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

$14.13

20 Dec
2024

0.020

OPEN

$14.25

0.14%

HIGH

$14.25

188,456

LOW

$14.10

TARGET
$20.166 42.7% 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 9.8 xxx
Dividend Yield xxx N/A 10.2% xxx
Div Pay Ratio(%) xxx 128.4% 99.9% xxx

Dividend yield today if purchased 3 years ago: 13.33%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 10.90

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

48.62%

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.
Login above or Get a Free Trial
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

19/12/2024

3

Hold

$14.70

4.03%

Canaccord Genuity made modest changes to McMillan Shakespeare's FY25-27 earnings estimates but cut the target price significantly due to reduced multiples and a -12% discount to valuation.

The broker says valuations are becoming compelling but industry, macro and company-specific uncertainties are preventing a more positive view.

Looking ahead, the broker reckons a stronger and more certain earnings outlook would attract sufficient interest to re-rate the stock materially upwards.

The target falls to $14.70 from $18.50..

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 139.00 cents and EPS of 141.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 140.00 cents and EPS of 143.00 cents.
Access Extra Coverage Research History >

MMS STOCK CHART

FNArena News on MMS

1
Rudi’s View: Banks, WiseTech, Redox & Integral Diagnostics

Dec 19 2024 - Rudi's View
2
Australian Broker Call *Extra* Edition – Dec 19, 2024

Dec 19 2024 - Daily Market Reports
3
Rudi’s View: Best Buys & Smaller Cap Favourites

Dec 12 2024 - Rudi's View
4
Rudi’s View: In Santa We Trust (?)

Dec 05 2024 - Rudi's View
5
Rudi’s View: Trump Beneficiaries & TechOne

Nov 28 2024 - Rudi's View

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