McMillan Shakespeare
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 64 days ago. More info.
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MMS Share Price and Events
7 Day Returns
1 Year Returns
MMS Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| McMillan Shakespeare (MMS) | 4.5% | 11% | -12.9% | -16.9% | 7.6% | 39.1% |
| AU Professional Services | -0.8% | 2.4% | 9.6% | 9.4% | 21.5% | 15.5% |
| AU Market | 0.5% | 1.9% | 8% | 4.9% | 19.5% | 6.3% |
1 Year Return vs Industry and Market
- MMS underperformed the Professional Services industry which returned 9.4% over the past year.
- MMS underperformed the Market in Australia which returned 4.9% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
McMillan Shakespeare
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
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 6 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.5% |
| 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 | 6% |
| Professional Services Unlevered Beta | Simply Wall St/ S&P Global | 0.86 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.86 (1 + (1- 30%) (33.39%)) |
1.041 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.04 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (1.041 * 5.96%) |
8.52% |
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 try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (AUD, Millions) | Source |
Present Value Discounted (@ 8.52%) |
|
|---|---|---|---|
| 2019 | 69.28 | Analyst x3 | 63.84 |
| 2020 | 67.87 | Analyst x3 | 57.63 |
| 2021 | 83.02 | Analyst x2 | 64.97 |
| 2022 | 77.47 | Est @ -6.68% | 55.87 |
| 2023 | 74.39 | Est @ -3.98% | 49.43 |
| 2024 | 72.83 | Est @ -2.1% | 44.60 |
| 2025 | 72.26 | Est @ -0.77% | 40.78 |
| 2026 | 72.37 | Est @ 0.15% | 37.64 |
| 2027 | 72.95 | Est @ 0.8% | 34.96 |
| 2028 | 73.87 | Est @ 1.25% | 32.62 |
| Present value of next 10 years cash flows | A$482.36 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= A$73.87 × (1 + 2.31%) ÷ (8.52% – 2.31%) |
A$1,218.30 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= A$1,218.30 ÷ (1 + 8.52%)10 |
A$538.07 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= A$482.36 + A$538.07 |
A$1,020.43 |
| Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$1,020.43 / 82.67 |
A$12.34 |
| Calculation | Result | |
|---|---|---|
| Value per share (AUD) | From above. | A$12.34 |
| Current discount | Discount to share price of
A$13.51
= -1 x (A$13.51 - A$12.34) / A$12.34 |
-9.4% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of McMillan Shakespeare is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for McMillan Shakespeare's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
McMillan Shakespeare's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in AUD | A$0.60 |
| ASX:MMS Share Price ** | ASX (2019-04-24) in AUD | A$13.51 |
| Australia Professional Services Industry PE Ratio | Median Figure of 10 Publicly-Listed Professional Services Companies | 17.25x |
| Australia Market PE Ratio | Median Figure of 544 Publicly-Listed Companies | 16.19x |
* 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) = 13.51 ÷ 0.60 |
22.37x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- McMillan Shakespeare is overvalued based on earnings compared to the AU Professional Services industry average.
- McMillan Shakespeare is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does
McMillan Shakespeare's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 22.37x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts |
19.7%per year |
| Australia Professional Services Industry PEG Ratio | Median Figure of 8 Publicly-Listed Professional Services Companies | 1.21x |
| Australia Market PEG Ratio | Median Figure of 359 Publicly-Listed Companies | 1.38x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 22.37x ÷ 19.7% |
1.14x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- McMillan Shakespeare is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
McMillan Shakespeare's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in AUD | A$4.51 |
| ASX:MMS Share Price * | ASX (2019-04-24) in AUD | A$13.51 |
| Australia Professional Services Industry PB Ratio | Median Figure of 23 Publicly-Listed Professional Services Companies | 2.2x |
| Australia Market PB Ratio | Median Figure of 1,676 Publicly-Listed Companies | 1.68x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:MMS Share Price ÷ Book Value per Share (both in AUD) = 13.51 ÷ 4.51 |
2.99x |
* Primary Listing of McMillan Shakespeare.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- McMillan Shakespeare is overvalued based on assets compared to the AU Professional Services industry average.
Value checks
We assess McMillan Shakespeare's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check) McMillan Shakespeare has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- McMillan Shakespeare's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- McMillan Shakespeare's earnings growth is expected to exceed the Australia market average.
