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

$7.12

24 Mar
2025

0.030

OPEN

$7.07

0.42%

HIGH

$7.19

304,257

LOW

$7.04

TARGET
$9.552 34.2% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 58.3 59.8 xxx
DPS (cps) xxx 48.5 52.3 xxx
EPS Growth xxx 22.0% 2.6% xxx
DPS Growth xxx 2.1% 7.8% xxx
PE Ratio xxx N/A 11.9 xxx
Dividend Yield xxx N/A 7.3% xxx
Div Pay Ratio(%) xxx 83.2% 87.5% xxx

Dividend yield today if purchased 3 years ago: 6.02%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.84

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

0.8

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Macquarie

27/02/2025

1

Outperform

$9.06

27.25%

Smartgroup Corp's 2024 profit was 2% ahead of Macquarie's expectations, driven by new client growth and increased novated leasing activity. Underlying earnings margins improved to 40% in 2H24 from 38% in 1H24.

EV growth was sustained across all segments, with new order growth 51% year on year and penetration of new orders increased to 44% in 2024, of which plug-in hybrid EV represented 13%.

Smartgroup remains "cautiously optimistic" for the 2025 outlook, with January orders and settlements up slightly year on year. Regulatory tailwinds in novated leasing are expected to continue.

Smartgroup is balancing near-term growth and margins, Macquarie notes, while investing in the medium-term outlook. Target falls to $9.06 from $9.60 on a model roll-forward, Outperform retained.

FORECAST
Macquarie forecasts a full year FY25 dividend of 50.80 cents and EPS of 58.70 cents.
Macquarie forecasts a full year FY26 dividend of 53.60 cents and EPS of 62.10 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

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

22.19%

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

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4
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FNArena Corporate Results Monitor – 27-02-2025

Feb 27 2025 - Australia

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