McMillan Produced In-Line Fiscal 2018 Results and Foreshadowed Higher Near-Term Investments
No-moat McMillan Shakespeare’s fair value estimate increases moderately to AUD 14.60 per share from AUD 14.20, owing primarily to the time value of money following in-line fiscal 2018 results. Its underlying net profit after tax, or NPAT, of AUD 93.5 million in fiscal 2018 was slightly above our forecast of AUD 92.9 million. In addition, the firm took the opportunity to confirm beginning major investments in fiscal 2019, primarily in its core group remuneration services, or GRS, division, with ...McMillan Shakespeare provides capabilities in novated leasing, salary packaging, associated Fringe Benefits Tax administration and management, operating leases and asset management. Co.'s segments are: Group Remuneration Services, which provides administrative services in respect of salary packaging and facilitates the settlement of motor vehicle novated leases for customers; Asset Management, which provides financing and ancillary management services associated with motor vehicles, commercial vehicles and equipment; and Retail Financial services provides retail brokerage services, aggregation of finance originations and extended warranty cover.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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