- McMillan Shakespeare's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ASX:MMS Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts | 19.7% |
| ASX:MMS Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts | 4.7% |
| Australia Professional Services Industry Earnings Growth Rate | Market Cap Weighted Average | 29.3% |
| Australia Professional Services Industry Revenue Growth Rate | Market Cap Weighted Average | 10.5% |
| Australia Market Earnings Growth Rate | Market Cap Weighted Average | 6.7% |
| Australia Market Revenue Growth Rate | Market Cap Weighted Average | 3% |
*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.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 614 | 105 | 110 | 5 |
| 2020-06-30 | 587 | 148 | 98 | 6 |
| 2019-06-30 | 559 | 126 | 85 | 6 |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 549 | 127 | 50 |
| 2018-09-30 | 547 | 122 | 50 |
| 2018-06-30 | 545 | 118 | 50 |
| 2018-03-31 | 547 | 86 | 56 |
| 2017-12-31 | 542 | 53 | 62 |
| 2017-09-30 | 533 | 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 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
All data from McMillan Shakespeare Company Filings, last reported 3 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 | 1.31 | 1.34 | 1.27 | 3.00 |
| 2020-06-30 | 1.18 | 1.22 | 1.13 | 4.00 |
| 2019-06-30 | 1.02 | 1.09 | 0.98 | 4.00 |
| Date (Data in AUD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.60 |
| 2018-09-30 | 0.61 |
| 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 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess McMillan Shakespeare's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
McMillan Shakespeare has a total score of 4/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has McMillan Shakespeare performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- McMillan Shakespeare's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- McMillan Shakespeare's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- McMillan Shakespeare's 1-year earnings growth is negative, it can't be compared to the AU Professional Services industry average.
Earnings and Revenue History
All data from McMillan Shakespeare Company Filings, last reported 3 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 |
|---|---|---|---|---|
| 2018-12-31 | 548.75 | 49.89 | 290.69 | |
| 2018-09-30 | 547.08 | 50.10 | 288.47 | |
| 2018-06-30 | 545.40 | 50.30 | 286.24 | |
| 2018-03-31 | 547.36 | 56.36 | 280.04 | |
| 2017-12-31 | 541.90 | 62.42 | 275.86 | |
| 2017-09-30 | 532.67 | 65.16 | 271.72 | |
| 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 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- McMillan Shakespeare has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- McMillan Shakespeare used its assets less efficiently than the AU Professional Services industry average last year based on Return on Assets.
- McMillan Shakespeare has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess McMillan Shakespeare's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
McMillan Shakespeare has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is McMillan Shakespeare's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up McMillan Shakespeare's finances.
The net worth of a company is the difference between its assets and liabilities.
- McMillan Shakespeare is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- McMillan Shakespeare's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from McMillan Shakespeare Company Filings, last reported 3 months ago.
| Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 372.60 | 369.87 | 112.95 |
| 2018-09-30 | 372.60 | 369.87 | 112.95 |
| 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 |
- McMillan Shakespeare's level of debt (99.3%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (98.4% vs 99.3% today).
- Debt is well covered by operating cash flow (34.3%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 14.2x coverage).
Financial health checks
We assess McMillan Shakespeare's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) McMillan Shakespeare has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is McMillan Shakespeare's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
A$2,000 of
McMillan Shakespeare
shares you are expected to receive
A$110
in your first year as a dividend.
Dividend Amount
- McMillan Shakespeare's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.52%).
- McMillan Shakespeare's dividend is below the markets top 25% of dividend payers in Australia (5.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 6 Analyst Estimates (S&P Global) | See Below |
| Australia Professional Services Industry Average Dividend Yield | Market Cap Weighted Average of 13 Stocks | 3% |
| Australia Market Average Dividend Yield | Market Cap Weighted Average of 417 Stocks | 4.3% |
| Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.6% |
| Australia Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
| Australia Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-06-30 | 0.85 | 5.00 |
| 2020-06-30 | 0.77 | 7.00 |
| 2019-06-30 | 0.71 | 7.00 |
| Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-19 | 0.740 | 5.940 |
| 2018-08-21 | 0.730 | 4.737 |
| 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 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Income/ dividend checks
We assess McMillan Shakespeare's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can McMillan Shakespeare afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) McMillan Shakespeare has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | A$1,227,365 |
| TENURE AS CEO | 4.5 years |
CEO Bio
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.
CEO Compensation
- Mike's compensation has increased by more than 20% in the past year.
- Mike's remuneration is about average for companies of similar size in Australia.
Management Team Tenure
Average tenure of the McMillan Shakespeare management team in years:
- The tenure for the McMillan Shakespeare management team is about average.
Management Team
Mike Salisbury
MD, CEO & Director
A$1M
4.5 yrs
Mark Blackburn
CFO & Company Secretary
A$883K
7.5 yrs
Geoff Kruyt
Managing Director of Maxxia UK
A$1M
Simon Haidar
Group Executive of Sales & Product Services
Tania Turnbull
Group Executive of Marketing
0.3 yrs
Suzanne Shepherd
Group Executive of Human Resources
Sean Dempsey
Chief Executive Officer of Plan Management Partners
Andrew Suckling
Group Executive of Innovation
A$214K
Ron Steiner
Group Executive of Customer Relations
1.4 yrs
Board of Directors Tenure
Average tenure and age of the McMillan Shakespeare board of directors in years:
- The tenure for the McMillan Shakespeare board of directors is about average.
