MCMILLAN SHAKESPEARE LIMITED (MMS)
Share Price Analysis and Chart

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MMS

MMS - MCMILLAN SHAKESPEARE LIMITED

FNArena Sector : Vehicle Leasing & Salary Packaging
Year End: June
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 3.44
Index: ASX300 | ALL-ORDS

McMillan Shakespeare is an Australian provider of salary packaging, novated leasing and asset management. Founded in 1988, the company listed on the ASX in 2004.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$19.41

25 Jun
2026

0.030

OPEN

$19.10

0.15%

HIGH

$19.57

84,072

LOW

$19.10

TARGET
$19.233

-0.17 change from previous day

 -0.9% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . SIQ .
FNARENA'S MARKET CONSENSUS FORECASTS
MMS: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 152.4 162.1 xxx
DPS (cps) xxx 132.0 141.1 xxx
EPS Growth xxx 11.3% 6.4% xxx
DPS Growth xxx - 10.8% 6.9% xxx
PE Ratio xxx N/A 12.5 xxx
Dividend Yield xxx N/A 7.0% xxx
Div Pay Ratio(%) xxx 86.6% 87.0% xxx

Dividend yield today if purchased 3 years ago: 7.56%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.52

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 10/09 - ex-div 70.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx152.4
DPS All xxxxxxxxxxxxxxx132.0
Sales/Revenue xxxxxxxxxxxxxxx579.7 M
Book Value Per Share xxxxxxxxxxxxxxx181.7
Net Operating Cash Flow xxxxxxxxxxxxxxx8.1 M
Net Profit Margin xxxxxxxxxxxxxxx18.41 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx89.22 %
Return on Invested Capital xxxxxxxxxxxxxxx12.65 %
Return on Assets xxxxxxxxxxxxxxx6.95 %
Return on Equity xxxxxxxxxxxxxxx89.22 %
Return on Total Capital xxxxxxxxxxxxxxx19.37 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-99.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx65 M
Long Term Debt xxxxxxxxxxxxxxx772 M
Total Debt xxxxxxxxxxxxxxx837 M
Goodwill - Gross xxxxxxxxxxxxxxx46 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx566 M
Price To Book Value xxxxxxxxxxxxxxx10.72

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx13.2 M
Capex % of Sales xxxxxxxxxxxxxxx2.28 %
Cost of Goods Sold xxxxxxxxxxxxxxx337 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx65 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.6

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

12/05/2026

3

Neutral

$18.80

-3.14%

McMillan Shakespeare provided a trading update at the Macquarie conference, with new novated sales up 7% in the third quarter and reflecting a shift to BEVs. Electric vehicles represented 33% of novated lease "car park" compared with 24% in the prior corresponding period.

The review of the fringe benefits tax policy by the federal government will mean changes are implemented over three phases.

The existing EV discount will continue until March 31, 2027 and in phase 2, up to April 2029, the full discount will continue to apply for those worth $75,000 or less. Phase 3 from April 2029 all BEVs below the threshold will receive the -25% discount on payable FBT.

Macquarie points out, while the government has provided clarity regarding the fringe benefits policy, the NDIS remains a "headwind", noting McMillan Shakespeare and other plan managers are paid a fee per participant and the government is looking to reduce numbers to 600,000 by 2030.

Neutral rating is unchanged. Target is raised to $18.80 from $16.40.

FORECAST
Macquarie forecasts a full year FY26 dividend of 127.70 cents and EPS of 149.70 cents.
Macquarie forecasts a full year FY27 dividend of 128.00 cents and EPS of 150.60 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

0

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY
Access Extra Coverage Research History >

MMS STOCK CHART

FNArena News on MMS

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