Company reported results yesterday - looks like a positive announcement. This one is a hidden gem with a lot of potential.

Some things to get excited about

• Significant investor backing (Finico which owns 33% of the company is owned by Christopher Morris, founder of Computershare - an ASX50 stock). Plenty of experience and also non-executive Chairman. He has been accumulating and topping up his investment, most recently the notice on 2 March 2020 (where he topped up more at an average price of $0.183)
• In early August 2019, the Board received an unsolicited preliminary, non-binding, indicative and conditional proposal to acquire 100% of the share capital of Smart Parking Limited at a price of 28.4c in cash for each SPZ share. There was also a lot of interest from other parties in acquiring parts of SPZ, suggesting there is break-up value. This gives an indication of where the share price could be when the business recovers (and well on track)
• Since last year, SPZ won new major clients (London Gatwick and KFC UK and Ireland). The client has a lot of reputable brand names as its clients on Page 12 and Page 15 of Investor Presentation
• Growth from expansion into New Zealand for managed parking services, which would provide runway for larger recurring revenues going forward
• In terms of COVID-19, PBNs and traffic volumes recovering - graph on Page 3 shows the recent run rates and considering the number of sites continues to grow (even with COVID-19)
• New apps such as the one for Smart Cities (e.g. in Adelaide) and further newly developed smart city products launching FY21 primed for continued growth
• Significant addressable market - not to mention significant tailwinds in the smart parking systems industry. The global smart parking systems market size was valued at USD 3.9 billion in 2019 and is projected to register a CAGR of 17.4% from 2020 to 2027 (Grand View Research, March 2020). Even if SPZ can hold its current market share of a growing slice, would be plenty of potential as we are starting off a relatively low base compared to the overall market size. If SPZ increases market share, this would increase the share price even more.
• As SPZ continues to build scale and reaches the profit inflection point, the profits would be scaleable given it is technology-based.

Share price currently depressed due to COVID-19, but likely to recover as the traffic volumes continue to pick back up and when the market realises that people are increasingly choosing to drive their own car rather than take the risk with public transport. 

Good luck and DYOR!