Cabcharge Remains Overvalued as Special Dividend Payment Causes FVE Cut to AUD 1.50
We have cut our fair value estimate for no-moat-rated Cabcharge by 33% to AUD 1.50 per share to reflect the payment of the AUD 0.80 special dividend which cost the company AUD 96 million. Our earnings forecasts are unchanged. The special dividend was announced with the interim result in February following the sale of the 49% stake in the ComfortDelGro Cabcharge bus business during the first half of fiscal 2016 for AUD 184 million after tax. Cabcharge had AUD 80 million in net debt as at Dec. 31,...CabCharge Australia operates Taxi Networks and provides an alternative payment system to cash for the Taxi Industry. Co. provides Taxi Network services in Sydney, Melbourne, Adelaide, Newcastle, regional Victoria and New South Wales, and the Northern Territory. Network services include taxi booking services, taxi fit-outs and repairs, vehicle financing and insurance, and driver training and education. Co. also holds a 49.0% investment in a route, school and charter bus services company, ComfortDelGro Cabcharge Pty Ltd, and a 49.0% investment in CityFleet Networks Ltd, a provider of account, booking and dispatch services for taxis and private hire vehicles, and coach services in the U.K.
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