Insights from Morgans Institutional Conference in Noosa, Queensland
In mid-October, Morgans had the privilege of hosting its annual Institutional Conference in the serene backdrop of Noosa, Queensland. This year marked the 33rd edition of our Queensland Conference, bringing together 42 prominent companies representing diverse sectors of the Australian economy.
Featured Companies
We spotlight three noteworthy companies that left an indelible mark on our Conference: Corporate Travel Management (CTD), Eagers Automotive (APE), and Monash IVF Group (MVF).
Corporate Travel Management (CTD)
CTD is benefitting from new client wins transacting. Importantly its larger clients are gradually travelling more. With airfares coming down, corporate travel is becoming more affordable, so budgets aren’t used up earlier. Airline and airport reliability continues to improve, helping corporate travel recover, with day trips slowly returning.
Eagers Automotive (APE)
Demand in the underlying business remains solid. Recovering supply is indicating a record year of deliveries in Australia, with APE expecting a stronger margin outcome (LFL basis) for FY23 compared to FY22. The recent acquisition has provided an opportunity to improve margins and will add significant turnover from 2024. APE is bolstered by the opportunities of ongoing consolidation and original equipment manufacturers pointing to fewer dealers.
Monash IVF Group (MVF)
The post-COVID boom in IVF industry cycle volumes has been sustained. It should continue to grow from here, driven by tailwinds in the underlying growth drivers – increased maternal age, egg freezing, increase in LGBTIQ+ couples, and increased government support for genetic testing. There has been some movement in fertility specialists due to a change in ownership amongst peers, Monash has been a beneficiary and expects there to be some movement still.
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