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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31/01/2023 17:14

Flight Centre (FLT) $15.83

FLT Trading Halt: Raising $180m in fresh equity today at $14.60 to buy UK-based luxury tour operator Scott Dunn for $220m as they push further into the luxury market, this time focussing on a younger demographic with Scott Dunn’s customer base primarily in the 35-45 year age bracket. This is also a play on affluence with the average spend per...

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13/12/2022 09:15

Flight Centre Travel Group (FLT) $15.04

FLT continues to trade near its 18-month low even while people are starting to travel in earnest, the key issue appears to have been their poor earnings guidance delivered earlier in the year i.e. we are currently investing in a very unforgiving market which appears to want FLT to improve earnings before buying back into the operator, also its scary to see it as the most shorted stock in the ASX2000 with a huge 14.4% short position into Christmas

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06/09/2022 08:54

Flight Centre Travel Group (FLT) $16.83

Last month saw FLT show $1bn of revenue for FY22 but they failed to give guidance for FY23 which we believe is reasonable considering the global uncertainties,  but markets are never a fan of such a move.  This is another travel company that’s struggled to recover from painful Covid disruptions and the trouble is to us is that it’s hard to decipher what normal earnings...

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25/07/2022 17:21

Flight Centre (FLT) $17.62

FLT +2.98%: travel agency company Flight Centre announced an upgrade to guidance for FY22 today on the back of a strong second half. EBITDA guidance was improved by ~12% at the midpoint to a loss of $180-190m meaning they may break even in the second half at the EBITDA line after posting a $185m loss in the first half. Total Transaction Volume (TTV) is expected...

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23/06/2022 09:06

Flight Centre Travel Group (FLT) $17.81

FLT remains well below its pre-COVID levels and it’s a business still looking forward to better trading conditions in the future but as we wrote previously it’s a turnaround story that’s taking longer than many hoped/expected – we prefer CTD in a market that’s unforgiving to anything but the top quality businesses.

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