Introduction
Fleetcor (FLT) operates payment networks in fuel, corporate payments, road tolls and lodging, primarily in the U.S., Brazil and the U.K. It has a high EBITDA margin and has increased its EBITDA by 75% since 2015, keeping a high Return on Invested Capital ("ROIC") on a growing capital base:
Management targets a cash EPS CAGR of 15-20%:
Company Overview
FLT operates 5 separate business lines – Fuel, Corp. Payments, Tolls, Lodging and Gift, with Fuel being the largest. 60% of revenues are from the U.S. (65% from North America), 16% from Brazil