CTD -3.26%: one of a few companies to present at the Macquarie Investor Conference today, Corporate Travel was weaker on the back of their update. The corporate travel industry is recovering and CTD expects to hit pre-COVID revenues in the 4th quarter this year, though this does include the acquisition of Helloworld’s corporate business which was wrapped up at the start of last month. They talked to a long term EBITDA target of $265m which is slightly behind consensus estimates. They’ve also noted wage inflation coming through the system would impact earnings, though they’re looking to offset that with improved technology.
MM is neutral CTD around $25
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