Our opinion on the current state of FTH

Frontier Transport (FTH) is a bus company whose major asset is Golden Arrow bus services, but which also owns Sibanye Bus Services, Table bay Rapid Transit, N2 Express, Eljosa Travel and Tour, Shuttle Up and Alpine Truck and Bus. The company says, "The current portfolio is rooted in the commuter bus and luxury coach segments. Through its principal subsidiary Golden Arrow Bus Services, with over 160 years of proven operational expertise". In its results for the six months to 30th September 2023 the company reported revenue up 6,9% and headline earnings per share (HEPS) up 64%. The company's net asset value increased 13,1% to R1,618.3m. The company said, "Despite hikes in the price of diesel during the review period, GABS’ performance was in the main underpinned by a steady increase in passenger numbers and the effect of initiatives implemented during the previous financial year, which led to the trimming of kilometres through rescheduling of routes". Technically, the share trades about R728 000 worth of shares on average every day and has been in a gradual upward trend. Obviously, a company like this was heavily impacted by COVID-19 and travel restrictions, but it does appear to have recovered.