Company Reports

McMillan's underlying NPATA increased 14% on last year. Group EBITDA margin grew by close to 200 basis points to 30%. Shares were up around 7% intraday.

McMillan Shakespeare is a business services provider offering salary packaging, novated leasing, fleet management, and disability plan management. Together with Smartgroup, it dominates Australia’s salary packaging market and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up the majority—more than 90%—of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

McMillan's third-quarter trading update showed novated lease volume growth and a rising electric vehicle mix. Separately, the federal government will taper the electric vehicle, or EV, fringe benefits tax exemption to ultimately settle at a 25% discount from April 2029.

McMillan Shakespeare is a business services provider offering salary packaging, novated leasing, fleet management, and disability plan management. Together with Smartgroup, it dominates Australia’s salary packaging market and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up the majority—more than 90%—of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

McMillan Shakespeare is a business services provider offering salary packaging, novated leasing, fleet management, and disability plan management. Together with Smartgroup, it dominates Australia’s salary packaging market and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up the majority—more than 90%—of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

McMillan Shakespeare's first-half fiscal 2026 NPAT before impact of acquisitions and divestment-related items was flat at AUD 50 million. Revenue was up 11% while EBITDA grew 5%. Dividend payouts reduced to 85% of UNPATA from 100%, though the firm declared a AUD 10 million buyback. Shares fell 5%.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

McMillan Shakespeare's shareholder returns are ahead of the S&P/ASX 200 and its peer Smartgroup, so far in 2025.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

McMillan Shakespeare's underlying net profit after tax for fiscal 2025 fell 4% to AUD 103 million. EBITDA margin reduced to 31% from 34%, or 32% excluding one-off costs.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

Shares of McMillan are up around 8% year to date, outperforming the S&P/ASX 200 index, which is only marginally positive. Shares rallied in early April following greater likelihood of Labor's election victory and the US administration's 90-day tariff pause.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

McMillan Shakespeare's underlying NPATA for first-half fiscal 2025 declined 7% from first half fiscal 2024, affected by higher investments in customer acquisition and new technology. A recent large contract loss constrained revenue growth.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

We reduce our fair value estimate for no-moat McMillan Shakespeare to AUD 17 per share from AUD 18, reflecting lower medium-term growth assumptions for novated leases and higher projected expenses in the plan support services division.

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.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.

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.

McMillan Shakespeare is a business services provider, with salary packaging, novated leasing, fleet management, and disability plan management its key offerings. Together with Smartgroup, it dominates Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, and not-for-profit industries make up 97% of McMillan’s salary packaging client base. These industries are defensive and have favorable fringe benefits tax exemptions. They are regular users of McMillan’s services, and underpin the firm's steady revenue.