A big family holiday is definitely something that the crew at MM considers near the top of its list for discretionary spending. Still, FLT’s poor result last week didn’t reflect our sentiment—a significant miss on first-half 2025 earnings, although management reiterated the guidance range for the full year. Overall, we thought the market’s reaction was a touch harsh, with airline deflation being the key driver of the miss.
- We can see FLT surprising on the upside through 2025, but the market appears sceptical about forward guidance, making it an aggressive play.
MM remains neutral toward FLT
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