CTD +12.06%: The corporately focussed travel management company rallied to 8-month highs today on the back of a big contract win with the UK Home Office. The deal will see Corporate Travel manage the Bridging Accommodation & Travel Services contract for 2 years, with an additional 1-year option for the client which is estimated to do $1.5b in total transaction value (TTV) per year, which is huge. To put this in context, CTD did $4.2b in TTV for the first half, this deal represents around 17%. Corporate Travel is well established in the region with a dedicated internal team ready to go. Travel, both international & domestic, is expected to continue to rebound and surpass pre-COVID levels in 2024.
MM is neutral to bullish CTD
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