: August Results; Standouts, Turnarounds, Failures & Misfits

Sep 10 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – Sep 08, 2025

Sep 08 2025 - Daily Market Reports
3
FNArena Corporate Results Monitor – 01-09-2025

Sep 01 2025 - Australia
4
Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More

Aug 14 2025 - Rudi's View
5
Australian Broker Call *Extra* Edition – Aug 12, 2025

Aug 12 2025 - Daily Market Reports

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