Announcement • Feb 02
Corporate Travel Management Announces CEO Changes Corporate Travel Management announced on February 2, 2026 that Jamie Pherous, the founder and head of Corporate Travel Management (CTM), is retiring effective immediately and will transition to a six-month strategic advisory role. Mr. Pherous built CTM over 32 years from a small Brisbane agency into one of the world's biggest travel service providers. The board, in consultation with Mr. Pherous, determined that now was the time for new leadership. Ana Pedersen, CTM's chief commercial officer, has been appointed acting group chief executive while the company searches for a permanent replacement. Ms. Pedersen joined CTM in October. Announcement • Nov 28
Corporate Travel Management Provides Update on its Chief Executive Officer for CTM UK and Europe Corporate Travel Management provided update on its Chief Executive Officer for CTM UK and Europe, Michael Healy. Mr. Healy has been temporarily stood down as Chief Executive Officer for CTM UK and Europe with immediate effect. Mr. Healy will continue to be remunerated in accordance with his employment contract while suspended. CTM Global Chief Operating Officer, Ms. Eleanor Noonan, will act as interim Chief Executive Officer for CTM UK and Europe during the period of Mr. Healy's suspension. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$13.27, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Hospitality industry in Australia. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$14.53 per share. Price Target Changed • May 03
Price target decreased by 7.3% to AU$15.75 Down from AU$16.99, the current price target is an average from 17 analysts. New target price is 35% above last closing price of AU$11.70. Stock is down 22% over the past year. The company is forecast to post earnings per share of AU$0.57 for next year compared to AU$0.58 last year. Buy Or Sell Opportunity • May 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to AU$11.70. The fair value is estimated to be AU$14.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Buy Or Sell Opportunity • Apr 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to AU$12.34. The fair value is estimated to be AU$16.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$17.38, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Hospitality industry in Australia. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$15.28 per share. Declared Dividend • Feb 21
First half dividend reduced to AU$0.10 Dividend of AU$0.10 is 41% lower than last year. Ex-date: 28th February 2025 Payment date: 4th April 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 20
Price target increased by 19% to AU$16.56 Up from AU$13.96, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of AU$17.32. Stock is up 9.0% over the past year. The company is forecast to post earnings per share of AU$0.67 for next year compared to AU$0.58 last year. New Risk • Feb 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.2% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Dec 12
Corporate Travel Management Limited to Report First Half, 2025 Results on Feb 19, 2025 Corporate Travel Management Limited announced that they will report first half, 2025 results on Feb 19, 2025 Recent Insider Transactions • Aug 27
MD & Executive Director recently bought AU$147k worth of stock On the 22nd of August, Jamie Pherous bought around 13k shares on-market at roughly AU$11.74 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jamie has been a buyer over the last 12 months, purchasing a net total of AU$1.5m worth in shares. Major Estimate Revision • Aug 27
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$811.6m to AU$735.1m. EPS estimate also fell from AU$0.896 per share to AU$0.741 per share. Net income forecast to grow 21% next year vs 34% growth forecast for Hospitality industry in Australia. Consensus price target down from AU$17.81 to AU$14.68. Share price fell 10% to AU$11.63 over the past week. Declared Dividend • Aug 23
Final dividend reduced to AU$0.12 Dividend of AU$0.12 is 45% lower than last year. Ex-date: 29th August 2024 Payment date: 4th October 2024 Dividend yield will be 2.5%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 23
Corporate Travel Management Limited Declares Ordinary Unfranked Dividend for the Six Months Ended June 30, 2024, Payable on 4 October 2024 Corporate Travel Management Limited announced ordinary unfranked dividend of AUD 0.12000000 per share for the six months ended June 30, 2024. Ex-date is 29 August 2024. Record date is 30 August 2024. Payment date is 4 October, 2024. Price Target Changed • Aug 22
