** Morningstar cuts fair value estimate on Australia's McMillan Shakespeare to A$17 from A$18
** Brokerage reduces estimate owing to lower medium-term growth expectations for novated leases and higher projected expenses in the plan support services division
** We expect continued growth in novated leases as cost-of-living pressures encourage employees to seek vehicle financing through these arrangements - Morningstar
** Brokerage however expects future novated leasing yields to decline from FY24 levels due to increased vehicle supplies, including EVs
** Adds, despite revised fair value, shares remain modestly undervalued at current levels
** Stock has fallen 5% this year, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com;))
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