McMillan Shakespeare Ltd

MMS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$35.00	Kyw	Whwwkqjj

McMillan Shakespeare: Initiating Coverage; Strong Market Position but Commoditized Offerings

Shaun Ler

Apr 17, 2024

We initiate coverage on McMillan Shakespeare with a fair value estimate of AUD 19 per share and assign the group no-moat, High Uncertainty, and Standard Capital Allocation ratings. McMillan is a business services provider with salary packaging, novated leasing, fleet management, and disability plan management as its key offerings. McMillan dominates Australia’s salary packaging market with no-moat-rated Smartgroup, and is Australia’s largest provider of novated leasing services by volumes, marginally ahead of Smartgroup and SG Fleet.

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