Flight Centre Shares Still Expensive Despite Recent Weakness
We raise our fair value estimate for no-moat-rated Flight Centre Travel Group by 3% to AUD 38 following better-than-expected fiscal 2018 results. Underlying profit before tax, or PBT, of AUD 385 million represents a 17% growth year on year and 2% higher than our forecast, landing at the top end of the guidance range of AUD 360 million-385 million. The final fully franked DPS of AUD 1.07 took total dividends for the year to AUD 1.67, an increase of 20% and based on a 60% payout.The strong profit...
Flight Centre Travel Group is engaged in the travel retailing in both the leisure and corporate travel sectors, plus wholesaling.
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