SMART PARKING LIMITED (SPZ)
Share Price Analysis and Chart

18/02/2025

1

Buy

$1.25

64.47%

Smart Parking reported 1H25 results in line with Shaw and Partners' expectations, although UK revenue was slightly below forecast, leading the analyst to lower the FY25 net profit after tax estimate.

Notably, the company announced the acquisition of Peak Parking USA for -$67m, which will establish a growth platform in the US with exposure in Texas, Florida, and Georgia.

The analyst explains the regulatory backdrop supports the Smart Parking business strategy. A $45m capital raising was announced alongside around a $10m scrip issue to the vendors.

The broker details the business in Germany remains break-even, while Denmark achieved 21 sites in 1H25, up from five in FY24, and is expected to break even in 2H25.

Target price is raised to $1.25 from $1.10. No change to Buy, High-Risk rating.

FORECAST
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.00 cents.
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.60 cents.

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19/02/2025

1

Buy

$1.63

114.47%

Petra Capital notes Smart Parking's 1H25 result was broadly in line with strong operational performances from New Zealand and better than expected progress from operations in Germany and Denmark.

The company announced the acquisition of Peak Parking domiciled in Austin, Texas which is expected to add US$4.5m EBITDA on a calender 2025 basis.

Petra likes the deal, particularly the approach management has taken to de-risk the entry into a large market.

The broker lifts FY25-26 EPS forecasts by 13% and 21% respectively. Target price rises to $1.63 from $1.03, and Buy maintained.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.50 cents.
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.60 cents.