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Corporate Travel Mgt. (CTD) $20.96

Corporate Travel Management (CTD) provides management services to corporates in Australia, North America, Europe, and Asia. The company’s pitch is they differentiate through technology which aims to reduce clients’ overall travel spend. CTD has recently been awarded a great contract by the UK Home Office for 2yrs with an estimated Total Transaction Value (TTV) of $3.0bn – which is huge.  The contract involves managing the logistics / sourcing around accommodation and transportation for Asylum seekers and refugees who have entered the country and require temporary accommodation. This large contract win highlights the strength of the UK business and the way CTD is regarded by the UK Gov.

Elsewhere North America’s recovery trajectory is improving and Asia is reopening stronger / faster than anticipated. We believe the current value still looks appealing for the likely growth ahead. On FY24 earnings estimates, CTD is trading on a PE of 18.3x which reduces to 16.6x incorporating the full upside from the new contract win.

  • We believe CTD has plenty of room for upside surprises to earnings through 2024/5.
MM remains bullish toward CTD
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MM is adding CTD to our Hitlist even after its solid rally.

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Corporate Travel Mgt. (CTD)
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