Corporate Travel Management Ltd

CTD: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$22.00	Zcrqk	Kjgchqk

Corporate Travel Earnings: Resetting Lower as Clearer Picture Emerges on Maintainable Profit

Brian Han

Aug 21, 2024

We cut our fair value estimate for Corporate Travel by 20% to AUD 16 per share. Part of the downgrade reflects our underestimation of the magnitude of the one-off humanitarian projects that have boosted Europe earnings since fiscal 2019 but are now rapidly unwinding. More importantly, lower confidence in the maintainable earnings from North America and Australia and New Zealand also contributes to the downgrade.

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