Cabcharge Remains Overvalued Following a Weak First-Half Result
We maintain our fair value estimate for Cabcharge at AUD 2.25 per share following a slightly weaker than expected first-half result. At the current market price of AUD 3.86 we continue to believe the shares are materially overvalued. The reported net profit after tax, or NPAT, of negative AUD 107 million largely reflected a noncash write down of the 49% stake in the ComfortDelGro Cabcharge, or CDC, bus business which was sold during the half. However, underlying NPAT was also weak, with the 16% ...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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