Pinned straw:
Another great quarter from Smart Parking
Cracking little business and very simple to understand. The only thing stopping me going all into this little gem is the uncertainity around government regulation. Any area can be rugged pulled at any time which. Worth a good chunk of a portfolio but not an overweight position given that risk
disc- held in RL 10%
Revenue up 69% and EBITDA up 56% on the PCP is pretty amazing!
I guess the thing with SPZ though is that this extraordinary level of growth is to a certain degree already priced in, so to quickly review the Q1 figures:
- Revenue: FY26 Q1 of $28.3m, FY26 Annual run-rate of $113.2m vs FY25 Total $77.3m would be 46% revenue growth. (Last year was 41% growth)
- Adjusted EBITDA: FY26 Q1 of $7.9m, FY26 Annual run-rate of $31.6m vs FY25 Total $20.5m up 54% (Last year was 47% growth)
No mention of margins explicitly, although improved recovery methods in the UK would be material given it hosts 1,335 of 1,799 sites.
Total live sites is also unchanged from the last report in August at 1,799, which is slightly surprising given the previous rapid deployment.
Overall, not heaps of new information, but seems like another awesome quarter from the team. Market likes it too, up another 6% today currently!
Agree. The latest results look good. However, I’m keen to better understand the regulatory risks in Denmark and how these are being overcome by $SPZ.
@Strawman is there an opportunity to hear from Paul?
@BendigoInvesto agree the headlines look pretty good.
Although the Revenue and EBITDA % comprisons to PCP are helped by the acquisition of Peak.
UK and Germany (small base) ticking along OK. NZ is on fire! (Shame its not bigger).
Denmark a reminder of what regulation changes can do to this business - something to always bear in mind in position sizing.
But overall ... good. I'm happy with this.
Disc: Held.