CORPORATE TRAVEL MANAGEMENT LIMITED (CTD)



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General Information
Company Name: Corporate Travel Management Limited
Stock Code: CTD
Website: www.travelctm.com
GICS Sub-Industry: Specilised Consumer Services
Market Cap ($M): 365
Equiv. Shares (M): 78

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 4.680 $ 4.930 $ 4.930 $ 4.680 $ 4.930 120,367 $ -0.250  -5.071 %

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 23rd Apr 2013
12 Month Target Price (average): $4.585
Brokers Surveyed: 2

Company Overview

Business Description:
Corporate Travel Management Limited (CTD) is a provider of travel management solutions to the corporate market. CTD is a member of the GlobalStar worldwide network of 70 travel management companies which allows them to provide a seamless international service for its clients.

Strategy Analysis:
Corporate Travel Management (CTD) strategy has revolved around a series of acquisitions that has expanded its footprint to all the main centres on the East Coast as well as Perth and Auckland. CTD strategy also involves catering to its largest customer segment, the mining industry. The acquisition of Travalcorp, with its offices it Perth, will give the Company access to demand from WA. The Company will also look for growth event travel management. It’s recently acquired etm travel which specialised in this area. The Company also has invested in technology. The Company offers a sophisticated online booking tool which can be offered to high use clients as well as platforms that offer traveller assistance and emergency global tracking software.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 17.3 22.7 18.8 20.6 12.4 2.7 --
2013  F 14.4 19.1 22.4 24.6 10.4 2.2 --
2012  A 11.3 15.6 13.0 12.4 9.0 4.6 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Corporate Travel Management (CTD) $385 M 0.1300 0.2180 0.1900 31.5217 25.8793 21.7468 0.0183 0.0212 0.0252
InvoCare (IVC) $1,337 M 0.5848 0.0670 0.1082 29.9114 28.0341 25.2967 0.0280 0.0311 0.0346

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CTD 0.47 25.0 6.60 1.23 5.19
Market 1.07 12.6 0.89 2.31 2.58
Sector 1.33 16.7 1.82 2.34 1.45

Directors
Name Position Start Date
Mr Jamie Pherous Chief Executive Officer,Managing Director 21 May 2008
Ms Claire Gray Executive Director 22 September 2010
Mr Anthony George Bellas Non-Executive Chairman 23 June 2010
Mr Gregory (Greg) John Moynihan Non-Executive Director 23 June 2010
Mr Stephen Edward Lonie Non-Executive Director 23 June 2010

Management
Name Position
Stephen Fleming Chief Financial Officer,Joint Company Secretary
Laura Ruffles Chief Operating Officer
Lyndall McCabe Company Secretary

Substantial Shareholders
Holding Name
4,204,439 (5.67%) Matthew Dalling
4,244,189 (5.73%) Matthew Michael Cantelo
5,424,999 (7.32%) Claire Lesley Gray
26,599,728 (35.89%) Pherous Holdings Pty Ltd
4,779,649 (6.45%) Steven Craig Smith

Calendar of Events
Date Event
27 February 2014 Report (Interim)
16 September 2013 Report (Annual)
29 August 2013 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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