Tourism Holdings Rentals Limited: Everything is on track
About the author:
- 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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