Smartgroup Corporation Ltd SIQ

Stock XASX Rating as of Oct 26, 2026

A$12.15 −0.03 (0.25%)

View Full Chart

As of Oct 26, 2026, 5:10:20 AM Delayed Price Closed

Company Report

View Archive

Smartgroup Benefits From Continued Growth in Salary Packaging and Novated Leases

Shaun Ler Aug 28, 2026

Smartgroup provides employee management services, with salary packaging, novated leasing, fleet management, and software solutions as the key offerings. Together with McMillan Shakespeare, it is an oligopoly in Australia’s salary packaging market, and has a sizable presence in the novated leasing market. Entities in the government, healthcare, not-for-profit, and education industries make up 97% of Smartgroup’s client base. These industries are defensive, typically comprise low- to middle-class workers, and have favorable fringe benefits tax exemptions. They are regular users of Smartgroup’s services, and underpin the firm's steady revenue.

Read Analysis

Price vs Fair Value

View History

SIQ is trading at a LOCK|v^q!@F premium.

Price

A$12.15

Oct 26, 2026

Fair Value

LOCK|<b

Aug 28, 2026

Uncertainty

LOCK|#^!

1-Star Price: LOCK|.$k^
5-Star Price: LOCK|<@
Economic Moat: LOCK|#>
Capital Allocation: LOCK|Yy@$mLg

Bulls Say, Bears Say

Bulls

As one of the largest salary packaging and novated lease providers in Australia, Smartgroup benefits from some scale advantages. A majority of Smartgroup’s clients are in defensive industries, and the firm has long-standing relationships with many of its clients.

Bears

Smartgroup’s business can be disrupted by many external factors beyond its control. Regulation is one example, which has disrupted its commissions and rebate income streams in recent periods. Its business relies on favorable FBT concessions, which may be removed by a future Australian government.

Trading Information

Previous Close Price: A$12.18
Day Range: A$11.55–12.21
52-Week Range: A$7.22–13.65
Bid/Ask: A$11.50 / A$12.49
Shares Outstanding: 137.68M
Market Cap: A$1.67B
Volume/Avg: 202,282 / 575,089

Key Statistics

Price/Earnings (Normalized): 17.82
Price/Sales: 4.54
Dividend Yield (Trailing): 3.54%
Dividend Yield (Forward): 3.54%
Dividend Payment Schedule: Mar, Sep
Total Yield: 3.54%

Company Profile

Smartgroup Corporation is an Australia-based company that provides specialist employee management services. Its services include salary packaging, novated leasing, vehicle fleet management, payroll administration, employee share plan administration, and workforce optimization. The company operates in two segments: outsourced administration and vehicle services. Most of the group's revenue is generated from the OA segment, which provides outsourced salary packaging services, novated leasing, share plan administration, and outsourced payroll services. The VS segment provides end-to-end vehicle fleet management services.

Sector: Industrials
Industry: Specialty Business Services
Stock Style Box: Small Core
Total Number of Employees: 785
Website: https://www.smartgroup.com.au

Competitors

McMillan Shakespeare Ltd

MMS

Valuation

Metric	SIQ	MMS
Price/Earnings (Normalized)	17.82	12.49
Price/Book Value	5.60	10.95
Price/Sales	4.54	2.94
Price/Cash Flow	16.48	170.67

Price/Earnings

SIQ

MMS

Financial Strength

Metric	SIQ	MMS
Quick Ratio	1.02	0.21
Current Ratio	1.08	1.17
Interest Coverage	22.34	3.94

Quick Ratio

SIQ

MMS

Profitability

Metric	SIQ	MMS
Return on Assets (Normalized)	12.77%	6.98%
Return on Equity (Normalized)	31.91%	91.98%
Return on Invested Capital (Normalized)	24.45%	13.51%

Return on Assets

SIQ

MMS

Specialty Business Services Industry Comparables

Screen With Investor

Name	Capital Allocation	Economic Moat	Market Cap
Cintas Corp CTAS	LOCK\|j#W$<Ct	LOCK\|QC	$89B
RELX PLC RLXXF	—	LOCK\|%l	$71B
RELX PLC ADR RELX	LOCK\|?#^%gtgr	LOCK\|^&&	$71B
Thomson Reuters Corp TRI	LOCK\|WqNYW%F>	LOCK\|$n%L	$53B
Copart Inc CPRT	LOCK\|L?$>by^	LOCK\|Xbd	$27B
Global Payments Inc GPN	LOCK\|&L!G!l	LOCK\|^vPS!	$22B
RB Global Inc RBA	LOCK\|t%x^^fl	LOCK\|?!%g@	$16B
UL Solutions Inc Class A common stock ULS	LOCK\|Tg&&&j	LOCK\|R^^<$	$15B
Aramark ARMK	LOCK\|S<^#&Sy	LOCK\|fr	$14B
Rentokil Initial PLC ADR RTO	LOCK\|Nhg$Dc#	LOCK\|ByQ<	$11B