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FleetPartners Group (FPR) Fair Value & Analysis

Industrials · AU · Market cap A$624M

FG FleetPartners Group FPR · AU
PriceA$3.89
Fair ValueA$6.03
Upside+55.0%
Quality48/100
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Expensive Growth
Thin margins · 9.7% net margin
High debt · negative free cash flow
8.85% dividend yield
Ranks above peers (11/13)
Moderate moat 49/100
Evidence: High Range A$3.94 – A$9.26 Share as image

Fair value as of: Jul 16, 2026

From 17 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from A$5.97 to A$6.03 (+1.0%) since Jun 25, 2026. Share price +30.5% over the past month.

Below-average quality, screening 55% undervalued on our models.

What matters now

  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (A$3.94 to A$9.26) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

A$3.89 A$1.62 Fair Value A$6.03 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range A$1.62 – A$3.89 · fair‑value band A$3.94 – A$9.26 · the A$3.89 price screens below the A$6.03 fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

FleetPartners Group (FPR) currently trades at A$3.89, while our model-based Fair Value estimate is A$6.03, implying the stock looks roughly 55.0% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, FleetPartners Group generated revenue of A$802M at a net margin of 9.7%. Revenue grew 4.1% year over year. It earns a return on equity of 12.2%. Net debt stands at A$1.5B. Fundamentals as of Jul 16, 2026

Our scenario range runs from A$3.94 (bear case) to A$9.26 (bull case); at A$3.89, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 83% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -21% fair-value upside, at 55%, FPR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income A$2.60 A$2.90 A$3.93 76
ROIC Compounder A$1.39 A$2.32 A$3.25 72
Gordon GGM A$20.31 A$36.60 A$50.38 70
All 17 models by family
DCF Models
Owner Earnings A$7.73 A$14.61 A$24.26 31
Earnings-Based
Graham-Dodd A$2.40 A$8.81 A$11.90 54
Lynch FV A$2.11 A$3.01 A$3.91 50
PEG = 1.0 A$2.11 A$3.01 A$3.91 46
EPV A$1.39 A$2.32 A$3.09 59
Dividend Discount
Gordon GGM A$20.31 A$36.60 A$50.38 70
DDM Multi-Stage A$20.31 A$33.43 A$39.09 61
Multiples
P/E Multiple A$5.55 A$7.41 A$9.26 63
P/S Multiple A$4.50 A$5.99 A$7.49 58
P/B Multiple A$4.50 A$5.99 A$7.49 55
EV/EBIT A$7.30 A$11.54 A$15.77 53
EV/EBITDA A$14.51 A$21.14 A$27.78 54
EV/Revenue A$1.22 A$3.21 43
Asset-Based
NCAV (Graham) A$1.48 A$1.98 A$2.96 50
Economic Profit
Residual Income A$2.60 A$2.90 A$3.93 76
ROIC Compounder A$1.39 A$2.32 A$3.25 72
Growth Earnings
Growth-Adj P/E A$3.94 A$5.63 A$7.32 68

Widest divergence: Dividend Discount (A$33.43) versus Asset-Based (A$1.98). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) A$802M
Revenue growth (YoY) +4.1%
Net margin 9.7%
Return on equity 12.2%
Free cash flow −A$85.2M FY2025
P/E ratio 8.0
More key figures
Operating margin 14.3%
EPS (TTM) A$0.3500
Dividend yield 9.1%
EPS growth (YoY) +14.1%
Net debt A$1.5B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 41 · Market factors (momentum, volatility) 83

Profitability 29
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 82
Price trend over the last 3–12 months (market factor)
52W Momentum 99
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

FleetPartners Group Limited provides fleet management services in Australia and New Zealand. The company operates through three segments: Australia Commercial, Novated, and New Zealand Commercial. It offers vehicle fleet leasing and management, novated leasing, salary packaging, and vehicle accessories and sales solutions.

