Smart Parking's site rollout accelerates toward a 3,000-site 2028 target
A capital-light, annuity-like technology overlay for private parking management has driven Smart Parking's expansion across six countries, with fund managers pointing to accelerating recurring revenue growth even as some trim positions after strong multiple expansion.
16 Jul 2026 · 5 min read
In short
Smart Parking added 437 sites in FY25 to reach 1,799 total, with Endeavor Asset Management noting the company is well placed to reach its 3,000-site target well before its December 2028 deadline.
Smart Parking's Q1 FY26 trading update showed revenue growth accelerating from 22% in June to 28%, driving EBITDA growth of more than 50% year-on-year as the company expanded into Switzerland, its sixth active region.
Mereweather Capital took profits in Smart Parking in September 2025 after significant earnings multiple expansion, even while remaining positive on its future outlook, as a matter of prudent position sizing rather than a change in view.
Smart Parking Ltd (ASX: SPZ) has built its fund manager following on a straightforward, capital-light model: installing technology to manage parking enforcement on private property, an annuity-like revenue stream that Prime Value Asset Management notes is hard for property owners to displace once in place. Endeavor Asset Management summarised the FY25 result in August 2025, reporting revenue of $77 million and EBITDA of $21 million, both ahead of expectations, with the business now operating across six regions and 437 sites added during the year to bring the total to 1,799, putting it on track to reach its 3,000-site target well before its December 2028 deadline.
On 12x FY26 EV/EBITDA, with EBITDA compounding at around 30% per annum, the company screens attractively, and our internal DCF analysis suggests meaningful upside from current levels.
Endeavor Asset Management, Monthly Report, August 2025
Revenue growth accelerates through the first quarter
The growth trajectory strengthened further into the new financial year. Endeavor Asset Management reported Smart Parking's Q1 FY26 trading update showed revenue growth accelerating from 22% in June to 28%, driving operating leverage that saw EBITDA grow more than 50% year-on-year. The company entered Switzerland during the quarter, becoming its sixth active region, with the fund expecting four or more additional regions to come online over time, and noted the US acquisition was performing well alongside the broader opportunity set in front of the business.
A strong rally follows broker upgrades
Blackwattle Investment Partners reported Smart Parking shares rallied 31.3% in October 2025 following the strong first-quarter update, positive commentary on expansion into the US and continental Europe, and broker upgrades emphasising the company's growing recurring revenue base and long-term growth potential. SG Hiscock & Company added that Smart Parking made a material contribution to returns across both November and calendar year 2025, describing the technology overlay as a capital-light, win-win proposition for car park owners for whom parking management is not their core business, with the recent AGM update confirming adoption continued at pace toward the 2028 target.
Some managers trim after strong multiple expansion
Not every holder has kept its full position size through the rally. Mereweather Capital took some profits in Smart Parking in September 2025, explaining it had originally bought the stock when it had no sell-side research coverage or institutional ownership, trading on low double-digit earnings multiples, and that as the multiple expanded alongside strong execution, it became prudent to reduce position sizing and rotate into other ideas earlier in their own growth curve, even while maintaining a positive view on Smart Parking's outlook.
While we continue to hold positions in these companies and have positive views on their future outlooks, when share prices trade primarily on momentum and passive investment flows I think it's prudent to reduce the size of these holdings and rotate into other ideas.
Mereweather Capital, Monthly Report, September 2025
What managers are watching next
With Endeavor Asset Management continuing to hold the stock as a long-term position through November 2025, encouraged by management's ability to execute on the US acquisition and further yield upside expected from the UK region despite ongoing regulatory reviews there, the catalysts fund managers are tracking most closely are the pace of expansion into further new regions beyond Switzerland, continued conversion of new sites onto Smart Parking's technology overlay, and whether the company reaches its 3,000-site target ahead of the December 2028 deadline as several holders currently expect.
Questions
What is Smart Parking's 2028 growth target?
Smart Parking is targeting 3,000 managed sites by December 2028, having added 437 sites in FY25 to reach 1,799 total, with Endeavor Asset Management noting the company is well placed to reach the target ahead of schedule.
How fast is Smart Parking's revenue growing?
Smart Parking's Q1 FY26 trading update showed revenue growth accelerating from 22% in June to 28%, driving EBITDA growth of more than 50% year-on-year as the company expanded into Switzerland, its sixth active region.
Why did Mereweather Capital trim its Smart Parking position?
Mereweather Capital took profits after significant earnings multiple expansion following strong execution, a prudent position-sizing decision to rotate into other ideas earlier in their growth curve, rather than a change in its positive view on Smart Parking's outlook.
11 managers, 37 comments, with each manager's latest recorded position.
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