Intrinsic Assessment Raised but Flight Centre Shares Still Flying Too High
We lift our fair value estimate for Flight Centre by 3% to AUD 34 per share, driven by upgrades to near-term estimates for North American and other overseas operations. However, shares in the no-moat-rated group are trading at a 31% premium to our revised intrinsic assessment.Investors appear to be factoring in management's long-term goal of returning to 2% net margin (pretax profit as a percentage of total transaction value, or TTV), a level last seen in fiscal 2015 when pretax profit was AUD ...
Flight Centre Travel Group is engaged in the travel retailing in both the leisure and corporate travel sectors, plus wholesaling.
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