Full company description

FleetPartners Group Limited provides fleet management services in Australia and New Zealand. The company operates through three segments: Australia Commercial, Novated, and New Zealand Commercial. It offers vehicle fleet leasing and management, novated leasing, salary packaging, and vehicle accessories and sales solutions. The company also provides asset management, related financial products and services, vehicle acquisition, in-life fleet management and vehicle remarketing, and driver services under the FleetPartners brand. The company was formerly known as Eclipx Group Limited and changed its name to FleetPartners Group Limited in March 2023. FleetPartners Group Limited was founded in 1987 and is based in North Sydney, Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FleetPartners Group reported revenue of A$786M in FY2025 versus A$432M in FY2021, a compound +16.2%/yr. Reported net income was A$75.3M in FY2025, compounding −0.2%/yr from FY2021.

Growth Quality 49/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
A$786M
Latest YoY
+3.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.8%
Avg. growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.4%
Revenue +16.2%/yr
FY21 A$432M
FY22 A$423M
FY23 A$677M
FY24 A$762M
FY25 A$786M
Net income −0.2%/yr
FY21 A$76.0M
FY22 A$103M
FY23 A$81.0M
FY24 A$77.9M
FY25 A$75.3M
Character of growth · EPS growth decomposed (2015-2025) +9.2 % p.a.
Revenue per share +8.0 pp

of which total revenue +8.1 pp · buybacks/dilution −0.1 pp

EBIT margin +4.0 pp
Tax rate −0.2 pp
Residual (interest, one-offs) −2.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "FleetPartners Group Fair Value". https://www.fairvalue-calculator.com/stock/FPR

Peer Group

Rental & Leasing Services · 97 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Above median
Fair Value upside +55% · Above median
Return on equity (TTM) 12% · Above median
Return on assets 3% · Below median
Net margin (TTM) 10% · Above median
Operating margin (TTM) 14% · Above median
Revenue growth 4% · Above median
Dividend yield (TTM) 8.9% · Top 25%
Debt / equity 2.31× · Higher than 75% of peers

Valuation Multiples vs Rental & Leasing Services median · lower = cheaper

P/E (TTM) 8.3× · Cheaper than 75% of peers
P/B 0.70× · Cheaper than median
P/S (TTM) 0.55× · Cheaper than median
EV/EBITDA 4.8× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 49
FUTURE 21 · sector 16
PAST 49 · sector 26
HEALTH 0 · sector 70
DIVIDEND 100 · sector 34

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Rental & Leasing Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
United Rentals, Inc URI $1,045 $449.86 -57%
Sunbelt Rentals Holdings SUNB $73.41 $65.76 -10%
AerCap Holdings AER $146.97 $301.51 +105%
U-Haul Holding UHAL $67.35 $7.21 -89%
Ryder System, Inc R $273.06 $111.57 -59%
Ayvens AYV €11.57 €24.73 +114%
Localiza Rent a Car S.A RENT3 R$40.35 R$37.01 -8%
Element Fleet Management Corp EFN C$29.83 C$15.06 -50%
BOC Aviation Limited 2588 HK$77.40 HK$18.61 -76%
GATX Corporation GATX $178.48 $140.90 -21%

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Frequently asked questions

Is FleetPartners Group (FPR) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of A$6.03 versus a price of A$3.89, about +55% (undervalued).
What is the fair value of FPR?
Our model-based fair value for FleetPartners Group is A$6.03 (as of Jul 16, 2026), built from audited fundamentals. The current price is A$3.89.
What is the quality score of FPR?
FleetPartners Group has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of FleetPartners Group (FPR)?
FleetPartners Group reported trailing-twelve-month revenue of about A$802M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of FPR?
The net profit margin of FleetPartners Group is about 9.7%, meaning it keeps roughly 9.7% of revenue as net income. Based on the latest reported figures.
Does FleetPartners Group pay a dividend?
FleetPartners Group currently shows a dividend yield of about 9.14% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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