McMillan Wisely Abandons Eclipx Merger; FVE Unchanged
Our fair value estimate for no-moat McMillan Shakespeare is unchanged at AUD 14.20 per share following the company's decision to abandon its proposed merger with Eclipx Group following Eclipx’s most recent earnings downgrade made March 20. The company does not believe extending the scheme completion date will resolve the target’s issues or be in the best interest of McMillan shareholders. We agree with McMillan’s position; we had already assumed the merger would not proceed and removed it from o...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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