15/11/2024 09:57

Corporate Travel Management (CTD) $13.59

October trading update by CTD reiterated the risks around the UK government's planned budget cuts, which represents a real risk to travel spending; around 10% of CTD’s earnings come from the UK, which is unsettling. However, given the low investor expectations for CTD, and the broader recent softness in ASX travel stocks, we aren’t surprised the update was reasonably well received with no major hidden surprises.

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15/10/2024 09:23

Corporate Travel Management (CTD) $12.59

CTD delivered a disappointing August result, including guidance for FY25. We still see no compelling reason to re-enter the stock after exiting a few months ago above $13. CTD has endured a significant fall from grace and is an example of why investors should always remain open-minded.

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27/08/2024 09:44

Corporate Travel Management (CTD) $11.63

Previous market favourite CTD has been the sector standout underperformer in 2024, with this month's poor result compounding the decline. August’s result was a miss to FY24 and FY25 guidance, which was not a good combination.

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21/08/2024 17:24

Corporate Travel (CTD) $12.27

CTD -1.92%: was hit hard early, down ~10% on a weak result and downgraded FY25 guidance, however, by the close, they were only marginally lower. Reading the result first up looked like a big miss to both FY24 and guidance. We were not on the call today, so they’ve done a good job explaining away these results….

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18/07/2024 09:43

Corporate Travel Management (CTD) $13.44

Corporate travel is a major provider of travel services in Noth America, Australia & NZ, Europe & Asia, and they’ve had a phenomenal history of growth. However, in more recent times, they won a very lucrative contract to house Asylum seekers in the UK, and they are having some issues with this politically charged area, where the landscape can change quickly.

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30/05/2024 09:34

Active Growth Portfolio – Amendments

We are selling a stock for a loss and recycling capital into a new position.

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23/05/2024 09:53

Corporate Travel Mgt. (CTD) $14.52

CTD has struggled through 2024, and after recently buying JB Hi-Fi (JBH), we question whether this is the time for increased consumer spending exposure as cost of living expenses remain high. The travel sector remains firm, with both FLT and CTD maintaining guidance at the recent Macquarie conference, but there is the risk of rising inflation eventually following in the footsteps of retail and weighing on the sector, e.g. 3Q24 airfares have fallen 13% YoY. CTD is already seeing AI efficiencies, and over its 5-year strategy, it targets 50% of all non-revenue transactions to be managed by AI, but it's not the current driver of the share price.

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07/05/2024 09:31

JBH Hi-Fi (JBH) v Corporate Travel (CTD)

JBH and CTD are both correlated to discretionary spending, with the path of local interest rates an important denominator in this equation.   JBH – we have been stalking JBH for the last few months, looking to buy the quality retailer under $59, less than 2% away. CTD – has disappointed over recent months after being dumped in February following a big miss with its 1H24 result – we bought post the result, but the stocks failed to bounce amid some concern building around their UK Bridging & Accommodation services contract

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26/03/2024 09:11

Corporate Travel Mgt. (CTD) $17.31

CTD advanced +1.8% on Monday, reducing its year-to-date decline to -13%; we bought the stock earlier this month following its poor result and subsequent downside rerating. We went long ~$16.50, believing the stock offers solid value for patient investors over the coming year or so through upside potential in the vast North American market, where CTD still has a market share of less than 1%. 

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06/03/2024 09:43

Active Growth Portfolio – Amendments

We are making several changes to the Active Growth Portfolio

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