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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26/10/2023 09:11

SmartGroup Corp Ltd (SIQ) $8.74

Australian-based salary packaging and employee administration business SIQ has advanced an impressive +71% in 2023, it might surprise many to know it's a huge benefactor of the EV boom, putting many lithium stocks to shame!  Two of the services the SIQ offers are novated leasing and fleet management, and business has been booming after the federal government introduced EV adoption incentives, with SIQ well placed to ride the wave.

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06/09/2023 09:09

Smart Group (SIQ) $8.49

The salary packaging and novated leasing company has been on our Hitlist for nearly a year, and yet we’ve not pressed the buy button. We have owned the stock in the past and we know the company well, however, our lack of action in recent times has clearly been a mistake with the stock nearly doubling over the past 12 months, and is now trading ~28% above our previous exit level ($6.60).

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23/02/2023 16:46

Smart Group (SIQ) $6.11

SIQ +7.38%: The car leasing and salary packaging company reported FY22 earnings that were as expected today, with full year revenue of $224.7m meeting expectations while underlying net profit of $61.2m was inline. The final dividend of 29c took the FY payout to 49c, ahead of expectations while they talked fairly favourably about a number of growth initiatives in the business.

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