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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05/03/2024 09:48

Switch Lendlease (LLC) into Corporate Travel (CTD)

LLC $6.27 - delivered a poor result last month, which was a significant disappointment after guidance in December was reiterated; the stocks down -16.1% so far in 2024, and MM hasn’t been slow to criticise LLC after its recent result. We also think there is an outside chance they may need capital with the balance sheet under some short term pressure, depending on the patience of lenders and how they look at covenants. They have a planned Investor Day on  May which is the next catalyst, however the stock looks heavy following downgrades across the board after their result.

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21/02/2024 17:24

Corporate Travel Management (CTD) $15.85

CTD -20.15%: The plonker of the day with  a very messy and weak result that will have those who penned the ‘short thesis’ on CTD a few years ago,  licking their lips.

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23/08/2023 17:07

Corporate Travel Management (CTD) $18.09

CTD -6.9%: travel stocks have broadly been a great place to be over the last 12 months, however Corporate Travel’s update today shows some cracks in the story coming through. FY23 numbers were largely in line which is unsurprising given the consistent messaging around earnings in the last few months.

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19/05/2023 09:03

Corporate Travel Mgt. (CTD) $21.13

Corporate Travel Management (CTD) provides travel management services to corporates in Australia, North America, Europe and Asia. The company differentiates itself from competitors through its superior technology offering and its return on investment focus - which aims to reduce clients' overall travel spend.

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27/04/2023 09:39

Corporate Travel Mgt. (CTD) $20.96

Corporate Travel Management (CTD) provides management services to corporates in Australia, North America, Europe, and Asia. The company’s pitch is they differentiate through technology which aims to reduce clients' overall travel spend. CTD has recently been awarded a great contract by the UK Home Office for 2yrs with an estimated Total Transaction Value (TTV) of $3.0bn – which is huge.

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11/11/2022 08:49

Corporate Travel Management Ltd (CTD) $17.12

People might be whinging about the significant increase in flights and holiday accommodation due to demand outstripping supply but investors clearly don’t believe it’s going to translate to increased revenue for the travel & tourism stocks with CTD failing to bounce after falling almost 40% from April’s high. Discretionary spending is expected...

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06/09/2022 08:51

Corporate Travel Management (CTD) $18.95

CTD is experiencing a year to forget with its stock having already corrected -34% from its April high although we feel things are starting to improve operationally for the corporate travel business. Revenue more than doubled last year to $389m which was a slight miss as was their net profit of $3m, however, this feels likely to improve and early signs in FY23 show that it...

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17/08/2022 16:57

Corporate Travel (CTD) $21.15

CTD -1.44%: performance is improving for Corporate Travel, finishing the year with a wet sail. Revenue more than doubled in the year to $389m, a slight miss to expectations. Net profit of $3m was light as well, however, this is expected to improve and early signs in FY23 show that it already has despite Asia reopening slower than expected and travel facing a number of issues. The EBITDA run rate in Q4 was $143m, putting them on track for the $265m guided in FY24.

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