Fund managers including Naos Asset Management, Centennial Asset Management, Hurdle Rate, Sandon Capital, Wilson Asset Management, Glennon Small Companies, LSN Capital Partners and 1851 Capital have invested in COG Financial Services Ltd (ASX:COG).

Fund managers highlight the federal EV fringe benefits tax exemption and falling electric vehicle prices driving strong growth in novated leasing and salary packaging, which 1851 Capital expects to reach 70 to 80% of earnings within two years. LSN cites 28% EBITDA and 27% EPS growth in FY26 with conservative guidance for a further 10% EBITDA uplift, a strong balance sheet and room for further acquisitions, while Sandon points to the EasiFleet deal positioning COG for major NSW and Victorian government fleet tenders.

The available commentary is overwhelmingly positive, but growth is heavily reliant on government EV policy, so any change to the fringe benefits tax exemption would be a key risk. Earlier NAOS commentary noted the broker and lending side of the business has needed restructuring, including the performance of Earlypay.

COG Financial Services Ltd., headquartered in Chatswood, Australia, provides equipment finance, funds management, and lending services. The company operates through three segments: Finance Broking and Aggregation, which scales broker volumes across diverse asset types; Funds Management and Lending, focused on investment funds and commercial asset financing; and All Other, which includes corporate functions and equity in associate Earlypay Limited. Founded in 2002, COG Financial Services provides essential financing solutions to commercial customers.