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McMillan Shakespeare Limited provides salary packaging, vehicle leasing administration, fleet management, and retail financial services in Australia, the United Kingdom, and New Zealand. The last earnings update was 181 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
McMillan Shakespeare (MMS) | -2.2% | 2.7% | 11.9% | -8.9% | 26.9% | 38.7% |
AU Professional Services | 1.3% | 3.9% | 2.3% | 4.6% | 28.1% | 4.5% |
AU Market | 0.4% | 4.3% | 5.9% | 1.8% | 25.9% | 3.7% |
Below are the data sources, inputs and calculation used to determine the intrinsic value for McMillan Shakespeare.
Data Point | Source | Value |
---|---|---|
Valuation Model | 2 Stage Free Cash Flow to Equity | |
Levered Free Cash Flow | Average of 7 Analyst Estimates (S&P Global) | See below |
Discount Rate (Cost of Equity) | See below | 9.3% |
Perpetual Growth Rate | 10-Year AU Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year AU Govt Bond Rate | 2.3% |
Equity Risk Premium | S&P Global | 7.7% |
Professional Services Unlevered Beta | Simply Wall St/ S&P Global | 0.77 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.774 (1 + (1- 30%) (25.88%)) |
0.915 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.91 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.915 * 7.69%) |
9.34% |
Discounted Cash Flow Calculation for ASX:MMS using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for McMillan Shakespeare is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
2019 | 2020 | 2021 | 2022 | 2023 | |
Levered FCF (AUD, Millions) | 75.15 | 91.87 | 112.15 | 125.34 | 140.07 |
Source | Analyst x2 | Analyst x3 | Analyst x2 | Est @ 11.76% | Est @ 11.76% |
Present Value Discounted (@ 9.34%) |
68.73 | 76.84 | 85.79 | 87.68 | 89.62 |
Present value of next 5 years cash flows | A$408.65 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= A$140.07 × (1 + 2.31%) ÷ (9.34% – 2.31%) |
A$2,038.07 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= A$2,038.07 ÷ (1 + 9.34%)5 |
A$1,303.92 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= A$408.65 + A$1,303.92 |
A$1,712.57 |
Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$1,712.57 / 82.67 |
A$20.72 |
Calculation | Result | |
---|---|---|
Value per share (AUD) | From above. | A$20.72 |
Current discount | Discount to share price of
A$15.23
= -1 x (A$15.23 - A$20.72) / A$20.72 |
26.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-06-30) in AUD | A$0.61 |
ASX:MMS Share Price ** | ASX (2019-02-18) in AUD | A$15.23 |
Australia Professional Services Industry PE Ratio | Median Figure of 12 Publicly-Listed Professional Services Companies | 23.42x |
Australia Market PE Ratio | Median Figure of 559 Publicly-Listed Companies | 15.71x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of McMillan Shakespeare.
Calculation | Outcome | |
---|---|---|
PE Ratio | = ASX:MMS Share Price ÷ EPS (both in AUD) = 15.23 ÷ 0.61 |
25.01x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | 25.01x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts |
21.2%per year |
Australia Professional Services Industry PEG Ratio | Median Figure of 9 Publicly-Listed Professional Services Companies | 1.29x |
Australia Market PEG Ratio | Median Figure of 361 Publicly-Listed Companies | 1.42x |
*Line of best fit is calculated by linear regression .
Calculation | Outcome | |
---|---|---|
PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 25.01x ÷ 21.2% |
1.18x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-06-30) in AUD | A$4.50 |
ASX:MMS Share Price * | ASX (2019-02-18) in AUD | A$15.23 |
Australia Professional Services Industry PB Ratio | Median Figure of 25 Publicly-Listed Professional Services Companies | 1.86x |
Australia Market PB Ratio | Median Figure of 1,664 Publicly-Listed Companies | 1.65x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = ASX:MMS Share Price ÷ Book Value per Share (both in AUD) = 15.23 ÷ 4.50 |
3.39x |
* Primary Listing of McMillan Shakespeare.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value (per year) |
---|---|---|
ASX:MMS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts | 21.2% |
ASX:MMS Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts | 5.3% |
Australia Professional Services Industry Earnings Growth Rate | Market Cap Weighted Average | 32.3% |
Australia Professional Services Industry Revenue Growth Rate | Market Cap Weighted Average | 9.6% |
Australia Market Earnings Growth Rate | Market Cap Weighted Average | 5.9% |
Australia Market Revenue Growth Rate | Market Cap Weighted Average | 2.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (7 months ago) | See Below |
Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2021-06-30 | 640 | 110 | 121 | 5 |
2020-06-30 | 606 | 101 | 106 | 7 |
2019-06-30 | 576 | 84 | 97 | 7 |
Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-06-30 | 545 | 118 | 50 |
2018-03-31 | 540 | 86 | 56 |
2017-12-31 | 524 | 53 | 62 |
2017-09-30 | 519 | 50 | 65 |
2017-06-30 | 523 | 47 | 68 |
2017-03-31 | 518 | 52 | 76 |
2016-12-31 | 512 | 58 | 84 |
2016-09-30 | 508 | 76 | 83 |
2016-06-30 | 505 | 95 | 82 |
2016-03-31 | 478 | 53 | 79 |
2015-12-31 | 451 | 12 | 75 |
2015-09-30 | 420 | -2 | 71 |
*GAAP earnings excluding extraordinary items.