Price target decreased by 12% to AU$15.47 Down from AU$17.54, the current price target is an average from 18 analysts. New target price is 26% above last closing price of AU$12.27. Stock is down 32% over the past year. The company is forecast to post earnings per share of AU$0.79 for next year compared to AU$0.58 last year. Reported Earnings • Aug 21
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: AU$0.58 (up from AU$0.53 in FY 2023). Revenue: AU$716.9m (up 9.7% from FY 2023). Net income: AU$84.5m (up 8.9% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • May 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Apr 30
Corporate Travel Management Announces Management Changes, Effective 1 September 2024 Corporate Travel Management Limited (CTM) announced a leadership change within North American region. Mr. Kevin O'Malley has elected to step down from CTM as CEO North America and will be transitioning the North American CEO role to the current North American COO, Ms. Anita Salvatore, on 1 September 2024. Mr. O'Malley has been a part of the CTM Group since the acquisition of Travel and Transport in 2020, and successfully navigated the North American business through both the integration and the COVID recovery. Mr. O'Malley will take on a strategic adviser role for CTM in which he will help ensure a smooth transition to Ms. Salvatore as well as support CTM's growth strategy. Ms. Salvatore has been with CTM since 2016 and in the industry since 1988. Her journey at CTM has been marked by many accomplishments, starting in customer-facing roles and working her way through executive leadership positions at CTM to become COO of North America. Ms. Salvatore's accomplishments include being part of CTM's high-performance (HiPo) talent identification and development program, and more recently receiving the higher internal ratings ever for leadership acumen across all leaders in the Group. Ms. Salvatore is a founding member of Women in Travel (WINiT) and actively contributes to industry associations including the Global Business Travel Association (GBTA) and the Travel and Leisure Advisory Board. Announcement • Mar 12
Corporate Travel Management Limited Announces Laura Ruffles Steps Down as Executive Director and CEO ANZ, Asia and Europe Corporate Travel Management announced the following changes regarding Laura Ruffles, Executive Director and CEO ANZ, Asia and Europe. Laura Ruffles will be stepping down from her position as Executive Director and CEO ANZ, Asia and Europe due to a personal health issue, effective immediately. Laura will however remain with CTM to continue her leadership of customer facing technology, aligned to delivery of 5-year plan. The regional CEOs will report directly to Jamie Pherous, Managing Director. Recent Insider Transactions • Mar 01
MD & Executive Director recently bought AU$1.4m worth of stock On the 22nd of February, Jamie Pherous bought around 88k shares on-market at roughly AU$15.98 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jamie's only on-market trade for the last 12 months. Declared Dividend • Feb 25
First half dividend increased to AU$0.17 Dividend of AU$0.17 is 183% higher than last year. Ex-date: 29th February 2024 Payment date: 5th April 2024 Dividend yield will be 2.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 23
First half 2024 earnings released: EPS: AU$0.34 (vs AU$0.11 in 1H 2023) First half 2024 results: EPS: AU$0.34 (up from AU$0.11 in 1H 2023). Revenue: AU$361.5m (up 24% from 1H 2023). Net income: AU$49.4m (up 210% from 1H 2023). Profit margin: 14% (up from 5.5% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 22
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from AU$827.0m to AU$779.8m. EPS estimate also fell from AU$0.996 per share to AU$0.824 per share. Net income forecast to grow 56% next year vs 70% growth forecast for Hospitality industry in Australia. Consensus price target down from AU$21.53 to AU$19.44. Share price fell 18% to AU$15.89 over the past week. Price Target Changed • Feb 21
Price target decreased by 7.3% to AU$20.41 Down from AU$22.02, the current price target is an average from 18 analysts. New target price is 29% above last closing price of AU$15.85. Stock is down 11% over the past year. The company is forecast to post earnings per share of AU$0.89 for next year compared to AU$0.53 last year. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AU$15.85, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Hospitality industry in Australia. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$25.98 per share. Announcement • Feb 16
