Cabcharge’s Outlook Remains Challenging as Profits continue to Plummet
We have downgraded our earnings forecasts on Cabcharge to reflect a weak first-half result and cut our fair value estimate by 9% to AUD 1.45 per share. Profits continued to fall in the first half of fiscal 2018 with underlying EBITDA collapsing 35% on the previous corresponding period despite the acquisition of Yellow Cabs Queensland. Without Yellow Cabs, EBITDA fell 40%. Over the past five years, EBITDA has fallen at a CAGR of 12%, indicating the profit decline is accelerating as operating leve...
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