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: 0.7
Index: ASX200 | 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

$7.61

23 May
2025

-0.050

OPEN

$7.75

-0.65%

HIGH

$7.75

203,760

LOW

$7.57

TARGET
$9.185 20.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . MMS .
FNARENA'S MARKET CONSENSUS FORECASTS
SIQ: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 58.3 60.2 xxx
DPS (cps) xxx 48.5 52.3 xxx
EPS Growth xxx 22.0% 3.4% xxx
DPS Growth xxx 2.1% 7.8% xxx
PE Ratio xxx N/A 12.6 xxx
Dividend Yield xxx N/A 6.9% xxx
Div Pay Ratio(%) xxx 83.2% 86.8% xxx

Dividend yield today if purchased 3 years ago: 5.88%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.37

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: 06/09 - ex-div 17.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx58.3
DPS All xxxxxxxxxxxxxxx48.5
Sales/Revenue xxxxxxxxxxxxxxx305.8 M
Book Value Per Share xxxxxxxxxxxxxxx199.0
Net Operating Cash Flow xxxxxxxxxxxxxxx183.5 M
Net Profit Margin xxxxxxxxxxxxxxx24.72 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx30.11 %
Return on Invested Capital xxxxxxxxxxxxxxx23.31 %
Return on Assets xxxxxxxxxxxxxxx14.12 %
Return on Equity xxxxxxxxxxxxxxx30.11 %
Return on Total Capital xxxxxxxxxxxxxxx33.31 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx106.5 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx4 M
Long Term Debt xxxxxxxxxxxxxxx80 M
Total Debt xxxxxxxxxxxxxxx84 M
Goodwill - Gross xxxxxxxxxxxxxxx273 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx280 M
Price To Book Value xxxxxxxxxxxxxxx3.90

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx28.1 M
Capex % of Sales xxxxxxxxxxxxxxx9.18 %
Cost of Goods Sold xxxxxxxxxxxxxxx149 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx47 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

0.5

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

27/02/2025

3

Downgrade to Hold from Add

$8.95

17.61%

Smartgroup Corp reported a strong FY24 result, in Morgans' opinion, with profit (NPATA) increasing by 14.6% to $72.4m, slightly ahead of expectations. The 2H performance was considered solid, with revenue up by 5.9% and EBITDA increasing by 11% from H1.

The company benefited from solid lease demand, explains the broker, with novated leases growing by 15%, while salary packages increased by 10.7%.

Management's outlook for the near-term remains positive, supported by strong contract wins and demand, though the eventual ending of the EV policy in March 2025 may limit future growth potential, according to the analysts.

Morgans raises its target price to $8.95 from $8.65, and downgrades to Hold rating from Buy given the upcoming EV policy change.

FORECAST
Morgans forecasts a full year FY25 dividend of 41.00 cents and EPS of 59.40 cents.
Morgans forecasts a full year FY26 dividend of 43.00 cents and EPS of 61.60 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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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

05/03/2025

3

Downgrade to Hold from Buy

$8.70

14.32%

Canaccord Genuity notes Smartgroup Corp's FY24 result was strong, with the highlight being the 2H EBITDA margin of around 40%.

The broker reckons there is strong existing momentum, but going forward the backdrop for novated leases looks challenging with EV sales growth already weak in the final months of 2024.

Added to that is customer uncertainty regarding interest rates and the PHEV exemption due to expire in March, the broker highlights.

The broker cut FY25-26 revenue forecasts but expects the company to maintain a 40% EBITDA margin on lower expenses.

Target price rises to $8.7 from $8.5. Rating downgraded to Hold from Buy.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 43.10 cents and EPS of 62.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 61.30 cents and EPS of 65.00 cents.
Access Extra Coverage Research History >

SIQ STOCK CHART

FNArena News on SIQ

1
Weekly Ratings, Targets, Forecast Changes – 09-05-25

May 12 2025 - Weekly Reports
2
McMillan Shakespeare Under-Appreciated?

Mar 18 2025 - Small Caps
3
In Case You Missed It – BC Extra Upgrades & Downgrades – 07-03-25

Mar 07 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Mar 05, 2025

Mar 05 2025 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 28-02-25

Mar 03 2025 - Weekly Reports

Latest Vehicle Leasing & Salary Packaging News

1
McMillan Shakespeare Under-Appreciated?

Mar 18 2025 - Small Caps
2
EVs And Capital Management Drive FleetPartners

Nov 20 2024 - Small Caps
3
FleetPartners Green Outlook Is Electrifying

May 15 2024 - Small Caps
4
Treasure Chest: Less Uncertainty For SG Fleet

Mar 13 2024 - Treasure Chest
5
Big Win For Smartgroup

Dec 12 2023 - Australia
6
ESG Focus: Here Come The EVs

May 24 2023 - ESG Focus
7
Unpacking The Salary Packaging Sector

Dec 14 2022 - Australia
8
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Nov 09 2022 - Australia
9
Eclipx Group Earnings Driving In The Fast Lane

May 11 2022 - Australia
10
Smartgroup Dashes Offer To Focus On Growth

Oct 26 2021 - Small Caps