McMillan Shakespeare Ltd

MMS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$74.00	Vdbk	Vkgpcdy

McMillan Shakespeare Earnings: Cyclically High Earnings Expected to Normalize

Shaun Ler

Aug 27, 2024

We lower our fair value estimate for no-moat McMillan by 5% to AUD 18 per share, mainly due to lower revenue growth expectations. Fiscal 2024 results were below our forecasts. Underlying net profit after tax and acquisition amortization increased 38% but missed our forecast by 4%. EBITDA margins improved across all segments, but not as much as we hoped.

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