2321 GMT - Morgan Stanley thinks investors are underestimating the earnings tailwind for McMillan Shakespeare from novated leasing of motor vehicles. Analyst Chenny Wang says it became clearer in February that companies and the public are looking harder at novated leasing opportunities. McMillan Shakespeare's novated orders were up 19% at the end of 1H, despite the company's year ago performance benefiting from a contract with the South Australia government. "We think this growth in earnings power has greater duration than what valuation implies," MS says. It rates McMillan Shakespeare at "overweight" with a A$20.00/share price target. McMillan Shakespeare is down 0.3%, at A$15.08, in early trading today. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 11, 2025 19:21 ET (23:21 GMT)
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