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Undervalued
Morningstar Quantitative Rating as of 29 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 12.48 Fair value 13.88 One-star price 15.45
Morningstar Quantitative Rating as of 29 OCT 2026.
Morningstar Quantitative Rating as of 29 OCT 2026. The slider runs from the five-star price (12.48) to the one-star price (15.45).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 11.35 |
| Price - 12 month high | 16.20 |
| Price - 12 month low | 9.61 |
| Pricing date | 29 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.07 |
| Market capitalization | 2,292.76 |
| 12 Month High price date | 4 FEB 2026 |
| 12 Month Low price date | 20 MAY 2026 |
| Volume - avg. trading volume for the last 3 months | 1.19 |
| Price - 1 Day % Change | 0.44% |
| Price - 13 week price percent change | -13.69% |
| Price - 26 week price percent change | 10.62% |
| Price - 5 Day % Change | -0.61% |
| Price - 52 week price percent change | -7.27% |
| Price - YTD price percent change | -24.38% |
| Price % Change Month To Date | 10.95% |
| EPS excluding extraordinary items - most recent fiscal year | 0.695 |
| EPS excluding extraordinary items - trailing 12 month | 0.695 |
| EPS Normalized - most recent fiscal year | 0.858 |
| Revenue/share - most recent fiscal year | 13.301 |
| Revenue/share - trailing 12 month | 13.301 |
| Book value per share - most recent fiscal year | 5.316 |
| Book value per share - most recent half-year | 5.316 |
| Book value (tangible) per share - most recent fiscal year | -0.957 |
| Book value (tangible) per share - most recent half-year | -0.957 |
| Cash per share - most recent fiscal year | 4.001 |
| Cash per share - most recent half-year | 4.001 |
| Cash Flow per share - most recent fiscal year | 1.295 |
| Cash Flow per share - trailing 12 month | 1.295 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.420 |
| EBITD per share - trailing 12 month | 2.006 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.709 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.709 |
| EPS including extraordinary items - most recent fiscal year | 0.709 |
| EPS including extraordinary items - trailing 12 month | 0.709 |
| Free Cash Flow per share - trailing 12 month | 0.854 |
| P/E excluding extraordinary items, most recent fiscal year | 16.33 |
| P/E Normalized, most recent fiscal year | 13.22 |
| Price to sales - most recent fiscal year | 0.85 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 13.29 |
| Price to Cash Flow per share - trailing 12 month | 8.77 |
| Price to Book - most recent fiscal year | 2.14 |
| P/E excluding extraordinary items high, trailing 12 months | 33.57 |
| P/E excluding extraordinary items low, trailing 12 months | 14.56 |
| Net Debt, LFI | 521.44 |
| Net Debt, LFY | 409.82 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 3.71% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 3.70% |
| Free Cash Flow - most recent fiscal year | 183.29 |
| LT debt/equity - most recent fiscal year | 102.11% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 112.33% |
| LT debt/equity - most recent half-year | 90.02% |
| Total debt/total equity - most recent half-year | 107.78% |
| Free Cash Flow - trailing 12 month | 183.29 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 2,854.86 |
| Revenue - trailing 12 month | 2,854.86 |
| EBITD - most recent fiscal year | 430.56 |
| EBITD - trailing 12 month | 430.56 |
| Earnings before taxes - most recent fiscal year | 213.12 |
| Earnings before taxes - trailing 12 month | 213.12 |
| Net Income available to common - most recent fiscal year | 149.17 |
| Net Income available to common - trailing 12 months | 149.17 |
| Earnings before taxes Normalized - most recent fiscal year | 183.19 |
| Net Income Available to Common, Normalized - most recent fiscal year | 184.25 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.86 |
| Net Profit Margin % - 1st historical fiscal year | 5.23% |
| Net Profit Margin % - trailing 12 month | 5.23% |
| Operating margin - 1st historical fiscal year | 7.04% |
| Operating margin - trailing 12 month | 7.04% |
| Pretax margin - trailing 12 month | 7.47% |
| Pretax margin - 1st historical fiscal year | 7.47% |
| Operating Margin - 5 year average | -2.18% |
| Pretax Margin - 5 year average | -2.24% |
| Free Operating Cash Flow/Revenue, 5 Year Average | -6.32% |
| Free Operating Cash Flow/Revenue, TTM | 6.42% |
| Net Profit Margin - 5 year average | -2.44% |
| Return on average assets - most recent fiscal year | 3.28% |
| Return on average assets - trailing 12 month | 3.28% |
| Return on average equity - most recent fiscal year | 12.79% |
| Return on average equity - trailing 12 month | 12.79% |
| Return on average assets - 5 year average | -0.31% |
| Return on average equity - 5 year average | -1.50% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 48.46% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 46.25% |
| Growth rate% - Revenue, 3 year | 7.77% |
| Growth rate% - EPS, 3 year | 45.64% |
| Book value per share growth rate, 5 year | 2.08% |
| Capital Spending growth rate, 5 year | 20.43% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | — |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
FLT’s full-year result in late August is likely to bring volatility, but expectations across consumer-facing stocks are already low. After breaking above $13, we see the risk/reward as increasingly attractive.
