McMillan Shakespeare's earnings are vulnerable to changes in salary packaging legislation.
We transfer analyst coverage of McMillan Shakespeare Limited. We reaffirm our current forecasts, our DCF-based fair value estimate of AUD 13.00 per share, our no-moat and high uncertainty ratings. At current prices, we view the stock as fairly valued trading just 3% below our valuation.ÂWe were impressed with McMillan Shakespeare’s strong fiscal 2016 performance, with Australia’s leading provider of salary packaging and motor vehicle leasing services, delivering a 19% increase in underlying net...
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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