McMillan Wisely Abandons Eclipx Merger; FVE Unchanged
Increasing uncertainty over no-moat McMillan Shakespeare’s proposed merger with Eclipx Group has cast doubt over its ability to achieve its forecast AUD 50 million annual EBITDA synergy benefits. It also faces macro and regulatory headwinds in its asset management, or AM, and retail financial services, or RFS, business--both in Australia and the United Kingdom. These factors have driven a reduction in our fair value estimate to AUD 14.20 per share from AUD 16.60. At our new fair value, the compa...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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