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

$7.67

24 Mar
2026

0.300

OPEN

$7.55

4.07%

HIGH

$7.78

420,081

LOW

$7.39

TARGET
$9.833 28.2% 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 64.2 xxx
DPS (cps) xxx 53.0 32.3 xxx
EPS Growth xxx 5.0% 5.0% xxx
DPS Growth xxx 9.3% - 39.0% xxx
PE Ratio xxx N/A 12.3 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx 86.6% 50.3% xxx

Dividend yield today if purchased 3 years ago: 8.62%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.68

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 xxxxxxxxxxxxxxx53.0
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

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

02/03/2026

3

Hold

$9.30

21.25%

Bell Potter found the highlight of the 2025 result from Smartgroup Corp was the sustained operating performance and strategic achievements which focused on digital demand generation. Finances were generally in line with expectations.

The company continues to operate in a competitive environment yet EBITDA margins expanded by 230 basis points to 41% while guidance for 45% as a baseline during 2027 was reiterated.

No cost cutting program was announced, with benefits from scale being targeted. The broker welcomes the news albeit volume uncertainty, coupled with investment, means the Hold rating is unchanged. Target rises to $9.30 from $8.60.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 54.50 cents and EPS of 64.10 cents.
Bell Potter forecasts a full year FY27 dividend of 62.00 cents and EPS of 73.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

09/03/2026

3

Downgrade to Hold from Buy

$9.10

18.64%

FY25 revenue for Smartgroup Corp of $329.3m came in 3% ahead of Canaccord Genuity’s $319.3m forecast and 1.5% above the consensus estimate, leading to stronger profitability.

Earnings (EBITDA) exceeded the broker’s forecast by 6.7% and the consensus estimate by 3.6%, while profit also beat the analysts' estimate by 5.2%.

Canaccord attributes the 'beats' to new contract wins, a 10% increase in salary packaging customers and favourable settlement mix, though cautions this mix may moderate in FY26.

FY26 and FY27 profit forecasts are raised by 2.4% and 0.6% respectively.

Unchanged $9.10 target price. The broker's rating is downgraded to Hold from Buy on valuation and the risk of negative sentiment from the government’s review of the FBT exemption for BEV novated leases over the next six months.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 55.00 cents and EPS of 64.30 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 61.50 cents and EPS of 71.70 cents.
Access Extra Coverage Research History >

SIQ STOCK CHART

FNArena News on SIQ

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 13-03-26

Mar 13 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Mar 09, 2026

Mar 09 2026 - Daily Market Reports
3
FNArena Corporate Results Monitor – 27-02-2026

Feb 27 2026 - Australia
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 12-09-25

Sep 12 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Sep 08, 2025

Sep 08 2025 - Daily Market Reports

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