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

About the author:

Belinda Moore
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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