McMillan Result Meets Expectations but Potential Client Loss Causes Jitters
No-moat McMillan Shakespeare locked in another strong year, delivering 19% growth underlying net profit after tax, or NPAT, to AUD 87.2 million. EPS increased 17.2% to AUD 1.05. The result was boosted by well-performing acquisitions and a good performance from the main division, Group Remuneration Services, or GRS. While the result met our fiscal 2016 NPAT forecast of AUD 87.6 million, we believe a tougher operating environment and absence of acquisitions will result in lower growth in 2017. We ...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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