SMARTGROUP CORPORATION LIMITED (SIQ)
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SIQ - SMARTGROUP CORPORATION LIMITED

FNArena Sector : Vehicle Leasing & Salary Packaging
Year End: December
GICS Industry Group : Commercial & Professional Services
Debt/EBITDA: 0.72
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

20 Dec
2024

-0.020

OPEN

$7.56

-0.26%

HIGH

$7.67

447,130

LOW

$7.56

TARGET
$9.783 28.6% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
FPR . MMS . SGF .
FNARENA'S MARKET CONSENSUS FORECASTS
SIQ: 1
Title FY22
Actual		 FY23
Actual		 FY24
Forecast		 FY25
Forecast
EPS (cps) xxx 47.7 54.0 xxx
DPS (cps) xxx 47.5 49.0 xxx
EPS Growth xxx 5.3% 13.2% xxx
DPS Growth xxx 3.3% 3.2% xxx
PE Ratio xxx N/A 14.1 xxx
Dividend Yield xxx N/A 6.4% xxx
Div Pay Ratio(%) xxx 99.5% 90.7% xxx

Dividend yield today if purchased 3 years ago: 6.44%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.24

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 © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx47.7
DPS All xxxxxxxxxxxxxxx47.5
Sales/Revenue xxxxxxxxxxxxxxx251.6 M
Book Value Per Share xxxxxxxxxxxxxxx188.0
Net Operating Cash Flow xxxxxxxxxxxxxxx68.0 M
Net Profit Margin xxxxxxxxxxxxxxx24.61 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx25.58 %
Return on Invested Capital xxxxxxxxxxxxxxx20.33 %
Return on Assets xxxxxxxxxxxxxxx15.04 %
Return on Equity xxxxxxxxxxxxxxx25.58 %
Return on Total Capital xxxxxxxxxxxxxxx29.82 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx0.6 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx6 M
Long Term Debt xxxxxxxxxxxxxxx66 M
Total Debt xxxxxxxxxxxxxxx72 M
Goodwill - Gross xxxxxxxxxxxxxxx273 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx71 M
Price To Book Value xxxxxxxxxxxxxxx4.64

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx9.4 M
Capex % of Sales xxxxxxxxxxxxxxx3.75 %
Cost of Goods Sold xxxxxxxxxxxxxxx121 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx38 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

0.8

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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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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Morgan Stanley

29/08/2024

3

Equal-weight

$9.50

24.84%

Morgan Stanley assesses the first half result from Smartgroup Corp as essentially meeting expectations outlined at the May AGM.

The earnings composition is believed to be better than anticipated, with improved revenue generation in 2Q and cash conversion up 108% with borrowing capacity for the fleet increased.

Yields at 81% infer an improvement in 2Q on 1Q. EV penetration at 42% with expected tailwinds from novated share gains although the gains are slowing.

Discussing the outlook, the broker believes July orders up on the previous year is a positive on the back of the 2Q improvement. Divestment of Health-e Workforce Solutions was conducted on July 8.

Equal-weight rating. Target $9.50. Industry view: In-line.

FORECAST
Morgan Stanley forecasts a full year FY24 EPS of 54.00 cents.
Morgan Stanley forecasts a full year FY25 EPS of 60.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$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

19/12/2024

1

Buy

$8.50

11.70%

Canaccord Genuity reckons the outlook for novated leasing becomes less clear from 2H25 as the boom from the fringe benefit exemption on electric vehicles fades.

The broker sees potential offsets from this outlook for Smartgroup Corp from a likely increase in sales from broader overall novated lease awareness.

Other positives include further excess order-book unwind and cost investment measures that would create a more efficient and scalable business.

Overall, the broker continues to expect double-digit earnings growth aided by the South Australian government contract win and margin expansion.

Canaccord Genuity lowered its target price to $8.50, after lowering earnings estimates. Buy rating remains.

FORECAST
Canaccord Genuity forecasts a full year FY24 dividend of 39.00 cents and EPS of 56.00 cents.
Canaccord Genuity forecasts a full year FY25 dividend of 59.00 cents and EPS of 61.00 cents.
Access Extra Coverage Research History >

SIQ STOCK CHART

FNArena News on SIQ

1
Australian Broker Call *Extra* Edition – Dec 19, 2024

Dec 19 2024 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 30-08-24

Sep 02 2024 - Weekly Reports
3
FNArena Corporate Results Monitor – 29-08-2024

Aug 29 2024 - Australia
4
Rudi’s View: August Results; Polarisation & Divergence

Aug 07 2024 - Rudi's View
5
Weekly Ratings, Targets, Forecast Changes – 24-05-24

May 27 2024 - Weekly Reports

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Nov 20 2024 - Small Caps
2
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May 15 2024 - Small Caps
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Big Win For Smartgroup

Dec 12 2023 - Australia
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May 24 2023 - ESG Focus
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Nov 09 2022 - Australia
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Oct 26 2021 - Small Caps
10
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