Morningstar

McMillan Shakespeare Ltd MMS

Morningstar Rating
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Stock XASX Rating as of
A$19.87 +0.08 (0.40%)
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As of Delayed Price Closed

Company Report

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Price vs Fair Value

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MMS is trading at a LOCK|kYG!#$ premium.
Price
A$19.87
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The majority of McMillan’s clients are in defensive industries, and the firm has long-standing relationships with many of its clients. This should underpin relatively stable salary packaging and disability plan management revenue even during market downturns.

Bears

McMillan can be disrupted by many external factors. Changes to regulation have disrupted its add-on insurance and warranty services business in the past and are now threatening its disability plan management business. The firm relies on favorable FBT concessions, which may be removed in the future.

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Trading Information

Previous Close Price
A$19.79
Day Range
A$19.61–19.97
52-Week Range
A$13.53–21.70
Bid/Ask
A$19.71 / A$19.95
Shares Outstanding
69.64M
Market Cap
A$1.38B
Volume/Avg
302,807 / 243,397

Key Statistics

Price/Earnings (Normalized)
12.49
Price/Sales
2.94
Dividend Yield (Trailing)
6.64%
Dividend Yield (Forward)
7.05%
Dividend Payment Schedule
Mar, Sep
Total Yield
6.86%

Company Profile

McMillan Shakespeare is a provider of salary packaging, novated leasing, disability plan management and support co-ordination, and fleet management services. It actively works to cross-sell its products to clients, for example, selling its salary packaging services to its fleet management customers in Australia and New Zealand. McMillan dominates Australia’s salary packaging market together with Smartgroup (also covered by Morningstar), and is also a large provider of novated leasing services by volumes—together with Smartgroup and SG Fleet. The group has three operating segments: group remuneration services, asset management services, and plan and support services. Most of the group’s revenue is generated from the group remuneration services segment.
Sector
Industrials
Industry
Staffing & Employment Services
Stock Style Box
Small Core
Total Number of Employees
1,294
Website
https://www.mmsg.com.au

Competitors

Valuation

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Metric
MMS
PAYX
SIQ
Price/Earnings (Normalized)
 12.4920.9717.82
Price/Book Value
 10.9511.345.60
Price/Sales
 2.946.414.54
Price/Cash Flow
 170.6715.8616.48
Price/Earnings
MMS
PAYX
SIQ

Financial Strength

Metric
MMS
PAYX
SIQ
Quick Ratio
 0.210.521.02
Current Ratio
 1.171.281.08
Interest Coverage
 3.949.7222.34
Quick Ratio
MMS
PAYX
SIQ

Profitability

Metric
MMS
PAYX
SIQ
Return on Assets (Normalized)
 6.98%12.26%12.77%
Return on Equity (Normalized)
 91.98%52.40%31.91%
Return on Invested Capital (Normalized)
 13.51%25.04%24.45%
Return on Assets
MMS
PAYX
SIQ

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