WEB has a way higher TTV to EBITDA conversion rate than CTD. WEB...

WEB has a way higher TTV to EBITDA conversion rate than CTD. WEB has 3.3% compared to about 2.3% for CTD. FLT is a wipeout at 1.8% although no surprise.
CTD conversion rate is weighed down dramatically by Asia and US. Once these Regions pick up on line we should see CTD move to 3% plus which will really push EBITDA along. CTD's TTV is heading towards double that of WEB. WEB has around 129 million shares on issue which is slightly more than CTD who has around 110million.
WEB has a whopping $206 million debt compared to the piddling debt of CTD. At least WEB gets its ROE juiced up by the debt. Something that CTD needs to look at.
Have to laugh after all the carry on by VGI and Poor old Joe about cash conversion guess what. Yep, WEB has the same timing issues and disclosed an Adjusted Cash Conversion of 98% and is very unlikely to go broke. So as suspected its really a red herring.
After all the above CTDs value is in the improvement to come in EBITDA from Asia and US on line. A move up from 2.3% TTV to EBITDA conversion group average to 3% Plus will see big add to EBITDA.
Also a big acquisition using debt of a businesses underutilizing online will give CTD a big boost.
CTD has the loan facility in place so its just about finding the right business using mainly manual systems.
According to Westpac their PEs are similar.