Cartrack Holdings | How big is the fuel tank?
The high cost of autonomous vehicle technology will hinder adoption and will preserve a fleet of non-autonomous vehicles needing VTFM. We do not foresee the replacement of more than 30% of the current non-autonomous vehicle market by autonomous vehicles within the next fifteen to twenty years. Furthermore, there are currently developing countries where non-autonomous vehicles are yet to be established. Therefore, we see demand for VTFM to remain for the next ten to twenty years.Despite modelling for this and accounting for technological risk; we believe the current valuation of CTK will allow it to OUTPERFROM. We accordingly initiate coverage with a one-year price target of R24.2/share
Cartrack Holdings Limited is an investment holding company operating within the telematics industry. The Company is engaged in the design, development and installation of telematics technology; data collection and analysis, and the delivery of fleet and mobile asset management solutions, including tracking and recovery of vehicles and as software as a service (SaaS). Its segments include South Africa, Africa-Other, Europe, and Asia and Middle East. It offers fleet management for vehicles and machines. The Asset Track service includes self-contained tracking unit that communicates with global positioning system (GPS) position through general packet radio service (GPRS). It also offers electronic monitoring services, such as control room and call center functions, cases monitoring, curfew management, fleet and escort management, and network and devices watchdog. The Company's products include Fleet Management Lite, Fleet Management Plus and Fleet Management Pro.
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