I have looked at Smartgroup's survivability should the Covid-19...

I have looked at Smartgroup's survivability should the Covid-19 pandemic continue.

I have assumed a worst case scenario of losing 50% of its volume and no cost cutting exercise.

Based on its business profile, its debtor terms, creditor terms and customer profile and assuming 50% of all volumes ceases Smartgroup has enough cash and undrawn lending facilities to survive for about 60 months. This assumes no dividends are paid in this period as well.

Given my calculations on some of my other holdings Smartgroup is the not on the list of entities likely to require a capital raising.