External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>SPZ reported strong momentum for 1Q25 at its AGM update (November 2024), with parking breach notices (PBNs) increasing +18% yoy to 266k (+10% qoq).</li><li>We expect this momentum to be sustained into 2Q25 and forecast 1H25 total revenue of $33m (+23% yoy, CapitalIQ cons. $32m), composed of $31m parking management revenue (+24% yoy) and $2m technology revenue (+10% yoy).</li><li>We forecast 1H25 adj. EBITDA of $10m (+33% yoy, CapitalIQ cons. $10m), representing an EBITDA margin of 31% (pcp 28%). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SPZ reported strong momentum for 1Q25 at its AGM update (November 2024), with parking breach notices (PBNs) increasing +18% yoy to 266k (+10% qoq).We expect this momentum to be sustained into 2Q25 and forecast 1H25 total revenue of $33m (+23% yoy, CapitalIQ cons. $32m), composed of $31m parking management revenue (+24% yoy) and $2m technology revenue (+10% yoy).We forecast 1H25 adj. EBITDA of $10m (+33% yoy, CapitalIQ cons. $10m), representing an EBITDA margin of 31% (pcp 28%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Smart Parking Limited - 1H25 Result Preview