Corporate Travel Management Limited Announces Global Chief Financial Officer Changes Corporate Travel Management Limited announced the following changes to senior leadership. The company announced the appointment of James Spence as Global Chief Financial Officer, commencing 27 May 2024. James brings over 13 years of experience as a CFO of large, international businesses, and has operated across Australasia, North America and Europe, in a 30-year career. James brings a breadth of financial experience including in strategy, risk management, M&A and capital markets. This appointment is made after a 6-month recruitment process, following the departure of the previous Global Chief Financial Officer, Cale Bennett, in July 2023. James Patterson, who is currently Acting Global Chief Financial Officer, will continue to support the business, and the incoming CFO, in the Group Finance team. Buy Or Sell Opportunity • Feb 13
Now 21% undervalued Over the last 90 days, the stock has risen 3.4% to AU$19.46. The fair value is estimated to be AU$24.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Feb 07
Corporate Travel Management Limited to Report First Half, 2024 Results on Feb 21, 2024 Corporate Travel Management Limited announced that they will report first half, 2024 results on Feb 21, 2024 Buying Opportunity • Nov 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be AU$22.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Announcement • Oct 26
Corporate Travel Management Limited (ASX:CTD) announces an Equity Buyback for 6,000,000 shares, representing 4.1% for AUD 100 million. Corporate Travel Management Limited (ASX:CTD) announces a share repurchase program. Under the program, the company will repurchase up to 6,000,000 shares, representing 4.1% its issued share capital for AUD 100 million. In accordance with ASX Listing Rules, prices paid for shares purchased under the buy-back will be no more than 5% above the volume weight average price of CTM shares over the five trading days prior to the purchase. The purpose of the program is for capital management. Shares repurchased will be cancelled. The program will be valid till November 13, 2024. As of October 25, 2023, the company had 146,325,746 shares issued. Buying Opportunity • Aug 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be AU$23.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Upcoming Dividend • Aug 29
Upcoming dividend of AU$0.22 per share at 1.5% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 05 October 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Australian dividend payers (7.1%). Lower than average of industry peers (1.8%). Reported Earnings • Aug 23
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: AU$0.53 (up from AU$0.022 in FY 2022). Revenue: AU$660.1m (up 75% from FY 2022). Net income: AU$77.6m (up AU$74.5m from FY 2022). Profit margin: 12% (up from 0.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be AU$25.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 34% per annum over the same time period. Announcement • Jul 18
Corporate Travel Management Limited Announces CFO Changes Corporate Travel Management Limited announced that Cale Bennett, Global CFO will be leaving CTM and taking up a career opportunity as CFO at TechnologyOne. A mutually agreed separation date of 28 July 2023 has been agreed between CTM and TechnologyOne to ensure a smooth transition for both companies. James Patterson, currently Group General Manager of Finance at CTM, will be appointed as Acting Global CFO following Cale's departure. James is well placed to immediately step into the role due to a formal succession plan being in place for several years. James has worked at CTM for more than 3.5 years and brings significant experience in treasury and financial control from ASX-listed and multi-national organizations including Aurizon and BNP Paribas. James is familiar with CTM's investor base and has been introduced to several investors over the last two reporting periods through financial year results announcements and roadshows. Announcement • Jul 17