Data Point | Source | Value |
---|---|---|
Past Financials | Company Filings (7 months ago) | See Below |
Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
All data from McMillan Shakespeare Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in AUD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2021-06-30 | 1.46 | 1.47 | 1.45 | 2.00 |
2020-06-30 | 1.29 | 1.30 | 1.28 | 2.00 |
2019-06-30 | 1.11 | 1.22 | 0.90 | 4.00 |
Date (Data in AUD Millions) | EPS * |
---|---|
2018-06-30 | 0.61 |
2018-03-31 | 0.68 |
2017-12-31 | 0.75 |
2017-09-30 | 0.78 |
2017-06-30 | 0.82 |
2017-03-31 | 0.91 |
2016-12-31 | 1.01 |
2016-09-30 | 1.00 |
2016-06-30 | 0.99 |
2016-03-31 | 0.96 |
2015-12-31 | 0.93 |
2015-09-30 | 0.90 |
*GAAP earnings excluding extraordinary items.
How has McMillan Shakespeare performed over the past 5 years?
All data from McMillan Shakespeare Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in AUD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-06-30 | 545.40 | 50.30 | 286.24 | |
2018-03-31 | 539.94 | 56.36 | 282.07 | |
2017-12-31 | 524.07 | 62.42 | 267.48 | |
2017-09-30 | 518.55 | 65.16 | 262.33 | |
2017-06-30 | 523.44 | 67.90 | 267.59 | |
2017-03-31 | 517.55 | 75.93 | 260.10 | |
2016-12-31 | 511.66 | 83.96 | 252.61 | |
2016-09-30 | 508.16 | 83.21 | 248.71 | |
2016-06-30 | 504.67 | 82.47 | 244.82 | |
2016-03-31 | 478.03 | 78.88 | 226.21 | |
2015-12-31 | 451.39 | 75.30 | 203.93 | |
2015-09-30 | 420.49 | 71.39 | 185.65 | |
2015-06-30 | 389.59 | 67.49 | 167.38 | |
2015-03-31 | 379.05 | 67.16 | 161.07 | |
2014-12-31 | 368.50 | 66.84 | 154.75 | |
2014-09-30 | 357.98 | 60.90 | 151.41 | |
2014-06-30 | 347.46 | 54.97 | 148.06 | |
2014-03-31 | 339.39 | 53.32 | 144.84 | |
2013-12-31 | 331.33 | 51.68 | 141.63 | |
2013-09-30 | 330.70 | 56.92 | 138.24 | |
2013-06-30 | 330.06 | 62.16 | 134.86 | |
2013-03-31 | 324.62 | 60.65 | 136.80 | |
2012-12-31 | 319.18 | 59.13 | 138.73 | |
2012-09-30 | 310.60 | 56.72 | 134.05 | |
2012-06-30 | 302.03 | 54.31 | 129.37 | |
2012-03-31 | 289.84 | 51.08 | 120.48 |
*GAAP earnings excluding extraordinary items.
How is McMillan Shakespeare's financial health and their level of debt?
All data from McMillan Shakespeare Company Filings, last reported 7 months ago.
Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-06-30 | 371.38 | 337.88 | 99.70 |
2018-03-31 | 371.38 | 337.88 | 99.70 |
2017-12-31 | 380.95 | 347.91 | 47.80 |
2017-09-30 | 380.95 | 347.91 | 47.80 |
2017-06-30 | 371.00 | 339.74 | 59.42 |
2017-03-31 | 371.00 | 339.74 | 59.42 |
2016-12-31 | 379.84 | 333.64 | 57.51 |
2016-09-30 | 379.84 | 333.64 | 57.51 |
2016-06-30 | 370.50 | 346.39 | 95.58 |
2016-03-31 | 370.50 | 346.39 | 95.58 |
2015-12-31 | 358.32 | 342.75 | 67.19 |
2015-09-30 | 358.32 | 342.75 | 67.19 |
2015-06-30 | 318.44 | 352.40 | 85.73 |
2015-03-31 | 318.44 | 352.40 | 85.73 |
2014-12-31 | 248.23 | 239.43 | 97.37 |
2014-09-30 | 248.23 | 239.43 | 97.37 |
2014-06-30 | 223.85 | 215.09 | 71.20 |
2014-03-31 | 223.85 | 215.09 | 71.20 |
2013-12-31 | 202.60 | 199.46 | 41.21 |
2013-09-30 | 202.60 | 199.46 | 41.21 |
2013-06-30 | 195.44 | 182.78 | 57.24 |
2013-03-31 | 195.44 | 182.78 | 57.24 |
2012-12-31 | 179.85 | 190.05 | 54.13 |
2012-09-30 | 179.85 | 190.05 | 54.13 |
2012-06-30 | 168.05 | 157.25 | 54.42 |
2012-03-31 | 168.05 | 157.25 | 54.42 |
What is McMillan Shakespeare's current dividend yield, its reliability and sustainability?
Data Point | Source | Value |
---|---|---|
Past Annualized Dividend Yield | S&P Global Market Data | See Below |
Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
Future Dividends per Share Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
Australia Professional Services Industry Average Dividend Yield | Market Cap Weighted Average of 14 Stocks | 3.1% |
Australia Market Average Dividend Yield | Market Cap Weighted Average of 420 Stocks | 4.4% |
Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.6% |
Australia Bottom 25% Dividend Yield | 25th Percentile | 2.7% |
Australia Top 25% Dividend Yield | 75th Percentile | 6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
---|---|---|
2021-06-30 | 0.91 | 5.00 |
2020-06-30 | 0.81 | 8.00 |
2019-06-30 | 0.75 | 8.00 |
Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2018-08-21 | 0.730 | 4.734 |
2018-02-20 | 0.680 | 4.095 |
2017-08-22 | 0.660 | 4.074 |
2017-02-21 | 0.650 | 4.819 |
2016-08-23 | 0.680 | 6.147 |
2015-08-26 | 0.520 | 3.990 |
2015-08-25 | 0.520 | 3.785 |
2014-08-29 | 0.520 | 4.512 |
2014-08-25 | 0.520 | 4.628 |
2013-10-21 | 0.420 | 3.953 |
2013-02-19 | 0.490 | 3.633 |
2012-09-10 | 0.500 | 3.817 |
2012-08-21 | 0.500 | 4.118 |
2012-02-21 | 0.440 | 4.046 |
2011-08-30 | 0.440 | 5.018 |
2011-02-15 | 0.300 | 3.231 |
2010-09-09 | 0.240 | 3.163 |
2010-08-17 | 0.240 | 3.871 |
2010-02-16 | 0.205 | 4.891 |
2009-08-18 | 0.190 | 4.928 |
2009-02-19 | 0.175 | 6.426 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Mr. Michael Neil Salisbury, also known as Mike, MBA has been the Chief Executive Officer of McMillan Shakespeare Ltd. since October 1, 2014 and has been its Managing Director since February 5, 2015. Mr. Salisbury served as Managing Director of Remuneration Services at McMillan Shakespeare Ltd. from April 2008 to October 1, 2014 and also served as its General Manager of Remuneration Services from July 1, 2008 to June 30, 2009. Before joining McMillan Shakespeare Limited in April 2008, Mr. Salisbury was a member of the senior management team at AAMI. Mr. Salisbury held a variety of management positions within the organisation, including a number of state management roles and the position of Product Manager for Compulsory Third Party Insurance. He serves as a Director of McMillan Shakespeare Ltd. He is a Director of the National Automotive Leasing & Salary Packaging Association. Mr. Salisbury is a graduate of the Advanced Management Program at Harvard Business School and holds a Master of Business Administration from Southern Cross University. Mr. Salisbury is a member of the Australian Institute of Company Directors.
