McMillan Shakespeare's Remuneration Services Underpins FVE of AUD 14
Our AUD 14 fair value estimate is unchanged for no-moat McMillan Shakespeare, or McMillan, following guidance underlying net profit after tax, or UNPAT, for fiscal 2018 is expected to be AUD 93.6 million, slightly below our forecast of AUD 95.9 million. Despite the stock currently trading 29% above our valuation, we believe McMillan is well positioned for medium-term earnings growth, supported by strong momentum in the core Group Remuneration Services, or GRS business. But McMillan’s Retail Fina...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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