CTD - Corporate Travel Management - Aussie Stock Forums

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  1. #1

    Post CTD - Corporate Travel Management

    Corporate Travel Management is an award-winning provider of innovative and cost effective travel management solutions to the corporate market.

    Corporate Travel Management employs more than 300 staff and has established a national footprint in Australia with offices in Brisbane, Sydney, Melbourne, Perth and the Gold Coast and recently established its first international office in Auckland, New Zealand.


  2. #2

    Default Re: CTD - Corporate Travel Management

    Having a thorough look over the prospectus to get a decent understanding of this business.
    At first glance it seems not too bad.
    Was impacted quite heavily in the GFC but seems to be operating healthily now.
    It does have some big competitors to contend with however...

    Anyone have experience with CTD?

  3. #3

    Default Re: CTD - Corporate Travel Management

    Been looking into this company for a wee while now.

    Anyone got any thoughts? It has had phenominal growth over the past decade (although only listed a couple of years ago).

    It's got all the good things we look for, growth, high ROE, not too much debts, etc.

  4. #4

    Default Re: CTD - Corporate Travel Management

    I've been on the receiving end of CTM's service, and off that alone, I'd never invest with this train-wreck of an organisation. This was in late 2010, early 2011.

    Your mileage may vary, though. I'm just a stranger on the internet.

    Edit: I know the company I was with at the time ditched them, as did one of the companies I dealt with at the time. Maybe we just shared a ****ty AM.

  5. #5
    My real name is King Julian ;) Out Too Soon's Avatar
    Join Date
    Mar 2006
    Nth QLD

    Default Re: CTD - Corporate Travel Management

    ctd_ax20apr12_to_25oct12.png Another healthy uptrend chart (wish I'd bought in July) Is the sharemarket in general finally over the doldrums?
    ASF seems to be getting quieter, ASF needs contributors not just browsers. Please support our favourite forum.

  6. #6

    Default Re: CTD - Corporate Travel Management

    Am I missing something or is this grossly over-priced?

    I think its worth about half of what its at currently unless it somehow manages to grow at rates far above what has produced today.
    I cant see margins expanding much higher than what they are, I mean they are currently higher than what FLT is achieving....and this half was actually down on PCP (18.6% v 19.2%) for operating margins....hmmm

    Doesn't look like the business is in bad shape, I just can't believe the price tag!

  7. #7
    Beyond Good and Evil
    Join Date
    Apr 2011

    Default Re: CTD - Corporate Travel Management

    Quote Originally Posted by VSntchr View Post
    Am I missing something or is this grossly over-priced?
    Without commenting on competitive advantage, because I haven't really studying it in any depth, I'll comment that the US and Asians markets are massive. This business is very capital light, in fact, it barely requires any capital to grow. If they can build a franchise and increase scale this will look cheap.

    All "if's" of course, and I won't pretend to know the answers to the questions, but that's your starting point.

    Forecast TTV for 2014 is $1,300m. They generally convert this into revenue at about 8.7-8.8% judging by the last two halves (it was actually closer to 9-10% in the 2012 and 2013 full years). Full year revenue based on this forecast will be about $113-114m. Based on margins of 18% to 19% that is EBIT of $20.3m to $21.7m. Remember some of their acquisitions are still being bedded down, and the Westminster one will only count towards 5 months in 2014. EBIT from this business was projected to be $7.02m on purchase price. So there's about another $4.1m that won't appear full year. So factoring this in full year EBIT is closer to $24.4m to $25.8m.

    So it's trading on an EV/EBIT of about 19-20. Which is not at all grossly over priced if they achieve their 5 year plan IMO.

  8. #8

    Default Re: CTD - Corporate Travel Management

    Whilst Flight Centre (FLT) price has been going south, CTD as been going north. Today's action saw CTD hit a new ATH (All Time High) of $8.23 before falling and closing at $8.10 (up 3%). As a result of it being a market darling (and not here at ASF) its dividend yield is now down to 1.9% as well as the P/E getting very expensive at 34X - as the numbers show below:-



    The link below is of the presentation given at the Morgans Conference by Jamie Pherous the company's Managing Director.



  9. #9

    Default Re: CTD - Corporate Travel Management

    From a technical viewpoint it doesn't look too bad...

    It is above the 30 week weighted moving average, rsi is strong, volume looks ok and no resistance above.

    With the broader market fairly weak though I couldn't make a call on it from an experienced point of view. Perhaps some of the regulars have a view?

  10. #10

    Default Re: CTD - Corporate Travel Management

    CTD seems to be going well over the last few days. I got an entry as it broke above the $8.23 mark a couple of days ago. I didn't expect it to climb as quickly as it did but certainly won't complain. Whilst the daily closes haven't been great, trading off the weekly chart says hold on for the continued ride.

    Stop loss was fairly loose on this one so need to tighten as soon as it indicates that it can be shifted from the initial stop loss point.

  11. #11

    Default Re: CTD - Corporate Travel Management

    CTD continues to proceed North breaking through the human mind barrier of $10.00 today and then settling and closing just below.

    Weekly chart shows no signs of stopping at this stage:


    The daily chart shows me evidence that this will continue to move higher given the great volume on not only the second last bar (the day before moving out of the range that formed) but also on the continuation breakout bar of today.


    Everything still looking positive but things can change in an instant. SL still active and continues to be adjusted upwards.

    Let's see where this continues to go and see when the chart says "folks, now it is expensive, time to get out"...

  12. #12

    Default Re: CTD - Corporate Travel Management

    Hitting new highs again today. $10.28 thank you very much.....

    Hopefully will keep heading north.. $11 out of the question? I guess we'll wait and see.......

  13. #13

    Default Re: CTD - Corporate Travel Management

    Sold out of this a day or so ago at $9.75 as I didn't like where I thought the overall market was and is headed. Managed just over 18% profit from a trade that I took early November so not too bad a result given the market was heading sideways and now looks to be pointing downwards...

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