Average tenure of the McMillan Shakespeare management team in years:
Average tenure and age of the McMillan Shakespeare board of directors in years:
Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
---|---|---|---|---|---|---|---|---|---|---|
16. Dec 18 | Sell | BlackRock, Inc. | Company | 22. Nov 18 | 11. Dec 18 | -15,922 | A$14.36 | A$-69,487 | ||
16. Dec 18 | Buy | BlackRock, Inc. | Company | 22. Nov 18 | 13. Dec 18 | 111,376 | A$14.31 | A$219,305 | ||
25. Nov 18 | Buy | BlackRock, Inc. | Company | 25. Jul 18 | 21. Nov 18 | 927,080 | A$17.99 | A$161,386 | ||
20. Nov 18 | Buy | Morgan Stanley, Investment Banking and Brokerage Investments | Company | 15. Nov 18 | 16. Nov 18 | 75,248 | A$14.59 | A$1,094,796 | ||
06. Sep 18 | Sell | Vinva Investment Management | Company | 21. Jun 18 | 04. Sep 18 | -1,516,802 | A$15.98 | A$-24,234,428 | ||
06. Sep 18 | Buy | Vinva Investment Management | Company | 21. Jun 18 | 04. Sep 18 | 1,794,023 | A$17.28 | A$30,998,882 | ||
22. Jun 18 | Sell | Vinva Investment Management | Company | 02. Feb 18 | 20. Jun 18 | -654,126 | A$16.77 | A$-10,972,697 | ||
22. Jun 18 | Buy | Vinva Investment Management | Company | 02. Feb 18 | 20. Jun 18 | 326,510 | A$17.30 | A$5,647,941 |
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll show how you can use McMillan Shakespeare Limited's (ASX:MMS) P/E ratio to inform your assessment of the investment opportunity. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleMike Salisbury has been the CEO of McMillan Shakespeare Limited (ASX:MMS) since 2014. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Mike Salisbury's Compensation Compare With Similar Sized Companies?
Simply Wall St - – Full articleby taking the expected future cash flows and discounting them to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model
Simply Wall St - – Full articleThe latest earnings update McMillan Shakespeare Limited (ASX:MMS) released in June 2018a
Simply Wall St - – Full articleWhile investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … So, understanding the company's financial health becomes. … Here are a few basic checks that are good enough to have a broad overview of the company’s financial strength.
Simply Wall St - – Full articleTo be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.
Simply Wall St - – Full articleAttractive stocks have exceptional fundamentals. … In the case of McMillan Shakespeare Limited (ASX:MMS), there's
Simply Wall St - – Full articleA look at the shareholders of McMillan Shakespeare Limited (ASX:MMS) can tell us which group is most powerful. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … McMillan Shakespeare has a market capitalization of AU$1.2b, so we would expect some institutional investors to have noticed the stock.
Simply Wall St - – Full articleMike Salisbury became the CEO of McMillan Shakespeare Limited (ASX:MMS) in 2014. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … At the time of writing our data says that McMillan Shakespeare Limited has a market cap of AU$1.4b, and is paying total annual CEO compensation of AU$1m.
Simply Wall St - – Full articleTo keep the lesson grounded in practicality, we'll use ROE to better understand McMillan Shakespeare Limited (ASX:MMS). … Over the last twelve months McMillan Shakespeare has recorded a ROE of 13%. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full article
McMillan Shakespeare Limited provides salary packaging, vehicle leasing administration, fleet management, and retail financial services in Australia, the United Kingdom, and New Zealand. The company operates in three segments: Group Remuneration Services, Asset Management, and Retail Financial Services. The Group Remuneration Services segment offers administrative services related to salary packaging; and facilitates the settlement of motor vehicle novated leases for customers. It also provides ancillary services associated with motor vehicle novated lease products. The Asset Management segment offers financing and ancillary management services associated with motor vehicles, commercial vehicles, and equipment. The Retail Financial services segment provides retail brokerage services, aggregation of finance originations, and extended warranty covers. The company is also involved in the software development business. It serves federal and state governments, health groups, not-for-profit organizations, and private corporations. McMillan Shakespeare Limited was founded in 1988 and is headquartered in Melbourne, Australia.
Name: | McMillan Shakespeare Limited |
MMS | |
Exchange: | ASX |
Founded: | 1988 |
A$1,305,305,471 | |
82,666,591 | |
Website: | http://www.mmsg.com.au |
Address: |
McMillan Shakespeare Limited The Tower, Floor 21, Melbourne, Victoria, 3000, Australia |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
ASX | MMS | Ordinary Shares | Australian Securities Exchange | AU | AUD | 15. Mar 2004 | |
OTCPK | MCSL.F | Ordinary Shares | Pink Sheets LLC | US | USD | 15. Mar 2004 | |
DB | NMN | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 15. Mar 2004 | |
CHIA | MMS | Ordinary Shares | Chi-X Australia | AU | AUD | 15. Mar 2004 |
Human Resource and Employment Services | |
Commercial Services |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/18 10:30 |
End of day share price update: | 2019/02/18 00:00 |
Last estimates confirmation: | 2019/02/11 |
Last earnings filing: | 2018/08/21 |
Last earnings reported: | 2018/06/30 |
Last annual earnings reported: | 2018/06/30 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.