Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Corporate Travel Management Limited (CTD.AX)

Company Dividend Discount ModelIndustry: Travel ServicesSector: Consumer Cyclical

Valuation Snapshot

Stable Growth$60.38 - $238.70$165.06
Multi-Stage$29.46 - $32.21$30.81
Blended Fair Value$97.94
Current Price$13.25
Upside639.15%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.73%20.11%0.390.110.000.000.160.310.260.210.140.09
YoY Growth--254.33%0.00%0.00%-100.00%-47.09%20.82%22.80%45.42%55.17%48.13%
Dividend Yield--2.92%0.62%0.00%0.00%1.75%1.41%0.97%0.94%1.07%0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)174.59
(-) Cash Dividends Paid (M)83.12
(=) Cash Retained (M)91.47
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)34.9221.8213.09
Cash Retained (M)91.4791.4791.47
(-) Cash Required (M)-34.92-21.82-13.09
(=) Excess Retained (M)56.5569.6478.37
(/) Shares Outstanding (M)145.46145.46145.46
(=) Excess Retained per Share0.390.480.54
LTM Dividend per Share0.570.570.57
(+) Excess Retained per Share0.390.480.54
(=) Adjusted Dividend0.961.051.11
WACC / Discount Rate7.18%7.18%7.18%
Growth Rate5.50%6.50%7.50%
Fair Value$60.38$165.06$238.70
Upside / Downside355.73%1,145.76%1,701.50%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)174.59185.94198.02210.89224.60239.20246.38
Payout Ratio47.61%56.09%64.57%73.04%81.52%90.00%92.50%
Projected Dividends (M)83.12104.29127.86154.05183.10215.28227.90

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.18%7.18%7.18%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)96.3997.3098.22
Year 2 PV (M)109.22111.30113.40
Year 3 PV (M)121.63125.12128.68
Year 4 PV (M)133.62138.76144.05
Year 5 PV (M)145.21152.23159.51
PV of Terminal Value (M)3,679.683,857.414,041.94
Equity Value (M)4,285.764,482.134,685.80
Shares Outstanding (M)145.46145.46145.46
Fair Value$29.46$30.81$32.21
Upside / Downside122.36%132.55%143.12%

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