28/08/2024 17:10

Flight Centre (FLT) $20.05

FLT +3.72% had a solid session, coming off a low base after underlying profit before tax (PBT) came inline with expectations, though most of it was pre-guided.

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27/08/2024 09:41

Flight Centre Travel Group Ltd (FLT) $19.65

FLT has struggled over recent weeks, failing to bounce with the market following the aggressive August sell-off. Perhaps they know something we don’t, or it's simply keying off the softening overseas backdrop. Three large block trades over recent weeks suggest a major holder is exiting/reducing their exposure, i.e. 800k, 1mn, and 1.4mn shares.

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18/07/2024 09:40

Flight Centre Travel Group Ltd (FLT) $22.24

FLT’s most recent trading update was in line with management expectations, and their FY24 guidance remained unchanged; however, the stock has outperformed the market since, aided by Macquarie lifting its Price Target (PT) this month to $26.80. There's nothing wrong with FLT; it just doesn’t excite us as much as some of its peers.

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26/03/2024 09:12

Flight Centre Travel Group Ltd (FLT) $21.24

FLT advanced +1% on Monday, taking its year-to-date gain to +3.3%, but it’s traded sideways since early 2022, not participating in the market's strong gains. Last month, FLT delivered a slight earnings miss, although they upgraded full-year guidance for pre-tax profit of $310-340m (mkt was at $298m).

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28/02/2024 17:03

Flight Centre (FLT) $20.89

FLT -3.87%: Hit today after reporting a slightly lower than expected 1H24 earnings result with underlying EBITDA of $189m up from $95m this time last year but a shade below the $192m expected.  They did upgrade full year guidance for pre-tax profit of $310-340m (mkt was at $298m) which on face value was a ~9% lift at the midpoint however it was driven by accounting rather than better operational momentum.

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30/08/2023 17:02

Flight Centre (FLT) $21.46

FLT -2.81%: Fell today after reporting good numbers for FY23 but no guidance for FY24, other than to say that momentum remains solid right across their business. FY23 EBITDA of $301.6m was in line with guidance ($295-305m) and ahead of consensus ($296.3m) while underlying pre-tax profit of $106m compared well to expectations for $104.6m. Leisure drove the beat with earnings 18% ahead while corporate was 7% below - better margins in leisure v softer margins in corporate while they also reinstated the dividend which suggests some confidence in the outlook.

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27/06/2023 09:26

Flight Centre Travel Group (FLT) $18.57

As touched on earlier travel and tourism is in the firing line if people aren’t prepared, or simply don’t have money to spend. Additionally, FLT has never fully recovered from being forced to raise  ~$700mn through COVID which by definition significantly increased the number of shares on the register. The stock remains well under its 2021 high and we still see no reason to fight this underperformance although the “short position” has started to fall over the last year it’s still above 10% illustrating the lack of confidence towards the stock by traders.

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27/04/2023 09:34

Flight Centre Travel Group (FLT) $19.31

Flight Centre (FLT) was forced to raise capital through COVID, in its case to the tune of ~$700mn which also significantly increased the number of shares on the register in the process. The stock has failed to capture investors imagination post-COVID with the stock still trading well under its 2021 high. – we see no reason to fight this underperformance. Professional traders clearly agree with our thoughts with FLT carrying the largest market short at 11.85% although it’s well down on the 18.5% position held last May.

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10/03/2023 09:16

Flight Centre Travel Group (FLT) $19.56

This travel business has the largest market short at 11.92% although it’s well down on the 18.5% position held last May. Founder Geoff Harris recently sold $16mnn worth of stock but considering insiders hold ~20% of the company it’s not a meaningful move perhaps just time to upgrade the weekend getaway. The company recently performed a successful $180mn capital raise to enter the luxury UK & US travel market which demonstrated plenty of appetite at lower levels. • We are not major fans of FLT following their huge capital raise during the GFC but it’s not a stock we would be short.

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01/02/2023 16:59

Flight Centre (FLT) $17.11

FLT +8.09%: rallied after completing a big $180m raise to help fund the acquisition of UK’s Scott Dunn.

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