Flight Centre Travel Group Ltd

FLT: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$33.00	Vcly	Zhfmqyldp

Flight Centre Earnings: Pandemic Turnaround Progressing

Brian Han

Aug 28, 2024

No-moat Flight Centre’s fiscal 2024 profit before tax, or PBT, of AUD 320 million came in at the middle of management’s guidance range. However, revenue of AUD 2.7 billion missed our estimate by 8%, mostly due to lower-than-forecast revenue margins in the US and Europe segments.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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