McMillan Shakespeare Has a Mixed Start to Fiscal 2017; FVE Unchanged
McMillan Shakespeare has had a mixed start to fiscal 2017. We have made some modest changes to our earnings forecasts, but our AUD 13.00 fair value estimate is unchanged. At current levels, shares in the company trade at about 15% discount to our fair value estimate with the shares paying an attractive 5.8% fully franked dividend yield representing a 60% payout ratio.The loss of status as the sole novated lease originator and provider to Queensland Government employees was not a surprise but s...
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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