Flight Centre is one business that MM has successfully avoided over recent years, but it is starting to look interesting. We looked at it here last month after the company downgraded FY26 earnings guidance due to the Iran War, while at the same time announcing a supportive $200mn buyback - the downgrade, which was no major surprise, is feeling like a “washout low.” The stock is trading on the cheap side while paying a ~3.5% fully franked yield, but we acknowledge this is a mixture of a recovery and broadening story.
Flight Centre (FLT) was in the news for the wrong reasons on Wednesday although it wasn’t all bad. They downgraded FY26 earnings guidance after the recent US-Iran conflict disrupted its fourth-quarter leisure travel business, with cancellations, booking delays, weaker long-haul demand and a shift towards lower-margin routes contributing to an estimated $50 million earnings impact. The company also flagged a further $10 million headwind from adverse foreign exchange movements.
Tuesday saw FLT make fresh 12-months lows with Web Travel Group (WEB) not too far behind, while Corporate Travel (CTD) has been in suspense for over a month because of accounting irregularities causing delays in releasing its FY25 financial results.
The travel sector has struggled in 2025, with FLT in particular catching the eye, tumbling ~20% year-to-date. However, with a potentially aggressive rate-cutting cycle now underway, consumer confidence should improve, which, combined with more money in the pockets of mortgage holders, should create a tailwind for the sector.
FLT rallied over 1% on Monday following a negative trading update, with US uncertainty weighing on their FY25 outlook – not an uncommon message of late. They downgraded earnings by ~18%, although they did throw in a buy-back of up to $200mn in an attempt to cushion the blow.
A big family holiday is definitely something that the crew at MM considers near the top of its list for discretionary spending. Still, FLT’s poor result last week didn't reflect our sentiment
FLT –10.16%: Sold off heavily in trade today after a significant miss on 1st half 2025 earnings and pricing in the worst for the 2nd half despite management reiterating guidance range for the full-year.
FLT advanced +4.6% on Thursday following its AGM. The company provided a trading update, highlighted growth in corporate transaction volumes, and emphasised short-term profitability—all very positive relative to its last update.
FLT +4.57% held their AGM today and provided a trading update while they highlighted growth in corporate transaction volumes and emphasised short-term profitability – all very positive relative to their last update.
Trade Idea: Buy Flight Centre (FLT) using a limit of $13.40, with stops at $12.50, around 7% risk.
MM is bullish towards FLT around $12
MM is cautiously bullish towards FLT around $12
MM is neutral towards FLT
MM is cautiously bullish on FLT
MM is neutral towards FLT
MM remains neutral toward FLT
MM remains neutral toward FLT
MM remains neutral FLT
MM remains neutral FLT
Flight Centre Travel is one of the largest travel intermediaries globally. The group generates around half of its total transaction value from the corporate unit, with the other half from the leisure market and ancillary travel-related businesses. In corporate travel, Flight Centre is a global Top 4 agent operating in over 100 countries, with different brands catering to various customer segments (small and midsize businesses to large enterprises). In leisure, Flight Centre operates an extensive network of shops and also runs online channels and deals with independent agents. Over half of group TTV is generated in Australia and New Zealand, 20% from the Americas, just under 20% from Europe, and the rest from Asia.
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