CTT –49.33%: The tribe has spoken today on CTT after a huge downgrade to earnings only a week before the EOFY, calling out a challenging environment in luxury e-commerce. Dominic Lorrimer today said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for FY24 would be between $32-35 mn, compared to current consensus of $44.1mn, a 23% downgrade at the midpoint pushing shares back to 2022 levels before all the hype. CTT were trading at $4.90 in March before the AFR targeted them for charging higher amounts of duty to customers than they were (allegedly) paying – draw your own conclusions, however, we are not at all tempted to buy the dip in this one!
MM has no interest in CTT
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