MCMILLAN SHAKESPEARE LIMITED (MMS)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

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

$15.30

07 Oct
2024

0.090

OPEN

$15.27

0.59%

HIGH

$15.39

173,281

LOW

$15.22

TARGET
$20.166 31.8% 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 120.0 141.7 xxx
DPS (cps) xxx 154.0 143.7 xxx
EPS Growth xxx 100.0% 18.1% xxx
DPS Growth xxx 24.2% - 6.7% xxx
PE Ratio xxx N/A 10.9 xxx
Dividend Yield xxx N/A 9.3% xxx
Div Pay Ratio(%) xxx 128.4% 101.4% xxx

Dividend yield today if purchased 3 years ago: 10.74%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 9.94

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%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

28/08/2024

2

Accumulate

$19.00

24.18%

McMillan Shakespeare delivered results that were broadly in line with expectations. In order to maximise an opportunity, the company has launched a new brand "Oly", targeting the SME sector via a digital offering for novated leases.

Ord Minnett observes this has potential to make inroads into a $160m addressable market, one where EV penetration is higher than the typical client base.

The broker makes slight reductions to net profit forecasts and reduces the target to $19.00 from $21.10. Accumulate maintained.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 147.00 cents and EPS of 142.00 cents.
Ord Minnett forecasts a full year FY26 dividend of 149.00 cents and EPS of 144.40 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Citi

xx/xx/xxxx

1

xxx

$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

29/08/2024

3

Downgrade to Hold from Buy

$18.50

20.92%

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

FNArena News on MMS

1
Rudi’s View: AGL, GPT, James Hardie, Qantas, Pilbara & Xero

Oct 03 2024 - Rudi's View
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 06-09-24

Sep 06 2024 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Sep 02, 2024

Sep 02 2024 - Daily Market Reports
4
FNArena Corporate Results Monitor – 28-08-2024

Aug 28 2024 - Australia
5
Rudi’s View: Model Portfolios, Best Ideas & Conviction Calls

Aug 15 2024 - Rudi's View

Latest Vehicle Leasing & Salary Packaging News

1
FleetPartners Green Outlook Is Electrifying

May 15 2024 - Small Caps
2
Treasure Chest: Less Uncertainty For SG Fleet

Mar 13 2024 - Treasure Chest
3
Big Win For Smartgroup

Dec 12 2023 - Australia
4
ESG Focus: Here Come The EVs

May 24 2023 - ESG Focus
5
Unpacking The Salary Packaging Sector

Dec 14 2022 - Australia
6
Eclipx Group Cutting Costs, Looking For Catalysts

Nov 09 2022 - Australia
7
Eclipx Group Earnings Driving In The Fast Lane

May 11 2022 - Australia
8
Smartgroup Dashes Offer To Focus On Growth

Oct 26 2021 - Small Caps
9
Eclipx On Route To Stellar Earnings

Mar 11 2021 - Australia
10
EclipX Driving Growth More Efficiently

Nov 13 2020 - Small Caps