It’s a great Aust company started over 30years ago as a family owned business in Brisbane.
Plenty of growth especially in the profitable US market.
Allocations will be very tight as expected.
. Raising $50m at $1 per share
. Forecast PE 12X. Div Yield 3.75%
. Founders selling down $30m
. Privately owned leisure vehicle operator, manufacturer, rental fleet operator and retailer in Aust. NZ, USA and Canada.
. 17 offices across Aust, NZ, USA
. #1 in Aust with 27% market share and #2 in NZ.
. Biggest competitor is Tourism Holdings. #2 in Aust and #1 in NZ. Listed on the NZSX as THL
. Owns 20% of Canadream, a leading Canadian rental company.
. Biggest potential is in the US and has only 10% market share on the West Coast.
. Opening in NY and Orlando in Qtr1/17
. Main competitor in US is Cruise America. 50% market share in over 100 locations
. FY17F Revenue $183m
. FY14-FY17 Revenue CAGR 18%
. FY17F EBIT $27m
. FY14-FY17 EBIT CAGR 22%
. EBIT Margin 15%
