Summary
The fund managers believe that Supply Network Ltd represents one of the great success stories in the Australian small-cap sector, demonstrating impressive performance with a share price increase of over 67% in the past year. They highlight the company’s consistent revenue and earnings growth, with a 25%+ EPS CAGR over the past decade, driven by strong management under CEO Geoff Stewart. In their opinion, the company benefits from favorable structural tailwinds in the aftermarket supply of truck and bus parts, allowing it to capture increasing market share from competitors. Despite concerns about valuation, they see potential for continued expansion and profitability due to its robust operational framework and customer service excellence. Fund managers emphasize that Supply Network is well-positioned to navigate market complexities, making it a core holding for investors seeking stable, long-term returns. Overall, while some managers are taking profits due to current valuations, they maintain a positive outlook on the company’s future growth prospects.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Become a ThesisTracker Pro Member
-
Unlock current and most recent commentary ahead of the crowd
-
Exclusive access to new insights from the investment community
-
Regular alerts to actionable insights from financial professionals
Commentary From The Managers
Bennelong Australian Equity Partners
24 July 2025
$39.53
Summary
- Bennelong Australian Equity Partners recognizes Supply Network as a standout performer in the market.
- Supply Network supplies truck and bus parts under the Multispares brand.
- The company has experienced a 70% surge on the ASX over the past year.
- It is characterized as a "stable compounder" by Macphillamy.
- Supply Network has demonstrated a decade of mid-teen revenue growth.
- The company maintains strong margins and is increasing market share.
- Bennelong Australian Equity Partners continues to hold its position in Supply Network due to these positive indicators.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Become a ThesisTracker Pro Member
-
Unlock current and most recent commentary ahead of the crowd
-
Exclusive access to new insights from the investment community
-
Regular alerts to actionable insights from financial professionals
Commentary From The Managers
Bennelong Australian Equity Partners
24 July 2025
$39.53
Summary
- Bennelong Australian Equity Partners recognizes Supply Network as a standout performer in the market.
- Supply Network supplies truck and bus parts under the Multispares brand.
- The company has experienced a 70% surge on the ASX over the past year.
- It is characterized as a "stable compounder" by Macphillamy.
- Supply Network has demonstrated a decade of mid-teen revenue growth.
- The company maintains strong margins and is increasing market share.
- Bennelong Australian Equity Partners continues to hold its position in Supply Network due to these positive indicators.
Spheria Asset Management
30 June 2025
$37.39
Summary
- Supply Network (SNL.ASX) share price declined 8% in June without any company-specific news.
- Exceptional performance over the last 12 months, with the share price increasing nearly 67% for the financial year.
- Revenue growth of almost 18% and NPAT growth of 32% in 1H25, outperforming competitors facing macroeconomic challenges.
- Continued execution of expanding sites and delivering exceptional service, leading to ongoing market share gains.
- Market share currently estimated at 15% across Australia and New Zealand, with potential for further growth.
- Gained market share from other distributors, including Bapcor and original truck suppliers.
- Despite no longer trading at extremely low multiples, SNL has a strong delivery track record in the Australian small-cap landscape.
- Possesses a compelling market position and highly capable management team.
- High incremental return on capital, cash flow, and growth prospects lead Spheria Asset Management to continue holding SNL as a core investment for the Fund.
Ausbil
30 May 2025
$40.60
Summary
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Wilson Asset Management
30 Apr 2025
$38.17
Summary
- Supply Network is a leading aftermarket supplier of truck and bus parts and accessories.
- CEO Geoff Stewart has successfully led the company for over 25 years, achieving a market capitalisation of nearly $2 billion.
- The company has consistently gained market share, driven by organic growth and quality service.
- Strong employee training and mentorship, along with investment in software and systems, enhance customer service and retention.
- The complexity of parts replacement has increased, benefiting Supply Network due to its distribution footprint across Australia.
