McMillan Shakespeare's earnings are vulnerable to changes in FBT legislation.
We maintain our AUD 13.00 per share fair value estimate for no-moat-rated McMillan Shakespeare following the fiscal 2017 result. Some of the fanfare from the result announcement was missing, as the company had released the headline profit number last week with underlying net profit after tax of AUD 87.2 million, flat on the prior year and slightly ahead of our forecast of AUD 86 million. However, more details were revealed with no major surprises. We have made minor changes to our profit forecas...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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