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McMillan Shakespeare Ltd ASX:MMS

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Jul 2025 to today

Commentary Showing 2 of 5

DateManagerActionSummary

30 Jun 2026Maple-Brown AbbottHeldMaple-Brown Abbott continues to hold McMillan Shakespeare because the stock rose 33% and was a key positive contributor after a trading update showed strong growth in novated lease volumes. The manager notes rising electric vehicle demand, driven by the US-Iran conflict, has been a tailwind as novated leases offer attractive tax benefits on EV purchases. While these benefits were due to end in 2027, the May Federal Budget proposed a tapered extension, which should support novated lease demand over the medium term.

Quarterly Report, price recorded $19.49

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31 May 2026Perpetual Asset ManagementHeldPerpetual Asset Management continues to hold McMillan Shakespeare following a 15.8% return in May. Perpetual notes the federal budget provided regulatory clarity on the existing FBT exemption for electric vehicles, with the current legislation remaining largely unchanged for three years before being wound back from 1 April 2029, giving novated lease industry participants a clear and stable operating runway. The fund also highlights that the spike in oil prices arising from the Middle East conflict appears to have acted as a catalyst for a step change in EV purchases, which is beginning to show in vehicle delivery data. Perpetual notes that EVs have historically attracted novated leasing penetration rates of around 50%, compared to just 5–10% for ICE vehicles, structurally positioning novated lease providers to benefit disproportionately from the EV transition. The fund believes the industry is entering a period of strong structural growth, and views McMillan Shakespeare as attractively priced at 11–12x earnings with a sound balance sheet and strong management execution.

Monthly Report, price recorded $18.60

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3 more comments on MMSPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on MMS.

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About McMillan Shakespeare Ltd

Materials, Professional Services

McMillan Shakespeare (ASX:MMS), a salary packaging and novated leasing provider, has rallied on regulatory clarity and upgrades. In June 2026, Maple-Brown Abbott said McMillan Shakespeare rose 33% and was a key contributor after a trading update during the quarter that reaffirmed and improved its outlook. Perpetual reported a 15.8% gain in May after the federal budget provided regulatory clarity on the existing fringe benefits tax exemption for electric vehicles, a key driver of novated leasing demand. McMillan Shakespeare operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 4 comments from 1 fund manager, Maple-Brown Abbott, with Perpetual also commenting. McMillan Shakespeare provides salary packaging, novated leasing and fleet management through Maxxia and RemServ, and disability plan management and support coordination through Plan Partners, serving government, health and corporate employers across Australia.

Market cap: $1.3b
Price to earnings: 14.2x
Return on equity: 89.2%
Dividend yield: 6.3%
Price to book: 11.89x
Net margin: 17.6%
52-week range: $13.53 to $21.70

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in McMillan Shakespeare Ltd (ASX:MMS)?

Fund managers including Perpetual Asset Management have invested in McMillan Shakespeare Ltd (ASX:MMS).

What opportunities or catalysts do fund managers highlight for McMillan Shakespeare Ltd?

Maple-Brown Abbott and Perpetual highlight an improved trading update and federal budget clarity on the EV fringe benefits tax exemption, supporting novated leasing growth.

What are the key risks to the McMillan Shakespeare Ltd investment thesis, according to fund managers?

The available commentary does not detail specific risks, though McMillan Shakespeare depends on government contracts and EV tax policy settings.

What does McMillan Shakespeare Ltd (ASX:MMS) do?

McMillan Shakespeare Limited (MMS) provides salary packaging, novated leasing, and disability plan management services. The company also offers support coordination, asset management, and a range of related financial products and services.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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