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.
MM is neutral CTD around $21
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