SMART PARKING LIMITED (SPZ)
Share Price Analysis and Chart

18/02/2025

1

Buy

$1.25

26.26%

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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17/02/2025

1

Buy

$1.10

11.11%

Ahead of 1H25 result on Feb 17, Canaccord Genuity expects Smart Parking to report sustained momentum in revenue in the 2Q, forecasting 1H total revenue of $33m. 

The broker forecasts 1H adjusted. EBITDA of $10m, representing an EBITDA margin of 31% vs 28% in the same period last year. 

In November, the company upgraded its guidance to 3,000 sites under management by Dec 2028 after achieving its previous target of 1,500 by Dec 2024 (1,529 sites in Nov).

The new target implies revenue increasing to $120m by FY28, with EBITDA growing to over $40m at 32% margin. Buy rating and $1.1 target maintained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.40 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.90 cents.