Trafficmaster Plc (TFC)
ISR viewOver the last few years, Trafficmaster has undergone a fundamental transition in its end market and business model. The company is no longer focussed on the UK traffic market but on the attractive and rapidly growing fleet tracking sector. However, we believe that investor perception of Trafficmaster lags behind these important changes.
Share price
Market cap.0.0m
Financials
|
Year end December Profit & Loss |
December 2007 A £m | December 2008 A £m | December 2009 A £m |
December 2010 E £m | December 2011 E £m |
|---|---|---|---|---|---|
| Revenue £m | 48.4 | 55.1 | 57.5 | 66.3 | 72.0 |
| Adj EBITDA £m | 7.6 | 11.4 | 12.6 | 14.7 | 16.4 |
| Adj EBIT £m | 5.7 | 6.4 | 6.7 | 8.2 | 9.4 |
| Reported PBT | 4.9 | 4.5 | 5.1 | 7.0 | 8.6 |
| PBT before exceptionals and AAG | 4.8 | 5.0 | 5.4 | 7.0 | 8.6 |
| Fully adj PBT | 5.2 | 5.5 | 5.8 | 7.5 | 9.1 |
| NOPAT £m | 4.0 | 4.4 | 4.7 | 5.8 | 6.6 |
| Reported EPS | 3.6 | 3.4 | 3.6 | 4.7 | 5.7 |
| EPS before exceptionals and AAG | 2.5 | 2.5 | 2.8 | 3.3 | 4.0 |
| Fully adj EPS | 2.7 | 2.8 | 3.0 | 3.5 | 4.2 |
| Dividend per share p | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash flow & Balance sheet | |||||
| Operating cash flow | 1.2 | 6.8 | 2.5 | 9.7 | 12.4 |
| Free Cash flow £m | -1.2 | 0.9 | -4.6 | 2.5 | 5.1 |
| FCF per share p | -0.9 | 0.7 | -3.3 | 1.7 | 3.4 |
| Capex | -0.5 | -6.0 | -4.4 | -4.0 | -4.0 |
| Acquisitions | 0.0 | -0.4 | 0.0 | -5.4 | 0.0 |
| Net cash flow | 0.1 | -0.4 | -3.0 | -0.4 | 8.1 |
| Shares issued | 0.1 | 0.1 | 0.0 | 4.2 | 0.0 |
| Net cash | -8.2 | -8.2 | -10.7 | -6.9 | 1.2 |
| Metrics | December 2007 A | December 2008 A | December 2009 A | December 2010 E | December 2011 E |
| Revenue growth | 13.7% | 4.4% | 15.4% | 8.5% | |
| Adj EBITDA growth | 50.9% | 10.4% | 16.9% | 11.0% | |
| Adj EBIT growth | 11.7% | 5.8% | 22.7% | 13.7% | |
| Adj PBT growth | 5.6% | 6.0% | 29.8% | 20.2% | |
| Adj EPS growth | 5.7% | 5.7% | 18.5% | 19.4% | |
| Dividend growth | |||||
| Adj EBIT margins | 11.7% | 11.5% | 11.7% | 12.4% | 13.0% |
| Operating cash conversion | 15.0% | 60.0% | 19.0% | 66.0% | 76.0% |
| Capex/Depreciation | 27.0% | 119.0% | 74.0% | 62.0% | 57.0% |