Softer New Vehicle Sales Poses Downside Earnings Risk to McMillan Shakespeare; FVE Unchanged
Our AUD 13.00 fair value estimate for McMillan Shakespeare is intact following a modest reduction to our forecasts to reflect weaker-than-expected new motor vehicle sales. No-moat-rated McMillan Shakespeare shares have had a very good run since the release of the interim fiscal result in February, up 27% excluding the AUD 31 cent fully franked dividend, to be currently trading about 5% above our unchanged intrinsic valuation.At a presentation a month ago, the company indicated the business was ...
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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