Corporate Travel Management Limited Announces Senior Management Changes As part of Corporate Travel Management Limited's 2026 strategic plan, the company have reviewed structure to best support a CTM that has nearly doubled in size compared to pre-COVID (2019). As part of this review, The company have realigned executive team and their accountabilities to best deliver CTM's longer- term strategic direction and key priorities. Laura Ruffles continues as an Executive Director and has been appointed into the new role of CEO ANZ /EU /ASIA, with responsibility for the performance and organic growth of the ANZ, EU and Asia regions together with leading the enhancement of customer-facing technology and automation. These regions in totality now exceed the entire size of CTM in 2019, and Laura's deep knowledge of the industry will enable a clear focus on organic growth and developing technology to continue to deliver ROI to CTM customers while leveraging the company's vastly larger scale. Laura will lead the regional CEOs in ANZ, EU and Asia and the Global Chief Technology Officer. Kevin O'Malley continues his leadership as CEO North America. The separate focus point is due to the size of the US growth opportunity, which is CTM's largest market in line with CTM's 2026 strategic plan. The integration of key acquisitions through the COVID period has now been successfully completed. CTM's next phase is to leverage this scale through people and systems with a renewed focus upon operational excellence and efficiencies. Data and security underpins many of strategic imperatives that new size demands. Eleanor Noonan has been appointed as Global COO, with responsibility for people and performance together with the data, security and ICT that support success. Eleanor leads a team of global experts in each of these disciplines. Eleanor will be considered a Key Management Person (KMP) of CTM. Eleanor was employed as Global Chief of Staff in August 2022 to rapidly rebuild workforce following the COVID recovery. She has quickly demonstrated an ability to execute key strategic directions globally, successfully enacting change and earning the respect of her peers. Eleanor holds significant experience in developing and executing customer-centric business strategies, leading large scale change initiatives in both people and technology areas. She has a long track record for successfully driving operational excellence within the financial services industry and Government. James Patterson, Laura Ruffles, Eleanor Noonan and Kevin O'Malley will all report to Managing Director, Jamie Pherous. Recent Insider Transactions • May 24
Global COO & Executive Director recently sold AU$1.3m worth of stock On the 18th of May, Laura Ruffles sold around 59k shares on-market at roughly AU$21.15 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Laura's only on-market trade for the last 12 months. Upcoming Dividend • Mar 07
Upcoming dividend of AU$0.06 per share at 0.7% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 0.7%. Lower than top quartile of Australian dividend payers (7.0%). Lower than average of industry peers (2.1%). Price Target Changed • Feb 17
Price target decreased by 7.8% to AU$20.69 Down from AU$22.45, the current price target is an average from 15 analysts. New target price is 14% above last closing price of AU$18.10. Stock is down 24% over the past year. The company is forecast to post earnings per share of AU$0.55 for next year compared to AU$0.022 last year. Reported Earnings • Feb 16
First half 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2023 results: EPS: AU$0.11 (up from AU$0.063 loss in 1H 2022). Revenue: AU$290.9m (up 84% from 1H 2022). Net income: AU$15.9m (up AU$24.6m from 1H 2022). Profit margin: 5.5% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buying Opportunity • Feb 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be AU$20.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings is also forecast to grow by 33% per annum over the same time period. Announcement • Feb 01
Corporate Travel Management Limited to Report First Half, 2023 Results on Feb 15, 2023 Corporate Travel Management Limited announced that they will report first half, 2023 results on Feb 15, 2023 Buying Opportunity • Jan 20
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be AU$21.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings is also forecast to grow by 33% per annum over the same time period. Recent Insider Transactions • Nov 05
Independent Non-Executive Director recently bought AU$181k worth of stock On the 2nd of November, Marissa Peterson bought around 10k shares on-market at roughly AU$18.10 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$186k more in shares than they have sold in the last 12 months. Announcement • Nov 04
Corporate Travel Management Limited Announces Appointment of Marissa Peterson as Director Corporate Travel Management Limited announced the appointment of Marissa Peterson as Director effective October 25, 2022. Announcement • Sep 19
