Regulatory and Macro Headwinds Combined with Merger Doubts Lead to a 14% FVE Reduction for McMillan
The proposed takeover of Eclipx Group lifts no-moat McMillan Shakespeare’s fair value estimate to AUD 16.60 per share from AUD 14.60 as a stand-alone company. Material potential synergy benefits makes the proposed takeover compelling. We also agree with the predominantly scrip structuring of the deal. McMillan shares are being issued at a significant premium to what we believe is McMillan’s stand-alone fair value estimate, with 83% of the consideration being in the form of McMillan scrip. The pr...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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