SMARTGROUP CORPORATION LIMITED (SIQ)
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SIQ

SIQ - SMARTGROUP CORPORATION LIMITED

FNArena Sector : Vehicle Leasing & Salary Packaging
Year End: December
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 0.66
Index: ASX300 | ALL-ORDS

Smartgroup is an Australian provider of novated leasing, fleet management, salary packaging and payroll services to employers. Founded in 1999, it listed on the ASX in 2014.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.77

26 Feb
2026

0.470

OPEN

$8.83

5.66%

HIGH

$8.95

695,065

LOW

$8.57

TARGET
$9.358

+0.16 change from previous day

 6.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . MMS .
FNARENA'S MARKET CONSENSUS FORECASTS
SIQ: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 61.2 63.1 xxx
DPS (cps) xxx 0.0 49.2 xxx
EPS Growth xxx 5.0% 3.1% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 14.0 xxx
Dividend Yield xxx N/A 5.6% xxx
Div Pay Ratio(%) xxx N/A 78.0% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 08/09 - ex-div 19.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx61.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx329.3 M
Book Value Per Share xxxxxxxxxxxxxxx213.4
Net Operating Cash Flow xxxxxxxxxxxxxxx123.7 M
Net Profit Margin xxxxxxxxxxxxxxx24.12 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx29.68 %
Return on Invested Capital xxxxxxxxxxxxxxx22.63 %
Return on Assets xxxxxxxxxxxxxxx11.62 %
Return on Equity xxxxxxxxxxxxxxx29.68 %
Return on Total Capital xxxxxxxxxxxxxxx34.34 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx42.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx4 M
Long Term Debt xxxxxxxxxxxxxxx87 M
Total Debt xxxxxxxxxxxxxxx91 M
Goodwill - Gross xxxxxxxxxxxxxxx273 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx313 M
Price To Book Value xxxxxxxxxxxxxxx4.28

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx26.2 M
Capex % of Sales xxxxxxxxxxxxxxx7.94 %
Cost of Goods Sold xxxxxxxxxxxxxxx154 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx53 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

29/08/2025

1

Outperform

$8.99

2.51%

Smartgroup Corp's profit rose 11.6% in the first half, a 1.6% beat to Macquarie's expectations, as the underlying earnings margin improved 210bps to 40%, in line with the prior half.

Novated lease demand continued, Macquarie notes, with settlements up 8%. Yields were down -1% year on year and down -3% sequentially, as attachment rates softened. Smartgroup noted “Some of the external short-term uncertainties have eased".

Management is focused on driving organic growth by addressing low penetration rates within the customer base. Smartgroup is balancing near-term growth and margins, while investing in the medium-term outlook, Macquarie suggests.

Target falls to $8.99 from $9.06, Outperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 52.80 cents and EPS of 61.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Login above or Get a Free Trial

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

07/09/2025

1

Upgrade to Buy from Hold

$9.10

3.76%

Smartgroup Corp's 1H25 result was largely in line with Canaccord Genuity's forecast, and the highlight was the company announcing FY27 EBITDA margin target of mid-40%s.

The broker previously had 41% EBITDA margin estimate for FY27, but revised it to 42.9%, noting material upside potential if the company achieves the target.

In the short term, the broker sees headwinds from tougher comps due to prior-year PHEV FBT settlements, with some yield pressure likely to weigh further.

FY25-26 revenue forecasts cut by 3.2% and 2.4% respectively, and FY27 revenue raised by 0.2%, with offset from a lift in EBITDA margins. The net result is a cut in FY25-26 net profit forecasts, but a lift to FY27.

Target rises to $9.10 from $8.70. Rating upgraded to Buy from Hold.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 60.00 cents and EPS of 63.00 cents.
Access Extra Coverage Research History >

SIQ STOCK CHART

FNArena News on SIQ

1
FNArena Corporate Results Monitor – 27-02-2026

Feb 27 2026 - Australia
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 12-09-25

Sep 12 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Sep 08, 2025

Sep 08 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 29-08-2025

Aug 29 2025 - Australia
5
Rudi’s View: CBA, Life360, ResMed, Zip & More

Jun 19 2025 - Rudi's View

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