Corporate Travel Management Announces Marissa Peterson Will Join the Board as A Non-Executive Director, Effective from 25 October 2022 Corporate Travel Management announced that Marissa Peterson will join the Board as a Non-Executive Director, effective from 25 October 2022. Mrs. Peterson is President and CEO of Mission Peak Executive Consulting, a Silicon Valley leadership coaching business, and currently serves on the Board of Ayers Rock Acquisition Company. She is based in the United States and brings extensive experience in governance, technology and digital transformation, and executive development. Mrs. Peterson held a number of senior executive roles at Sun Microsystems over a 17-year period, including Executive Vice President of Sun Services, Executive Vice President of Worldwide Operations, and Chief Customer Advocate. She holds a Bachelor of Science in Mechanical Engineering and an Honorary Doctorate in Management from Kettering University, and an MBA from Harvard Business School. Mrs. Peterson's extensive board experience includes past roles as Chairman of optical communications solutions company, Oclaro, between 2013 and 2018, and as a non-executive director of ASX-listed Ansell, from 2006 to 2021. She has also been a director of a range of US-based companies including Humana, Supervalu, Children's Hospital of Stanford, Quantros and Covisint, and a Board Trustee of Kettering University. Mrs. Peterson will nominate for election as a director at CTM's Annual General Meeting on 27 October 2022. Upcoming Dividend • Aug 29
Upcoming dividend of AU$0.05 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 05 October 2022. Trailing yield: 0.3%. Lower than top quartile of Australian dividend payers (6.5%). Lower than average of industry peers (2.3%). Reported Earnings • Aug 18
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: AU$0.022 (up from AU$0.42 loss in FY 2021). Revenue: AU$388.7m (up 123% from FY 2021). Net income: AU$3.10m (up AU$57.3m from FY 2021). Profit margin: 0.8% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 75%. Over the next year, revenue is forecast to grow 67%, compared to a 33% growth forecast for the Hospitality industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Announcement • Apr 01
Corporate Travel Management Limited (ASX:CTD) completed the acquisition of Corporate and Entertainment Travel Businesses in Australia and New Zealand of Helloworld Travel. Corporate Travel Management Limited (ASX:CTD) entered into an agreement to acquire Corporate and Entertainment Travel Businesses in Australia and New Zealand of Helloworld Travel for AUD 175 million on December 15, 2021. The consideration is on debt free and cash free basis, subject to a net working capital and net debt adjustment. HLO will receive transaction consideration of AUD 100 million in cash and AUD 75 million in CTM shares escrowed 12 months from the date of completion. The cash component of the purchase price for the acquisition will be funded by the proceeds from a fully underwritten equity raising of approximately AUD 100 million comprised of an institutional Placement of 3.6 million fully paid ordinary shares at a fixed offer price of AUD 21 to raise AUD 75 million and a share purchase plan to eligible shareholders in Australia and New Zealand, to raise a maximum of AUD 25 million. The balance of acquisition consideration, being AUD 75 million, will be funded through the issuance of new CTM shares to Helloworld. These shares will be issued at the placement offer price of AUD 21, and will result in Helloworld ownership of CTM of approximately 2.5% following completion of the equity raising. The transaction is subject to customary conditions, including regulatory, Australian Competition and Consumer Commission clearance, customer approvals and the New Zealand Commerce Commission approval. As of January 4, 2022 ACCC has started informal review of the transaction. As of March 3, 2022 ACCC approved the transaction. As of February 21, 2022, NZCC approval has been received. Subject to the timing of these conditions being met, completion is expected to occur during the first quarter of the 2022 calendar year. As of February 15, 2022, the acquisition is expected to complete in March 2022. As of February 21, 2022, the transaction is expected to be completed by the end of March 2022. The cash consideration received will be used to repay debt, provide additional liquidity, capital management and to support growth opportunities in HLO’s retail and leisure travel businesses as activity rebounds following the COVID-19 disruption.
The equity raising is fully underwritten by Morgans Corporate Limited. Greenhill & Co., Inc. (NYSE:GHL) acted as financial adviser to CTM. Allens and HWL Ebsworth acted as legal advisers to CTM. Macquarie Group Limited (ASX:MQG) acted as financial advisor to Helloworld Travel Limited in the transaction.
