26/02/2025 17:52

Smart Group (SIQ) $8.45

SIQ +7.37%: A very good result from SIQ with revenue and earnings ahead of expectations and an ordinary dividend mildly above forecast, plus a special dividend that was expected.

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19/02/2025 10:02

Active Income Portfolio – Amendment

We are cutting a position in the Income Portfolio this morning.

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12/02/2025 09:26

SmartGroup Corp Ltd (SIQ) $7.77

It’s been a disappointing year for car leasing and salary packaging operative Smart Group (SIQ), with shares down 17% over the past 12-months in a rising market. Dividends have helped, with the stock paying out 49.5c fully franked including a special dividend in March. 

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28/08/2024 09:30

Smart Group (SIQ) $7.55

1H24 results today for the salary packaging and novated leasing company, and there was clearly some concern in the market yesterday with a big drop in the shares following weaker results from two competitors, McMillan Shakespeare (MMS) and SG Fleet (SGF). This morning, SIQ’s 1H result was solid, and inline with expectations, and while no specific guidance was provided for the FY, yesterdays sell-off looks a big overreaction.

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05/06/2024 09:22

Smart Group (SIQ) $7.98

We bought salary packaging and novated leasing business Smart Group (SIQ) only a month ago, and straight off the bat, we’re down 10% - not a great outcome to date. We had been patient with this purchase, buying in post an ~18% pullback in the share price, but it has subsequently fallen more. This prompts the logical question: should we hold, fold, or even add?

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08/05/2024 16:47

Smartgroup Corp (SIQ) $8.74

SIQ -2.89%; Held their AGM today and provided a trading update that read well, however, the 1Q run rate implies they’re tracking 1-2% below consensus. It was pleasing to see demand for novated leasing remaining strong even with January included (typically slow) they were +7% for the quarter and more like 10% on the latter part.

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08/05/2024 09:41

Smartgroup Corp (SIQ) $9.00

For those unfamiliar, Smartgroup is a $1.1bn leading provider of novated leasing within salary packaging and operates end-to-end fleet management services. They have a diverse and defensive mix of clients across Government and private enterprise, with a large proportion of their future growth underpinned by the take-up of Electric Vehicles (EV’s). While recent EV sales data has been on the softer side, the backdrop more broadly has been very strong with new car sales in April the best on record, driven by an easing in supply chains. This theme, along with an expanded range of EVs coming onto the market (electric SUVs for example) will be supportive of SIQ’s earnings growth, and therefore dividend growth over time.

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07/05/2024 09:54

Active Income Portfolio – Amendments

We are making several changes to the Income Portfolio Today

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21/02/2024 17:25

Smart Group (SIQ) $9.68

SIQ +0.83%: The salary packaging & novated leasing company that still resides on the Hitlist for our Income Portfolio reported revenue of $251.6m, slightly ahead of guidance of $249m while adjusted net profit after tax of $63.2m was inline with consensus. Electric Vehicles (EV’s) have been a big boost for SIQ given they make more out of them, boosting yields.

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11/12/2023 16:32

Smartgroup (SIQ) $8.95

SIQ +7.44%: the salary packaging & novated leasing company has got one over a rival today, picking up the South Australian Government contract off the incumbent McMillian Shakespeare (MMS). The contract will be handed over on 1 July next year, servicing the state government’s 110k employees where McMillian has 43k active services as disclosed in an announcement by the company today.

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