Morningstar

McMillan Shakespeare Ltd MMS

Morningstar Rating
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Stock XASX Rating as of
A$15.06 +0.01 (0.07%)
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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 446% premium.
Price
A$15.06
Fair Value
A$87.00
Uncertainty
High
1-Star Price
A$13.10
5-Star Price
A$97.10
Economic Moat
Zdbm
Capital Allocation
Bdmylpcyk

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 had 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$15.05
Day Range
A$15.05–15.32
52-Week Range
A$14.63–22.10
Bid/Ask
A$15.05 / A$15.09
Market Cap
A$1.05 Bil
Volume/Avg
126,429 / 257,226

Key Statistics

Price/Earnings (Normalized)
11.21
Price/Sales
2.54
Dividend Yield (Trailing)
10.23%
Dividend Yield (Forward)
10.36%
Total Yield
10.51%

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 Australia’s largest provider of novated leasing services by volumes—marginally ahead of 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
SIQ
ADP
Price/Earnings (Normalized)
 11.2115.9929.82
Price/Book Value
 8.144.5624.49
Price/Sales
 2.543.845.86
Price/Cash Flow
 —14.3220.18
Price/Earnings
MMS
SIQ
ADP

Financial Strength

Metric
MMS
SIQ
ADP
Quick Ratio
 0.330.920.14
Current Ratio
 1.180.971.01
Interest Coverage
 5.3220.9313.81
Quick Ratio
MMS
SIQ
ADP

Profitability

Metric
MMS
SIQ
ADP
Return on Assets (Normalized)
 7.09%14.93%6.86%
Return on Equity (Normalized)
 61.75%28.49%92.41%
Return on Invested Capital (Normalized)
 14.56%22.58%51.10%
Return on Assets
MMS
SIQ
ADP

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