Board of Directors
Tim Poole
Chairman
A$205K
49
3.5 yrs
Mike Salisbury
MD, CEO & Director
A$1M
Ian Elliot
Independent Non-Executive Director
A$130K
64
4.9 yrs
Ross Chessari
Non-Executive Director
A$115K
58
15.3 yrs
John Bennetts
Non-Executive Director
A$115K
55
15.3 yrs
Helen Kurincic
Independent Non-Executive Director
0.6 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by McMillan Shakespeare insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18. Apr 19 | Sell | Credit Suisse, Investment Banking and Securities Investments | Company | 08. Apr 19 | 12. Apr 19 | -45,661 | A$12.19 | A$-556,421 | ||
| 18. Apr 19 | Buy | Credit Suisse, Investment Banking and Securities Investments | Company | 08. Apr 19 | 12. Apr 19 | 42,673 | A$12.11 | A$516,908 | ||
| 14. Apr 19 | Buy | Helen Kurincic | Individual | 10. Apr 19 | 10. Apr 19 | 11,000 | A$12.11 | A$133,160 | ||
| 14. Apr 19 | Buy | Timothy Poole | Individual | 10. Apr 19 | 10. Apr 19 | 11,000 | A$12.05 | A$132,506 | ||
| 11. Apr 19 | Sell | Credit Suisse, Investment Banking and Securities Investments | Company | 06. Dec 18 | 05. Apr 19 | -1,293,581 | A$13.38 | A$-17,312,458 | ||
| 11. Apr 19 | Buy | Credit Suisse, Investment Banking and Securities Investments | Company | 06. Dec 18 | 05. Apr 19 | 1,226,518 | A$13.19 | A$16,178,313 | ||
| 20. Mar 19 | Sell | Vinva Investment Management | Company | 05. Sep 18 | 18. Mar 19 | -596,747 | A$12.89 | A$-7,694,021 | ||
| 20. Mar 19 | Buy | Vinva Investment Management | Company | 05. Sep 18 | 18. Mar 19 | 346,809 | A$17.76 | A$6,159,226 | ||
| 18. Mar 19 | Buy | BlackRock, Inc. | Company | 18. Dec 18 | 15. Mar 19 | 2,858,121 | A$16.15 | A$12,495,460 | ||
| 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 | ||
Management checks
We assess McMillan Shakespeare's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) McMillan Shakespeare has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Is McMillan Shakespeare Limited's (ASX:MMS) Balance Sheet Strong Enough To Weather A Storm?
While 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. … Understanding the company's financial health becomes. … We'll look at some basic checks that can form a snapshot the company’s financial strength.
Simply Wall St - – Full articleDo Insiders Own Lots Of Shares In McMillan Shakespeare Limited (ASX:MMS)?
A 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 is a smaller company with a market capitalization of AU$992m, so it may still be flying under the radar of many institutional investors.
Simply Wall St - – Full articleDoes McMillan Shakespeare Limited’s (ASX:MMS) ROCE Reflect Well On The Business?
Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into 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 articleMcMillan Shakespeare Limited (ASX:MMS): 4 Days To Buy Before The Ex-Dividend Date
On the 22 March 2019, McMillan Shakespeare Limited (ASX:MMS) will be paying shareholders an upcoming dividend amount of AU$0.34 per share. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … 5 checks you should use to assess a dividend stock?
Simply Wall St - – Full articleWhy McMillan Shakespeare Limited's (ASX:MMS) High P/E Ratio Isn't Necessarily A Bad Thing
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 articleShould You Worry About McMillan Shakespeare Limited's (ASX:MMS) CEO Salary Level?
Mike 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 articleIs There An Opportunity With McMillan Shakespeare Limited's (ASX:MMS) 21.76% Undervaluation?
by 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 articleMcMillan Shakespeare Limited (ASX:MMS): What Are The Future Prospects?
The latest earnings update McMillan Shakespeare Limited (ASX:MMS) released in June 2018a
Simply Wall St - – Full articleMcMillan Shakespeare Limited (ASX:MMS): Time For A Financial Health Check
While 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 articleAre McMillan Shakespeare Limited’s (ASX:MMS) High Returns Really That Great?
To 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 articleCompany Info
Description
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.
Details
| Name: | McMillan Shakespeare Limited |
| MMS | |
| Exchange: | ASX |
| Founded: | 1988 |
| A$1,107,732,319 | |
| 82,666,591 | |
| Website: | http://www.mmsg.com.au |
| Address: |
McMillan Shakespeare Limited The Tower, Floor 21, Melbourne, Victoria, 3000, Australia |
Listings
| 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 |
Number of employees
Current staff
Industry
| Human Resource and Employment Services | |
| Commercial Services |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/24 10:30 |
| End of day share price update: | 2019/04/24 00:00 |
| Last estimates confirmation: | 2019/04/17 |
| Last earnings filing: | 2019/02/19 |
| Last earnings reported: | 2018/12/31 |
| 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.
