Ann: FY13 Results Guidance and proposed FBT chang, page-34

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Jul 25, 2013 10:06:48 AM [Bloomberg First Word]
McMillan Shakespeare FY14, FY15 Earnings Ests. Cut at BofAML
By Lisa Pham
July 25 (Bloomberg) -- Federal govt’s proposed changes to tax legislation for novated leases will probably start hurting earnings immediately and materially, analyst Duncan Simmonds writes in note to clients.
BofAML now sees FY14 EPS A$0.45, FY15 EPS A$0.39 vs est. A$0.84 for FY13
Downgraded to underperform from buy; PT lowered to A$6 from A$15.50
NOTE: Stock cut to sell at Citigroup with PT cut by 24%; PT lowered 45% at Goldman with neutral reiterated
Co. yday said it sees FY13 net profit after tax A$61m-$63m, govt’s proposed changes to FBT treatment of cars to have adverse impact, unable to offer guidance on FY13 final div.; BDVD est. A$0.27
0 buys, 4 holds, 5 sells; avg PT A$12.24: Bloomberg data

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Lisa Pham in Sydney at +61-2-9777-8681 or [email protected]

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