Fund Manager Summary
The outlook for Smart Parking Ltd appears promising, as fund managers believe recent developments may enhance the company's growth potential. They note that shares in Smart Parking increased by 6% in April, reflecting positive market sentiment. In their opinion, a supportive comment from a British politician regarding potential increases in charges for antisocial parking could significantly benefit Smart Parking's business model. Given that the company’s revenue is primarily driven by parking breaches, any discussion around raising maximum parking charges is seen as a potential catalyst for improved financial momentum and share price sentiment. Overall, the fund managers express optimism about the future performance of Smart Parking Ltd.
Source: Trading View
Commentary From The Managers
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Endeavor Asset Management
31 Oct 2025
$1.26
Summary
- Long term holding
- Smart Parking (SPZ) was one of the top contributors during the month with its share price increasing by 31%.
- SPZ released its Q1 trading update showing revenue growth accelerating from +22% in June to +28%.
- This growth is driving meaningful operating leverage with EBITDA growing by more than 50% yoy.
- SPZ recently entered Switzerland, making it the sixth region they’re currently active in.
- Four or more additional regions are expected to come online in the future.
- With the US acquisition performing well and a strong current opportunity set, SPZ is expected to continue to perform strongly over the next 12 months.
- After this period, SPZ may begin to explore further acquisitions and growth opportunities.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Endeavor Asset Management
31 Oct 2025
$1.26
- Long term holding
- Smart Parking (SPZ) was one of the top contributors during the month with its share price increasing by 31%.
- SPZ released its Q1 trading update showing revenue growth accelerating from +22% in June to +28%.
- This growth is driving meaningful operating leverage with EBITDA growing by more than 50% yoy.
- SPZ recently entered Switzerland, making it the sixth region they’re currently active in.
- Four or more additional regions are expected to come online in the future.
- With the US acquisition performing well and a strong current opportunity set, SPZ is expected to continue to perform strongly over the next 12 months.
- After this period, SPZ may begin to explore further acquisitions and growth opportunities.
Summary
Blackwattle Investment Partners
31 Oct 2025
$1.26
- Smart Parking has seen a significant share price increase of 31.3%.
- It is a technology-driven parking management company focused on intelligent solutions.
- Key offerings include automatic number plate recognition (ANPR) cameras and cloud-based parking management software (SmartCloud).
- Smart Parking also provides mobile applications to enhance parking management for property owners.
- Its clients include hospitals, retail centres, and leisure venues aiming to improve parking efficiency.
- The share price rallied in October due to a strong first-quarter trading update.
- Positive commentary highlighted the company’s expansion into the U.S. and continental Europe.
- Broker upgrades have pointed to Smart Parking’s growing recurring revenue base.
- There is a strong emphasis on the company’s long-term growth potential.
- Blackwattle Investment Partners continues to hold because of these positive developments.
Summary
Mereweather Capital
30 Sept 2025
$0.96
- Mereweather Capital has benefited from earnings multiple expansion in its portfolio.
- During the month, Mereweather Capital took some profits in Smart Parking (SPZ).
- Investments were made when companies had no coverage from sell-side research or institutional ownership.
- Initial investments were made at low double-digit earnings multiples.
- As companies executed growth plans, they attracted higher valuations.
- Mereweather Capital maintains a positive outlook on the future of these companies.
- In light of current market conditions, Mereweather Capital believes it is prudent to reduce holdings that are trading on momentum.
- The focus is shifting towards new investment opportunities that resemble initial investment conditions.
Summary
Prime Value Asset Management
31 Aug 2025
$0.97
- Smart Parking Ltd (SPZ) offers technology for issuing and collecting parking infringements on private property.
- Operates in six countries, including the UK, New Zealand, and Germany, with recent expansion into the US.
- Once installed, the technology is difficult to displace, creating an annuity-like stream of earnings.
- Exhibits very attractive investment characteristics.
- Experiencing rapid growth.
Summary
Endeavor Asset Management
31 Aug 2025
$0.97
- Endeavor Asset Management notes that Smart Parking (SPZ) delivered a strong result, achieving revenue of $77m and EBITDA of $21m, both exceeding expectations.
- The business has expanded into six regions, enhancing its platform to replicate the success of its UK operations.
- Momentum in site rollouts is encouraging, with 437 sites added during FY25, bringing the total to 1,799.
- At the current pace, SPZ is well positioned to achieve its target of 3,000 sites before the December 2028 deadline.
- On a 12x FY26 EV/EBITDA basis, with EBITDA compounding at approximately 30% per annum, the company appears attractive.
- Endeavor's internal DCF analysis indicates meaningful upside from current levels.
Summary
Mereweather Capital
31 May 2025
$0.85
- Mereweather Capital continues to monitor Smart Parking Ltd (SPZ) following a recent trading update.
- SPZ reported a 19% revenue growth year-to-date, slightly down from the 20% growth rate in the first half.
- The slowdown in revenue growth is attributed to lower breach notice values in the UK market due to pricing changes from the new industry Code of Conduct.
