McMillan Shakespeare’s FVE Reduced on Lower Earnings Guidance
We have cut no-moat McMillan Shakespeare’s fair value estimate, or FVE, by about 5% to AUD 13.50 per share from AUD 14.20 following management’s guidance to lower net profit after tax, or NPAT, than consensus estimates. Management forecasts fiscal 2019 underlying NPAT to range from AUD 87 million to AUD 89 million, below current broker consensus of AUD 92 million. We had expected the company to face difficult operating conditions in all three of its segments and previously forecast below consens...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.
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