McMillan Shakespeare Ltd
MMS: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$96.00 | Jxnxy | Gmhtwmrw |
McMillan Shakespeare Earnings: Cyclically High Earnings Expected to Normalize
We lower our fair value estimate for no-moat McMillan by 5% to AUD 18 per share, mainly due to lower revenue growth expectations. Fiscal 2024 results were below our forecasts. Underlying net profit after tax and acquisition amortization increased 38% but missed our forecast by 4%. EBITDA margins improved across all segments, but not as much as we hoped.