- Despite the satisfactory trading update, Mereweather Capital took some profits in SPZ due to its elevated earnings multiple.
- Profits were redeployed into a new investment idea discussed in their latest communications.
Summary
Endeavor Asset Management
30 Apr 2025
$0.87
- Endeavor Asset Management notes that Smart Parking (SPZ) shares rose 14.6% in April, driven by on-market buying from Chairman Chris Morris.
- Chairman Morris acquired approximately $1 million worth of shares, indicating strong confidence in the company's direction.
- Endeavor Asset Management remains constructive on SPZ and anticipates further upside as the company expands into new global regions.
- The stock is currently trading at 12x FY26 EBITDA, a decrease from 14.6x prior to the acquisition.
- This shift represents 35% multiple accretion and significant DCF upside.
Summary
Endeavor Asset Management
24 Apr 2025
$0.79
- Endeavor Asset Management identifies Smart Parking Systems as a top pick for the next three to six months.
- Analysts project a revenue growth of 25% and a shift to profitability by next June.
- Earnings before interest, taxes, depreciation, and amortisation margins are expected to expand from 10% to 15%.
- The stock trades at approximately eight times forward EV/EBITDA, significantly below its historical average of 12 times.
- The global smart-parking market is anticipated to reach $US10 billion by 2028, presenting growth opportunities.
- Smart Parking's expansion in the USA offers clear catalysts for future growth.
- Compared to peers trading at 14 times EV/EBITDA, there is notable re-rating potential with new contract announcements.
Summary
Endeavor Asset Management
31 Mar 2025
$0.76
- Endeavor Asset Management notes that Smart Parking (SPZ) has completed the acquisition of Peak Parking.
- Peak Parking is a high-margin U.S. operator generating A$14.7m in revenue and A$5.3m EBITDA.
- The acquisition is expected to be 25% accretive to FY25 EPS.
- Funding was achieved through a $45m capital raise and scrip.
- This deal expands SPZ’s footprint across six U.S. states and 134 locations.
- Despite the strategic benefits, SPZ shares softened post-announcement due to broad macro volatility rather than fundamentals.
- At 77cps, the stock trades on <11x FY26 EV/EBITDA, down from 14.6x pre-deal.
- This presents a 35% multiple accretion and material DCF upside.
- With strong growth, high margins, and planned tech rollouts, Peak is viewed as a compelling platform for SPZ’s U.S. expansion.
- Endeavor Asset Management participated in the capital raise.
Summary
Mereweather Capital
28 Feb 2025
$0.88
- Mereweather Capital notes that Smart Parking (SPZ) reported solid but not spectacular results.
- The first half numbers were significantly impacted by the acquisition of Peak Parking, a US-based parking management services provider.
- Financially, the acquisition appears compelling, but operationally, integration into the US market will require considerable effort.
- Peak Parking operates a different business model than SPZ, focusing on parking management for real estate portfolios rather than breach notices.
- Management acknowledged the differences in business models during the results presentation and emphasized their thorough search for US acquisition targets.
- A key factor in their decision was the quality of the Peak Parking team, which they believe will help drive their US ambitions.
- SPZ management highlighted the growth of Peak Parking, with a 45% compounded revenue growth over the last three years.
Summary
Mereweather Capital
30 Nov 2024
$0.89
- Smart Parking (SPZ) had a successful AGM update, achieving significant milestones ahead of schedule.
- SPZ management initially set a growth target of 1500 parking sites by June 2025 but revised it to December 2024 and achieved it in October.
- Current management guidance aims to double the business to 3000 sites by December 2028.
- SPZ reported an impressive $5.4m EBITDA in the first quarter, aligning with profitability expectations.
- Mereweather Capital notes that unit economics have been maintained despite rapid growth in site numbers.
- Potential projections suggest $47m EBITDA if the company meets its 3000-site target.
- While reaching 3000 sites seems daunting, previous achievements indicate that significant growth is plausible.
Summary
Endeavor Asset Management
30 Nov 2024
$0.89
- Endeavor Asset Management highlights their conviction in Smart Parking as a leading small cap position.
- Smart Parking shares rose 29% over the month, contributing significantly to performance.
- Attendance at the company’s AGM was well received by the market.
- Strong financial performance reported for FY to date with a substantial upgrade to guidance.
- Revenue grew by 24% and EBITDA by 30% in 1Q25 compared to 1Q24.
- Margin Expansion observed, with EBITDA margins improving by 126 basis points year over year.
- New organic growth target set at 3,000 sites by December 2028.
- Aiming for approximately 19% annual growth in car parks over the next four years.
- Endeavor Asset Management began acquiring shares in March at an average price of $0.44.
- Position increased in May and June, with shares closing at $0.90, marking a 104% increase.
- Enhanced margins and revised guidance led to significant uptick in internal valuation.
- Endeavor Asset Management continues to hold Smart Parking, with shares trading at a consensus FY26e P/E of 22x.
- Projected EPS growth of 36% per annum anticipated over the next three years.
