Flight Centre Fair Value Estimate Maintained Following Soft Fiscal 2016 Result
We maintain our fair value estimate for Flight Centre at AUD 33.00 per share following the soft fiscal 2016 result; at the current market price of AUD 36.43, shares remain overvalued. We still believe the company lacks an economic moat, given the highly competitive nature of the travel retailing market and a lack of sustainable competitive advantages. We also maintain our high fair value uncertainty rating, which is influenced by relatively high operating leverage.The 5% fall in net profit afte...
Flight Centre Travel Group is engaged in the travel retailing in both the leisure and corporate travel sectors, plus wholesaling.
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