There were no surprises in Smartgroup Corp's 2022 results for Morgan Stanley other than the retirement of CEO Tim Looi after 14 years at the helm.

Profit (NPATA) of $61.2m slightly exceeded guidance for $60-61m. Management noted strong lead volume was maintained into 2023.

The analyst retains an Equal-weight rating, believing investors will await further evidence of stabilisation, given a few years of mixed performance from factors outside the company's control.

Target $5.40. Industry View: In-Line.

Sector: Commercial & Professional Services.

Target price is $5.40.Current Price is $6.45. Difference: ($1.05) - (brackets indicate current price is over target). If SIQ meets the Morgan Stanley target it will return approximately -19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2023 Acquisdata Pty Ltd., source FN Arena