Corporate Travel Management Limited (ASX:CTD) completed the acquisition of Corporate and Entertainment Travel Businesses in Australia and New Zealand of Helloworld Travel on March 31, 2022. Reported Earnings • Feb 17
First half 2022 earnings: EPS exceeds analyst expectations First half 2022 results: AU$0.063 loss per share (up from AU$0.30 loss in 1H 2021). Revenue: AU$158.1m (up 180% from 1H 2021). Net loss: AU$8.64m (loss narrowed 76% from 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 119%, compared to a 37% growth forecast for the industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Feb 02
Corporate Travel Management Limited to Report First Half, 2022 Results on Feb 16, 2022 Corporate Travel Management Limited announced that they will report first half, 2022 results on Feb 16, 2022 Announcement • Dec 16
Corporate Travel Management Limited (ASX:CTD) entered into an agreement to acquire Corporate and Entertainment Travel Businesses in Australia and New Zealand of Helloworld Travel for AUD 175 million. Corporate Travel Management Limited (ASX:CTD) entered into an agreement to acquire Corporate and Entertainment Travel Businesses in Australia and New Zealand of Helloworld Travel for AUD AUD 175 million on December 15, 2021. The consideration is on debt free and cash free basis, subject to a net working capital and net debt adjustment. HLO will receive transaction consideration of AUD 100 million in cash and AUD 75 million in CTM shares escrowed 12 months from the date of completion. The cash component of the purchase price for the Acquisition will be funded by the proceeds from a fully underwritten equity raising of approximately AUD 100 million comprised of an institutional Placement of 3.6 million fully paid ordinary shares at a fixed offer price of AUD 21 to raise AUD 75 million and a share purchase plan to eligible shareholders in Australia and New Zealand, to raise a maximum of AUD 25 million. The balance of Acquisition consideration, being AUD 75 million, will be funded through the issuance of new CTM shares to Helloworld. These shares will be issued at the Placement offer price of AUD 21, and will result in Helloworld ownership of CTM of approximately 2.5% following completion of the equity raising. The cash consideration received will be used to repay debt, provide additional liquidity, capital management and to support growth opportunities in HLO’s retail and leisure travel businesses as activity rebounds following the COVID-19 disruption. The transaction is subject to customary conditions, including regulatory, Australian Competition and Consumer Commission clearance and customer approvals. Subject to the timing of these conditions being met, completion is expected to occur during the first quarter of the 2022 calendar year.
Greenhill & Co. acted as financial adviser to CTM. The equity raising is fully underwritten by Morgans Corporate Limited. Allens and HWL Ebsworth acted as legal advisers to CTM. Executive Departure • Oct 12
Global Chief Legal Officer & Company Secretary Anne Tucker has left the company On the 8th of October, Anne Tucker's tenure as Global Chief Legal Officer & Company Secretary ended after 2.1 years in the role. We don't have any record of a personal shareholding under Anne's name. Anne is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.42 years. Price Target Changed • Sep 16
Price target increased to AU$22.59 Up from AU$20.91, the current price target is an average from 10 analysts. New target price is 7.6% above last closing price of AU$21.00. Stock is up 25% over the past year. Recent Insider Transactions Derivative • Sep 09
Global COO & Executive Director exercised options and sold AU$760k worth of stock On the 2nd of September, Laura Ruffles exercised options to acquire 33k shares at no cost and sold these for an average price of AU$22.80 per share. This trade did not impact their existing holding. Since December 2020, Laura's direct individual holding has decreased from 100.00k shares to 50.00k. Company insiders have collectively sold AU$75m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Aug 27
MD & Executive Director recently sold AU$39m worth of stock On the 26th of August, Jamie Pherous sold around 2m shares on-market at roughly AU$22.52 per share. This was the largest sale by an insider in the last 3 months. Jamie has been a seller over the last 12 months, reducing personal holdings by AU$71m. Reported Earnings • Aug 20
Full year 2021 earnings released: AU$0.42 loss per share (vs AU$0.075 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: AU$174.0m (down 45% from FY 2020). Net loss: AU$54.2m (loss widened AU$46.0m from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 28
Global COO & Executive Director recently sold AU$1.0m worth of stock On the 22nd of April, Laura Ruffles sold around 50k shares on-market at roughly AU$20.12 per share. In the last 3 months, there was an even bigger sale from another insider worth AU$32m. Laura has been a seller over the last 12 months, reducing personal holdings by AU$3.8m. 