Cabcharge’s Fiscal 2016 Profit Slumps as Expected. AUD 2.60 FVE Maintained.
We maintain our fair value estimate for Cabcharge Australia at AUD 2.60 per share following the very weak fiscal 2016 result. At the market price of AUD 3.20, we consider the shares overvalued and expect the price/fair value premium to erode as earnings fail to meet market implied expectations. We maintain our view the company lacks a sustainable competitive advantage, or economic moat, and maintain our high fair value uncertainty rating which is influenced by the rapidly evolving regulatory and...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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