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

$8.24

12 Sep
2025

-0.100

OPEN

$8.30

-1.20%

HIGH

$8.35

255,849

LOW

$8.21

TARGET
$9.265 12.4% 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 60.3 xxx
DPS (cps) xxx 48.5 48.9 xxx
EPS Growth xxx 22.0% 3.5% xxx
DPS Growth xxx 2.1% 0.8% xxx
PE Ratio xxx N/A 13.7 xxx
Dividend Yield xxx N/A 5.9% xxx
Div Pay Ratio(%) xxx 83.2% 81.1% xxx

Dividend yield today if purchased 3 years ago: 8.83%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.87

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

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

29/08/2025

1

Buy

$10.30

25.00%

Smartgroup Corp's 1H25 net profit was in line with Ord Minnett's forecast while underlying EBITDA beat by 2.2%. EBITDA margin of 40% was stable vs the previous sequential half but higher y/y.

The highlight was the company providing medium-term EBITDA margin target of mid-40%s by FY27.

The broker assesses the company as organic top-line growth story with improved margin. EBITDA forecasts for FY25-27 raised by 4-5%.

Target lifted to $10.30 from $10.00. Buy maintained.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 39.50 cents and EPS of 59.10 cents.
Ord Minnett forecasts a full year FY26 dividend of 41.00 cents and EPS of 62.50 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$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

07/09/2025

1

Upgrade to Buy from Hold

$9.10

10.44%

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 FY25 dividend of 40.00 cents and EPS of 59.00 cents.
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
In Case You Missed It – BC Extra Upgrades & Downgrades – 12-09-25

Sep 12 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Sep 08, 2025

Sep 08 2025 - Daily Market Reports
3
FNArena Corporate Results Monitor – 29-08-2025

Aug 29 2025 - Australia
4
Rudi’s View: CBA, Life360, ResMed, Zip & More

Jun 19 2025 - Rudi's View
5
Rudi’s View: Amcor, GQG, IPH, Data#3 & Qualitas

Jun 12 2025 - Rudi's View

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