FLT +8.09%: rallied after completing a big $180m raise to help fund the acquisition of UK’s Scott Dunn. The company said the acquisition will be EPS accretive in the mid-teens while also giving them more leverage to the UK market as well as increased exposure to luxury holidays. Scott Dunn did ~$200m in transaction value and $51m in revenue last year with more than 70% of bookings coming from the UK. Flight Centre expects 1H revenue of $1b, EBITDA of $95m while guidance for the full year was $250-280m EBITDA, in line with expectations. The raise was completed at $14.60/sh with retail holders now eligible to bid into the Share Purchase Plan (SPP at the same price).
MM is neutral FLT
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