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ComfortDelgro Australia (CDA) is a public transport company providing services to metro and rural communities across New South Wales, Victoria, the Northern Territory, Queensland, the Australian Capital Territory and Western Australia.
It has grown its business via acquisitions but operating margins have been trending lower over the past few years. CDA is now a major public transport company in Australia but it needs to show that it can integrate these acquisitions well and maintain its market share in Australia.
It will also need to demonstrate that it can secure the contracts that will come up for tender in the next two years.
In this note, we take an initial look at the company and how it has performed through ComfortDelgro Singapore’s reported numbers.
ComfortDelgro Australia Pre-IPO
ComfortDelgro Australia (CDA) is looking to raise up to US$500m in its upcoming Australia IPO.ComfortDelgro Australia (CDA) is a public transport company providing services to metro and rural communities across New South Wales, Victoria, the Northern Territory, Queensland, the Australian Capital Territory and Western Australia.
It has grown its business via acquisitions but operating margins have been trending lower over the past few years. CDA is now a major public transport company in Australia but it needs to show that it can integrate these acquisitions well and maintain its market share in Australia.
It will also need to demonstrate that it can secure the contracts that will come up for tender in the next two years.
In this note, we take an initial look at the company and how it has performed through ComfortDelgro Singapore’s reported numbers.
Underlying
ComfortDelgro Corporate Australia
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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