MM has been eyeing off CTD over through 2021 but in hindsight we’ve been too pedantic on price, not uncommon with an investment that ends up being correct as a number of players are looking at the same idea hence supporting the price into pullbacks. Similar to QAN the stocks trading well below its pre-pandemic low but in this case we especially like their proactive moves to grow over the last 2-years through acquisition which has set the business up to be the 4th largest global travel management business.
While FY21 was understandably impacted by COVID with no debt and almost $100m in cash the runway looks solid for CTD.
MM remains bullish CTD
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