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$0.315
Average Intrinsic Value
73.9%
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#Buy Back
Last edited 4 weeks ago

SPZ - On Market Share Buy Back activity is occurring

SPZ have been active in their on-market buy back, but really are yet to scratch the surface of their proposed $5m buy back funds.

Still up to $4.6m available to buy back and over 11 months to run

 

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#Bull Case
Last edited 4 weeks ago

SPZ - pre-release comms on new Tessera app / platform

2021-03-23

SPZ have circulated an early heads up of their new platform named Tessera, aimed at not just streamlining the back end processes of Car Park management  for local Councils, but also the new platform lays the foundations to be expanded into other services offerred by the municipality

The overview video is here

It does seem like a sensible idea to leverage the already in place relationships with respects to Car Parking and simulate those efficiences and processes over into the other services of the already customer base.

 

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#Bull Case
Last edited a month ago

SPZ - some interesting reading

As well as today (11th of March 2021) signifying the commencement period of the $5m on-market share buy-back as per the announcment here,  I also came across another little piece of what I feel is supporting info for this stock.

Just recenlty I've been trialling various market screener / filter products and one I was using has the functionality to bring together both ASX announcments and media articles.

So when I stumbled across this recent Motley Fool write up there was a couple of snippets in there that I took as support for the stock looking forwards.

Not just the article itself, but rather when scrolling through to the end of it to read the Disclosure policy statement that Motley Fool abides by, for Smart Parking both the author of the article and the company Motley Fool Holdings Inc themselves have declared an interest in the stock as at 25th of Feb.

I couldn't help but take that to be confirmation that 'smart money' has also come across this opportunity.

So interesting indeed and I have chalk it up as a tick in the box that "there are others at the party too", a thought process / test that I picked up from Ausbiz in the last week or so.

 

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#Insider Buying
Added 2 months ago

SPZ - quite a history of Directors buying on-market

With the company reported as having a Top 20 holding 73%, there is a multi-year trend of Directors buying on-market.

Especially interesting around September 2020 when 2 x 1m parcels were bought at only 10cents / share yet in 2018 and 2019 purchases were made at or around today's prices.

Taking this on board in conjunction with the on-market Share Buy-Back announcment and around 25% of the shares held outside of the top 20, this IMO is another sign for share price support.

 

 

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#Bull Case
Last edited 2 months ago

SPZ - New Substantial Holder triggers 5% holding with $116K top up

Recenlty announced new (or possibly returning) susbtantial holder Microequities Asset management Pty Ltd provided details that they became a substantial holder the day following the Hal Yearly report.

 

since Novemeber 2020, they have:

  • bought a total of $116K additional shares
  • increased their holding by 743,897 shares
  • avg price of 15.68 cents per share

this brings their total holding to 5.16% and 184,541,598 shares

this holding is an estimate value around $31m on today's close price 3rd Mar 2021

 

 

 

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#ASX Announcements
Added 2 months ago

SPZ - $5m Buy Back on-market announced

on the 25 Feb 2021 the company announced up to a $5m on-market share buy back to commence from 11th of March

On top of this being a pandemic re-opening trade, I feel this underpins the share price going forward as well, especially given that the share price is still below the post-March highs (just) and is well below the pre-covid trading range.

plus today there was an additional announcement regarding the Dispute Settlement to the tune of a one off $1.6m payment

share price seems to have been warming to the re-open since August 2020 as a short term view

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#VAT Settlement 22/2/21
Added 2 months ago

Smart Parking Limited (ASX:SPZ) UK VAT

The settlement results in:

  •  HMRC withdrawing assessments raised in August 2019 for $3.0m which were provided for in the FY19 accounts.
  •  HMRC refunding an overpayment of input VAT of $2.9m.
  •  SPZ writing back to profit $6.9m of prior year input VAT which is a one-off benefit in H1 FY21. This comprises the reversal of a $4m provision in the FY20 accounts for unpaid input VAT, in addition to the cash refund of $2.9m for overpaid input VAT.
  •  SPZ withdrawing Notices of Appeal that had been lodged in relation to the matter.
  •  SPZ restricting input VAT on a small number of leased sites where SPZ acts as principal.

View Attachment

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#Management
stale
Added 8 months ago

Recent FY20 financial results far exceeded expectations. Surprising to see how strong new customer sign ups were and continue to be. Still a heavy buy under 15c. 

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#Bear Case
stale
Added 8 months ago

Latest report (Aug 24, 2020) is around what was expected but SPZ is not out of the woods. Its growth strategy has been hit hard by covid-19 and it remains highly vulnerable to any lockdown measures should they come in again. It's unlikely to need capital in the next 12 months, assuming no lockdown restrictions. It's not likely to be profitable for a number of years. That places its survival strongly at the mercy of how the pandemic progresses and it runs the real risk of going under.

SPZ’s own projections are showing the rebound in PBNs are stalling well below 2019, despite the rosy uptick arrows in its reports and the deceptively large percentage measure taken from the lockdown troughs. Such as July ‘rebounded 350% from COVID-19 lows’ which is pure spin when the July 2020 figure is down 25% compared to 2019. The total figures for the year are also bolstered by a relatively normal first 8 months.

First half ‘adjusted’ EDITDA was +1.6m, total FY was -0.9, implying adjusted EDITDA was -2.6million in the second half and this included a strong pre-covid January and February. The net loss looks even worse at at 5.8million loss for the half. SPZ’s market cap is only circa $31million, so both adjusted EDITDA and the reproted net losses are substantial,


Finally, the full FY21 year is going to be a disaster as it won’t have pre-pandemic numbers to boost its results.

Avoid. Maybe revisit the stock in 1-2 years.

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#ASX Announcements
stale
Added 10 months ago
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