Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
CABCHARGE AUSTRALIA LTD. (AU), a company active in the Financial Administration industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date August 10, 2018, th...
We maintain our fair value estimate for no-moat-rated Cabcharge at AUD 1.60 per share following the very weak fiscal 2017 result. At the current market price of AUD 2.12, we believe the shares are materially overvalued. The fair-value-implied fiscal 2018 price/earnings ratio of 6.8 is low relative to the S&P/ASX index on 16, but reflects our view that earnings will continue to fall. We expect taxi fare turnover and revenue to keep declining, excluding acquisitions, and expect cost cuts to be...
We have increased our fair value estimate for no-moat-rated Cabcharge by 7% to AUD 1.60 following the sale of its 49% stake in U.K.-based taxi company CityFleet Networks to ComfortDelGro for AUD 13 million. The sale price is 39% below the carrying value of the asset at Dec. 31, 2016 and 70% below the carrying value at June 30, 2016. CityFleet reported declining revenue and a loss after tax in the first half of fiscal 2017. Our financial model assumed the business would return to breakeven in fis...
We have increased our fair value estimate for no-moat-rated Cabcharge by 7% to AUD 1.60 following the sale of its 49% stake in U.K.-based taxi company CityFleet Networks to ComfortDelGro for AUD 13 million. The sale price is 39% below the carrying value of the asset at Dec. 31, 2016 and 70% below the carrying value at June 30, 2016. CityFleet reported declining revenue and a loss after tax in the first half of fiscal 2017. Our financial model assumed the business would return to breakeven in fis...
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,...
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% ...
We have cut our fair value estimate for no-moat Cabcharge by 10% to AUD 2.25 per share following the sale of its 49% stake in the ComfortDelGro Cabcharge, or CDC, bus joint venture to ComfortDelGro Corporation. Cabcharge will receive net proceeds of AUD 183 million, 27% below the AUD 252 million book value of the investment at June 30, 2016. We expect approval from the foreign investment review board and settlement by February 2017. Our previous fair value estimate of AUD 2.60 per share implied ...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
We expect Cabcharge to report a 10% decline in underlying net profit after tax, or NPAT, to AUD 46 million at its fiscal 2016 result on 26 August. The expected fall will be the third consecutive NPAT decline for the company, reflecting legislative and competitive pressures. Most Australian states have already reduced processing fees for noncash taxi fares from 10% to 5%, but competition from ride-share operators, such as Uber, will further pressure earnings. We maintain our fair value estimate a...
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...
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