Corporate Travel Management: On track for a full EBITDA recovery in FY24

About the author:

Author name:

By Belinda Moore

Job title:

Senior Analyst

Date posted:

24 August 2023, 9:00 AM

Sectors Covered:

Agriculture, Food & Beverage, Travel and Chemicals

• There were few surprises in Corporate Travel Management's (ASX:CTD) FY23 result given its recent trading update. However, cashflow was materially weaker than expected due to a timing issue.
• 4Q23 trends bode well for strong earnings growth in FY24. While there is now a guidance range for FY24, we still think A$265m of EBITDA is achievable.
• Stock is oversold and we maintain an Add rating with a new price target of (login to view).

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