Smartgroup Corporation Ltd

SIQ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.60	Plft	Ykhbvbrc

Smartgroup: Market Heeding Downside Risks

Shaun Ler

May 9, 2024

Since August 2023, we have believed that the market was underestimating no-moat Smartgroup’s labor intensity while overestimating its ability to grow novated leasing yields—mainly transactional revenue from facilitating novated leases for employees.

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