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    MMS   AU000000MMS5

MCMILLAN SHAKESPEARE LIMITED

(MMS)
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McMillan Shakespeare : MMS Group UK Update

03/30/2017 | 01:50am EDT

MMS Group

UK Update

March 2017

McMillanShakespeareGroup

Financial performance

Asset Management - United Kingdom Financial performance

2

Financial performance

Asset Management - United Kingdom

Financial Performance

$m

1H17

1H16

Variance

Revenue

13.8

10.4

32.9%

Lease and vehicle expenses

4.2

0.6

>100.0%

Employee expenses

3.9

3.4

15.7%

Property and other expenses1

3.5

5.2

(32.6%)

EBITDA

2.2

1.2

89.4%

EBITDA margin

16.1%

11.3%

20.5%

Depreciation

0.3

0.2

Amortisation of intangibles

0.4

0.3

30.0%

Tax

0.4

0.3

36.1%

NPAT

1.2

0.4

>100.0%

NPAT margin

8.5%

3.5%

UNPATA

1.5

0.6

>100.0%

UNPATA margin

10.9%

5.9%

Key metrics

16,400

15,100

8.6%

Assets managed (units)

Assets written down value ($m)2

137.7

125.9

9.4%

Net amount financed ($m)

197.1

114.1

72.8%

- On balance sheet ($m)3

42.0

60.2

(30.2%)

- Off balance sheet ($m)

155.1

53.9

>100.0%

Employees (FTE's)

185

132

39.8%

Commentary

Broker aggregation strategy progressing and enhanced through acquisitions of EVC (t/a Eurodrive Motor Finance) and Capex in December and January respectively

Sterling revaluation impacted first half UNPATA by $400,000. On a like for like currency basis, UNPATA increase was 217% over the prior half

Review of car salary sacrifice by HMRC announced 10 August 2016 impacted the delivery of vehicles to Lifestyle Lease customer programs. HMRC clarified rules on 23 November 2016 (effective from 6 April 2017) and sales and marketing activity recommenced

Outlook

Eurodrive and Capex acquisitions enhance the regional presence and product offerings of group. Further growth into other key UK regions via a stronger broker presence

Deliver first Lifestyle Lease vehicles to customers post 6 April 2017

  1. Property and other expenses includes the share of the UK JV loss of $0.7m (1H16: $0.6m)

  2. On MMS balance sheet

  3. Included in assets written down value

Financial performance

Asset Management - United Kingdom

Operating Metrics

Assets written down value ($m)1 1H17 WDV breakdown

10.0 38.6

125.9137.7

11%

10%

13%

7%

$137.7m

23%

36%

Services

Transportation and communication

■ Finance

Manufacturing

Wholesale and trade

Other

1H14 1H15 1H16 1H17

Net amount financed ($m)

1H17 Revenue breakdown

17.0 31.6

114.1

197.1

48% $13.8m

23%

26%

Principal and interest

Other vehicle related services

■ Brokerage commission income

Other (3%)

1H14 1H15 1H16 1H17

1 An additional $27.4m was moved off balance sheet in FY16

McMillan Shakespeare Limited published this content on 30 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 March 2017 05:49:12 UTC.


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Financials
Sales 2021 495 M 366 M 366 M
Net income 2021 61,6 M 45,5 M 45,5 M
Net Debt 2021 133 M 97,9 M 97,9 M
P/E ratio 2021 16,4x
Yield 2021 4,67%
Capitalization 991 M 728 M 733 M
EV / Sales 2021 2,27x
EV / Sales 2022 2,06x
Nbr of Employees -
Free-Float 82,3%
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Technical analysis trends MCMILLAN SHAKESPEARE LIMITED
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 4
Last Close Price 12,81 AUD
Average target price 13,66 AUD
Spread / Average Target 6,60%
EPS Revisions
Managers and Directors
Michael Neil Salisbury Chief Executive Officer, MD & Executive Director
Ashley Conn Chief Financial Officer & Secretary
Helen Kurincic Chairman
Geoffrey Robert Kruyt Chief Operating Officer
Kathy Parsons Independent Non-Executive Director