Corporate Travel Management Limited (CTD)
Views and News
Essentials
Half-yearly Performance & Estimates - CTD
| Year-end June | FY11A | 1H12A | FY12A | 1H13A | FY13A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 46.0 | 29.2 | 64.7 | 38.6 | 78.4 | 97.0 | 110.0 |
| EBITDA, $m | 12.6 | 7.4 | 17.6 | 9.3 | 20.7 | 25.3 | 29.5 |
| EBIT, $m | 11.7 | 6.8 | 16.2 | 8.3 | 18.7 | 23.0 | 26.9 |
| Report NPAT, $m | 8.5 | 4.7 | 11.4 | 5.8 | 13.1 | ||
| Adj. NPAT, $m | 13.1 | 16.5 | 19.2 | ||||
| Reported EPS, ¢ | 14.00 | 7.00 | 16.00 | 8.00 | 17.00 | ||
| Adjusted EPS, ¢ | 17.00 | 21.05 | 24.60 | ||||
| EPS %FY/Growth | 44% | 14% | 47% | 6% | 24% | 17% | |
| Dividend, ¢ | 5.0 | 3.0 | 9.0 | 4.0 | 10.5 | 12.50 | 13.50 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 27% | 0 | 27% | 24% | 26% | 26.1% | 26.8% |
| NPAT Margin | 18% | 0 | 18% | 15% | 17% | 17.0% | 17.5% |
| ROE, % | 22% | 0 | 21% | 10 | 18% | ||
| EBIT/Interest | -58.1 | 0.0 | -77.8 | 47.97 | 35.57 | ||
| Net Debt / Equity | -0.40 | 0 | -0.21 | -0.06 | -0.14 | ||
| CashFlow/Sh, ¢ | 19.9 | 3.9 | 10.3 | 8.7 | 21.1 | 23.2 | 26.5 |
| Y/E Shares, m | 70.4 | 71.5 | 74.8 | 75.0 | 78.1 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios. |
Half-year Performance & Estimates - CTD
| Year-end June | 1H11A | FY11A | 1H12A | FY12A | 1H13A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 20.4 | 46.0 | 29.2 | 64.7 | 38.6 | 85.0 | 98.0 |
| EBITDA, $m | 5.1 | 12.6 | 7.4 | 17.6 | 9.3 | 22.2 | 26.7 |
| EBIT, $m | 4.8 | 11.7 | 6.8 | 16.2 | 8.3 | 20.3 | 24.6 |
| Report NPAT, $m | 3.4 | 8.5 | 4.7 | 11.4 | 5.8 | ||
| Adj. NPAT, $m | 5.8 | 14.2 | 17.3 | ||||
| Reported EPS, ¢ | 6.00 | 14.00 | 7.00 | 16.00 | 8.00 | ||
| Adjusted EPS, ¢ | 8.00 | 18.70 | 22.90 | ||||
| EPS %FY/Growth | 43% | 44% | 14% | 14% | 17% | 22% | |
| Dividend, ¢ | 0 | 5.0 | 3.0 | 9.0 | 4.0 | 10.20 | 12.30 |
| Franking, % | - | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 18% | 27% | 0 | 27% | 24% | 26.1% | 27.2% |
| NPAT Margin | 11% | 18% | 0 | 18% | 15% | 16.7% | 17.7% |
| ROE, % | 11% | 22% | 0 | 21% | 10% | ||
| EBIT/Interest | 20.7 | -58.1 | 0.0 | -77.8 | 47.97 | ||
| Net Debt / Equity | -0.29 | -0.40 | 0 | -0.21 | -0.06 | ||
| CashFlow/Sh, ¢ | 7.6 | 19.9 | 3.9 | 10.3 | 8.7 | 17.2 | 22.0 |
| Y/E Shares, m | 70.4 | 70.4 | 71.5 | 74.8 | 75.0 |
| Notes |
| EPS Growth compared with the pcp is shown in most columns, except 1H10A and 1H11A which show the first half % of full year EPS. |
Company Overview
Russell Research in the Media
Stock Picks for The Bull.com.au - 29 July 2013
HOLD Corporate Travel Management (CTD)
With no net debt and a 30 per cent return on equity, we expect earnings per share growth above 20 per cent in financial year 2014, with a 3 per cent yield. Two recent US acquisitions could replicate the systems that have won 9 per cent of domestic corporate travel. Accumulate.
Stock Picks for Sunday Herald Sun – 30 June 2013
BUY Corporate Travel Management Limited, CTD, $4.10
With a rapidly won 9 per cent of domestic corporate travel, two careful US acquisitions could replicate its systems and growth. Expect 3 percent yield, too.
Profile
Corporate Travel Management
Rating:
Category: Potent Stock ; Midcaps
Action:
Website: www.travelctm.com
| ASX code: | CTD |
| Closing Price, 30/12/2013: | $ 5.550 |
| Market Capitalisation: | $ 426 million |
| 52 Week High: | $ 6.20 |
| 52 Week Low: | $ 3.393 |
| Sector: | Hotels, Resorts & Cruise Lines |
| Index: | S&P/ASX 300 Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | 11.4 | 13.1 | 17.3 | 23.5 |
| Reported EPS, ¢ | 16.00 | 17.00 | ||
| Adjusted EPS, ¢ | 16.87 | 20.77 | 26.70 | |
| EPS Growth, % | 14% | 5% | 23% | 29% |
| P/E Ratio, x | 34.69 | 32.90 | 26.72 | 20.79 |
| Dividend, ¢ | 9.0 | 10.5 | 12.09 | 15.60 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 1.62 | 1.89 | 2.18 | 2.81 |
Notes
| Our Adjusted EPS is used for the last year and forward estimates and as basis for EPS Growth and P/E Ratio. We currently use Reported data for all historic NPAT, for the prior year EPS and as base for last year EPS growth. |
| Data & Chart sourced from IRESS Market Technology Ltd. |
One Year Chart
As at 30 December 2013
Other Highlights
| Sector: | Hotels, Resorts & Cruise Lines |
| Return on Equity, FY13 : | 18% |
| Net Debt to Equity, FY13 : | -14 % |
| EBIT / Interest Cover, FY13 : | 35.57 x |
| Gicscode: | 25300000 |
| First Listed: | 15-Dec-10 |
Business Activities
Corporate Travel Management (CTD) is a provider of travel management solutions to the corporate market. CTD is a member of the GlobalStar worldwide network of 70 travel management companies which allows them to provide a seamless international service fo
Glossary:
| ♠ | "A Core Stock" - reliable long-term yield & growth |
| ♥ | "We like it" - a seasoned performer, growth & yield |
| ♦ | "A tough scout" - creating a potential breakthrough |
| ♣ | "A steady performer" - giving reliable yield or growth |
| Best Stocks | Portfolio of selected attractive investments |
| Potential | Stocks that may have good improvement prospects |
| Speculative | More risky usually smaller stocks with spec. upside |
| Midcaps | In RR Midcap Index, $ 70m to 1,500m market cap. |
| Large Stocks | Larger Stocks upwards of $ 1,500m market cap |