When Lowest Airfare Guarantee is not So Good for Flight Centre Travel
It would be rash to attribute Flight Centre's subdued trading update to structural headwinds--long-term concerns which underpin our no-moat rating on the group. Instead, we believe management's projected 18%-28% fall in fiscal 2017 underlying profit before tax, or PBT, to AUD 105-120 million merely reflects cyclical factors which we expect to normalise over the next year.This is the reason why we have only cut our fiscal 2017 PBT estimate, reduced by 5% to AUD 345 million, to bring it in line w...
Flight Centre Travel Group is engaged in the travel retailing in both the leisure and corporate travel sectors, plus wholesaling.
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