Cabcharge Australia

ComfortDelGro to acquire remaining 49% stake in CityFleet Networks

SINGAPORE (June 28): ComfortDelGro announced that it has entered into agreement to acquire the remaining 49% stake in CityFleet Networks (CFN) for a cash consideration of £7.9 million ($14 million) from its existing partner Cabcharge Australia.

This is based on a valuation of 5.6 times the FY2016 EBITDA of CFN.

Following completion of the stake acquisition, CFN will be a wholly owned subsidiary of ComfortDelGro.

The acquisition will be funded by internal funds.

Rail segment to keep ComfortDelGro’s earnings in its comfort zone

SINGAPORE (May 15): OCBC continues to rate ComfortDelGro (CDG) at “buy” with a lower fair value estimate of $2.88 from $2.95 previously, following the release of the land transport group’s 1Q results on Friday.

(See also: ComfortDelGro 1Q earnings up 12% to $82.5 mil on one-off gain)

Why analysts think ComfortDelGro investors can rest easy

SINGAPORE (Jan 6): UBS and RHB are reiterating their “buy” calls on ComfortDelGro with target prices of $3.43 and $3.24 respectively in anticipation of higher earnings growth over the next few years.

In a report on Tuesday, UBS analysts Rachel Tan and Cheryl Lee opine that the transport company’s recently-announced acquisition of CabCharge Australia’s remaining 49% stake in ComfortDelGro CabCharge Pty Ltd (CDC), should be funded without significant balance sheet strain.

ComfortDelgro takes 100% control of Cabcharge

SINGAPORE (Dec 21): ComfortDelgro has entered into an agreement with Cabcharge Australia to acquire the remaining 49% stake in ComfortDelGro Cabcharge (CDC) for A$186 million ($196 million).

CDC was formed in 2005 following the acquisition of the Westbus Group by ComfortDelGro and Cabcharge.

Since then, CDC has grown to become one of the largest private bus operators in New South Wales and Victoria, operating contract scheduled bus, school bus, private contract and charter bus services. It has a combined fleet of 1,712 buses and a total staff strength of about 2,300.

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