McMillan Shakespeare Ltd

MMS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$41.00	Hmvj	Skbhfbklk

Small United Kingdom Acquisition as McMillan Shakespeare Continues to Diversify

Nathan Zaia ,

Dec 22, 2015

We believe that McMillan Shakespeare remains fairly valued, trading in line with our unchanged AUD 13 per share fair value estimate. The growth outlook for salary packaging and novated leases continues to be positive. Despite regulatory risks, the high-margin, asset-light business model is attractive. We expect growth from increased awareness among employers of the benefits of salary packaging, not-for-profits continuing to outsource, and marketing to employees to lift participation.

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