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General Information

Cabcharge Australia Limited
CAB
http://www.cabcharge.com.au
Diversified Support Services
599
120

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$4.97 $4.83 $4.99 $4.83 $4.83 250882 $0.14 ( 2.90% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Sell
21/05/2015
1

Company Overview

Business Description
Cabcharge Australia Limited (CAB) is a diversified Australian technology, financial services, taxi payments and passenger land transport Company. It also develops and manufactures in-taxi equipment through its associate company; ComfortDelgro Cabcharge Pty Ltd. CAB also provides bus and coach services to customers predominantly in Australia.
Strategy Analysis
Cabcharge hopes to maintain a dominant position in the taxi industry through ownership of a state of the art, information and technology network. The network is used primarily for electronic settlements and as a comprehensive payment management tool. Maintenance of leading edge technology means helps CAB defend its position against new entrants to the taxi payments system. National growth initiatives include the planned growth in taxi plate licenses by state governments. This will have a direct impact on the potential number of Cabcharge transactions as the result of an increased number of taxis on the roads. Fares are increased periodically as the State Governments review fares to allow for movements in fuel and other costs. Merchant fees may possibly be negotiated and a general switch by consumers from cash to credit transactions works in favour of CAB operations. CAB is expanding its presence in the UK market through a joint venture arrangement. The UK expansion is still in its infancy and earnings performance has been poor given the weak economic environment. The CDC bus joint venture has seen increased patronage as economic stress pushes more passengers onto buses and services are expanded, particularly in high growth regions. There is the risk that CDC loses Region 4 through NSW government tender, but we think CDC is in a strong position to retain them, albeit at tighter margins. Cabcharge Australia reported NPAT up 28.5% to $33.34m for the half-year ended 31 December 2012. Revenues from ordinary activities were $99.77m, up 1.2% from the same period last year. Basic and Diluted EPS was 27.7 cents compared to 21.5 cents last year. Net operating cash flow was $29.35m compared to $27.94m last year. The interim dividend declared was 18.0 cents compared with 17.0 cents last year.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 56.9 47.2 -4.7% 10.5 22.0 4.4% 100.0%
2015 F 59.7 49.6 -9.3% 10.0 22.0 4.4% 100.0%
2014 A 65.8 54.7 -0.7% 7.4 25.0 6.2% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Brambles (BXB) $17,502M -0.1222 0.1640 0.0901 27.2972 23.4516 21.5139 2.42% 2.62% 2.57%
Cabcharge (CAB) $582M -0.0065 -0.0933 -0.0470 8.8381 9.7477 10.2287 5.18% 4.55% 4.55%
Downer EDI (DOW) $2,142M 0.0083 -0.0128 -0.0339 10.6957 10.8346 11.2150 4.67% 4.97% 5.08%
Recall Holdings (REC) $2,340M 0.0000 -0.1174 0.1215 21.7366 24.6286 21.9606 1.14% 2.83% 3.25%
Spotless Group Holdings (SPO) $2,537M 0.0000 1.8344 0.1237 49.6774 17.5266 15.5976 0.00% 0.00% 3.94%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 0.61 9.92 1.63 0.00
Market 0.99 17.00 1.32 1.59
Sector 0.98 14.30 1.42 0.86

Directors

Name Position Start Date
Mr Andrew Skelton Chief Executive Officer, Managing Director 10/12/2014
Mr Donnald Stuart McMichael Non-Executive Director 25/06/1996
Mr Richard Millen Non-Executive Director 04/06/2014
Mr Russell Balding Non-Executive Director, Non-Executive Chairman 06/07/2011
Mr Neill Douglas Ford Non-Executive Director, Non-Executive Deputy Chairman 21/03/1996

Management

Name Position
Chip Beng Yeoh Chief Financial Officer,Company Secretary
Fred Lukabyo Chief Operating Officer
Stuart Overell Chief Operating Officer, Black Cabs
Adrian B Lucchese Company Secretary,General Counsel
Sai Kancharla Deputy Chief Financial Officer
Rob Roozendaal Group General Manager, Information Technology
John D'Arcy Group General Manager, Technology and Payments

Substantial Shareholders

Holding Name
18,455,485 (15.32%) Aberdeen Asset Management Asia Limited
13,029,954 (10.82%) Lazard Asset Management Pacific Co
11,611,680 (9.64%) ComfortDelGro Corporation Limited
6,505,657 (5.40%) Invesco Australia Ltd
6,076,492 (5.05%) FIL Limited

Calendar of Events

Date Event
26 February 2016 Report (Interim)
28 September 2015 Report (Annual)
20 August 2015 Report (Prelim)
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