$99 MILL CashNo debt4th largest global Travel manager in the...

$99 MILL Cash
No debt
4th largest global Travel manager in the World
Vaccines heading towards open up of travel in many countries. Some already opening up.
CTD expects a dividend in 2022. Will likely be small but its a start.
Expect another material acquisition next year of a business with high TTV but low EBITDA conversion - my thinking.
I expect this stock to move through $30 easily when things start to look normal again and $40 as the last material US acquisition kicks in. Another material acquisition that leads to margin improvement should see us head towards $50 in coming years.
I base this on the CTD Business model.
Buy high TTV business with low conversion to EBITA. Apply CTD trvel Tech and improve margins significantly.
The high TTV business acquired has a low sale value due to poor margins, ie low PE. CTD issues some shares at very a high PE to a least fund a fair chunk of the purchase price.
CTD has been doing that for years and years. That is the secret to CTD's huge margins and pre COVID profits that VGI could never quite understand.