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Morneau Shepell Inc. Price Target Update

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Morneau Shepell is the largest Canadian firm providing health and productivity, administrative and retirement solutions. They deliver solutions to assist employers in managing the financial security, health and productivity of their employees. With approximately 4,000 employees in offices across North America, they offer services to approximately 20,000 organizations in Canada, the United States and around the globe directly and through distribution channel partners.

Revenues are earned from fees charged to clients for consulting engagements, outsourcing engagements, employee and family assistance programs and absence management solution services. Fees from consulting engagements are charged based on billable hours or on a fee-for-service basis. In some cases, consulting engagements may be billed on a fixed-fee basis, although these engagements are typically much smaller and the services are delivered over a shorter period of time. For some benefits consulting assignments which involve the purchase of an insurance policy underwritten by an insurance company, they may be paid commissions (in lieu of fees) by the client's insurance company, which is a common practice in the industry. These commissions are based on a percentage of the premiums paid by the client to the insurance company and their policy is to disclose them to their clients. They assume no underwriting risk as the insurance policy is underwritten by the insurance company.

The largest operating expense is compensation and related costs. This includes salaries, annual performance-based bonuses, benefits, payroll taxes, independent service providers and temporary staffing services. The remaining operating expenses include rent and occupancy costs, technology costs (including equipment leases, telecommunications, and software licenses and maintenance), non-recoverable client service costs, training, marketing, office costs, professional services and insurance.

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