- Supply Network possesses the knowledge, expertise, and stock levels needed to operate effectively in a complex market.
- Wilson Asset Management continues to hold due to strong conviction in the company's competitive advantages.
- Recent industry meetings and an investor day have strengthened the belief in Supply Network's ability to outperform.
- Expectations are for continued market share gains, leading to strong long-term returns for shareholders.
Centennial Asset Management
23 Apr 2025
$38.10
Summary
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Centennial Asset Management
16 Apr 2025
$37.92
Summary
- Centennial Asset Management views Supply Network as one of the great Australian small cap success stories.
- Supply Network supplies trucks and buses with parts, playing a crucial role across various industries in Australia.
- They excel in sourcing parts globally and provide valuable advice to clients on maintenance and repairs.
- The company has consistently outperformed market expectations.
- Centennial Asset Management has held the investment for a significant period, with potential returns estimated at doubling their initial investment.
- Liquidity is a concern, as it may take time to adjust their position.
- The company is experiencing substantial growth and has increased its weight in the portfolio.
- Valuation remains a key consideration; despite the company's strong performance, Centennial Asset Management acknowledges that it is currently expensive.
- The fund manager has gradually taken profits while maintaining a long-term perspective.
- Centennial Asset Management emphasizes a patient approach, recognizing the company's ongoing execution excellence.
QVG Capital
31 Dec 2024
$33.00
Summary
- Supply Networks (SNL) is recognized as a notable ASX small cap story.
- QVG Capital emphasizes its status as an overnight success that has taken 20 years to develop.
- The company has consistently delivered 25%+ EPS CAGR over the past decade.
- Under the leadership of Geoff Stewart, SNL has maintained disciplined management.
- Recent trading updates have exceeded expectations, reinforcing confidence in the company's performance.
QVG Capital
31 July 2024
$24.46
Summary
- Supply Network pre-announced FY24 results, delivering revenue growth slightly ahead of consensus.
- Solid second half margin improvement noted in the results.
- Sales growth in the high-teens over the past 5 years, with earnings growth in the low 20s.
- QVG Capital recognizes Supply Network as a quiet achiever in the market.
- Minimal effort in investor relations, reflecting self-funding capability and a strong track record.
- Among the cleanest set of accounts on the ASX, contributing to investor confidence.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Supply Network Ltd (ASX:SNL)?
Fund managers including Centennial Asset Management, Ausbil, Bennelong Australian Equity Partners, QVG Capital, Spheria Asset Management and Wilson Asset Management have invested in Supply Network Ltd (ASX:SNL).
Why have investment managers invested in Supply Network Ltd (ASX:SNL)?
Fund managers are investing in Supply Network Ltd due to its strong performance and growth potential in the aftermarket supply of truck and bus parts. The company has demonstrated impressive revenue and earnings growth, with a consistent track record of mid-teen revenue increases and high return on investor capital. Its founder-led management, led by CEO Geoff Stewart, emphasizes quality service and operational excellence, enabling the company to gain market share from competitors. Furthermore, Supply Network benefits from structural tailwinds in the industry, expanding its product offerings and footprint. Despite recent price increases, fund managers view it as a core holding due to its competitive advantages and continued growth prospects.
What happened to Supply Network Ltd (ASX:SNL)?
In recent commentary, fund managers have highlighted Supply Network Ltd (SNL.ASX) as a strong investment choice. Bennelong Australian Equity Partners noted the stock's impressive rise of over 70% in the past year, branding it a "stable compounder" with a decade of mid-teen revenue growth and increasing market share. Meanwhile, Spheria Asset Management reported a temporary decline of 8% in June, emphasizing that the share price had surged nearly 67% over the financial year, driven by robust revenue growth of almost 18% and NPAT growth of 32% in 1H25. Despite macroeconomic challenges, Supply Network continues to expand its market share, currently at approximately 15% across Australia and New Zealand, making it a core holding in their portfolio due to its strong performance and capable management.