Summary
Endeavor Asset Management
31 Oct 2024
$0.70
- Endeavor Asset Management notes that Smart Parking (SPZ) was a top contributor, with shares increasing by 19% this month.
- New parking laws launched in October in the UK aim to raise standards across the private parking sector, benefiting Smart Parking.
- The new laws target unfair fines on drivers, which Endeavor Asset Management views as a net positive for Smart Parking's solutions.
- Smart Parking offers an effective management solution for car parks, aiding in the mitigation of car park abuse.
- The company's technology is currently deployed in over 1,000 parking sites across the UK.
- Endeavor Asset Management expects the new code to spur growth in new parking sites and lead to accelerated revenue growth for Smart Parking.
Summary
Endeavor Asset Management
31 Aug 2024
$0.61
- Smart Parking Ltd (SPZ) reported a strong FY24 results with 28% growth in underlying EBITDA
- Share price increased by 8% over the month
- Company added over 300 parking sites, contributing to growth across all key regions
- Endeavor Asset Management met with management to discuss FY25 outlook
- Expect continuation of profitable growth and disciplined site expansion into new regions
- Endeavor Asset Management increased weighting in SPZ, making it the top ex-200 holding in the Balanced Portfolio
- Confidence in SPZ’s high growth potential
- SPZ is trading at FY25e EV/EBITDA of 11x
- Profit expected to grow by approximately 30% per annum through to FY28e
Summary
Salter Brothers
31 July 2024
$0.57
- Smart Parking’s (SPZ) performance improved due to the election of a Labour Government in the UK, which reduces regulatory risks.
- Keir Starmer as the new UK Prime Minister diminishes chances of reviving previous plans to lower maximum parking charges.
- This political stability, alongside expected strong financial results for FY24, has positively influenced investor sentiment.
- Smart Parking is anticipated to demonstrate significant year-over-year growth in revenue and EBITDA, showcasing strong operational leverage and strategic expansion.
- The Manager believes Smart Parking’s growth trajectory is just beginning with considerable potential for future advancements.
Summary
Endeavor Asset Management
31 July 2024
$0.57
- Smart Parking Ltd. (SPZ) was a top contributor, rising 22% in July.
- The election of a Labour government in the UK has reduced regulatory risk related to SPZ’s UK parking breach revenue.
- As the company continues its global rollout strategy, UK regulation risk is further diluted by a geographically diversified earnings stream.
- SPZ trades at an attractive 14x FY26e P/E.
- Consensus EPS is expected to grow +45% per annum over the next two years.
Summary
Endeavor Asset Management
30 June 2024
$0.48
- Endeavor Asset Management invested in Smart Parking Ltd due to its technology-driven approach in the parking sector.
- The fund manager initiated a position because they expect SPZ to effectively replicate and expand its business internationally over the next 3+ years.
- There is an anticipated increase in site additions for FY24, exceeding current consensus estimates.
- Endeavor Asset Management sees a significant market opportunity for SPZ as it expands.
- The fund manager believes that the UK political environment will be supportive of parking regulations, ensuring a favorable operational landscape.
- It is expected that there will not be a burdensome cap on breach amounts, which would positively impact SPZ's revenue.
Summary
Endeavor Asset Management
30 Apr 2024
$0.44
- Endeavor Asset Management notes a 6% increase in shares of Smart Parking Ltd (SPZ) in April.
- A supportive comment from a British politician regarding antisocial parking charges emerged late in the month.
- The politician's statement contradicts expectations about parking charge increases.
- Smart Parking's revenue is significantly driven by parking breach charges.
- Discussion of raising maximum parking charges could positively impact the financial momentum of Smart Parking.
- This potential change may also enhance share price sentiment.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With whispers of rising parking fines, it seems Smart Parking Ltd could be positioned to capitalize on an unexpected tailwind, potentially transforming a regulatory shift into a financial boon for investors."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Smart Parking Ltd (ASX:SPZ)?
Fund managers including Endeavor Asset Management, Mereweather Capital, Salter Brothers, Prime Value Asset Management and Blackwattle Investment Partners have invested in Smart Parking Ltd (ASX:SPZ).
Why do fund managers invest in Smart Parking Ltd?
Fund managers have invested in Smart Parking Ltd due to its potential for increased revenue driven by parking breaches. Recent comments from a British politician indicating a possible rise in charges for antisocial parking have positively influenced the company's outlook, suggesting a favorable impact on financial momentum and share price sentiment.
What happened to Smart Parking Ltd (ASX:SPZ)?
Fund managers are investing in Smart Parking Ltd (SPZ) due to its strong financial performance, with revenue and EBITDA exceeding expectations. The company has successfully expanded into six regions, including the US, and has added 437 sites in FY25, positioning it well to meet its target of 3,000 sites by December 2028. SPZ's technology for parking management creates stable, annuity-like revenue streams, making it an attractive investment. Furthermore, its rapid growth and positive market sentiment, driven by recent trading updates and broker upgrades, reinforce its long-term growth potential.