Tourism Holdings Rentals Limited: Everything is on track

About the author:

Belinda Moore
Author name:
By Belinda Moore
Job title:
Senior Analyst
Date posted:
30 August 2023, 8:00 AM
Sectors Covered:
Agriculture, Food & Beverage, Travel and Chemicals

  • Tourism Holdings Rentals Limited (ASX:THL) had a strong FY23 result which beat our forecast (pre-acquisition accounting). The business continues to recover nicely from the COVID induced tourism downturn and benefit from historically high rental yields and merger synergies.
  • While it is too early to provide FY24 earnings guidance, overall, its trading update and outlook comments were generally positive.
  • THL is trading on a recovery year (FY25) PE of only 9.3x, which is attractively priced for a global, market leader. We maintain an Add rating.

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