Raising Flight Centre's FVE, but Still Nowhere Near Its Sky-High Stock Price
We lift our fair value estimate for no-moat-rated Flight Centre by 6% to AUD 33 per share. While the 7% decline in fiscal 2017 profit before tax, or PBT, was in line with our expectations, we have increased forward estimates by an average of 10%. This reflects assumed benefits from the newly unveiled business-transformation program; this is an initiative that aims to reduce costs and improve operating efficiency, and again shows management's proactive nature in the face of rising competitive and...Flight Centre Travel Group is engaged in the travel retailing in both the leisure and corporate travel sectors, plus wholesaling.
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