McMillan Shakespeare Ltd

MMS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$15.00	Zmxp	Vfjysfyjh

Leaving FBT Alone This Election Is a Positive for McMillan Shakespeare

Nathan Zaia

Jun 21, 2016

As McMillan Shakespeare’s salary packaging business was built on laws regarding fringe benefits tax, or FBT, whenever there is a potential change in government, potentially leading to different views on concessions, the risk of a detrimental change increases. While material changes appear unlikely for the foreseeable future, they will remain a lingering risk, contributing to our high earnings uncertainty rating. We make no changes to our AUD 13 fair value estimate, with no-moat McMillan Shakespeare overvalued at the current share price.

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