Corporate Travel Management Ltd

CTD: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$37.00	Rsr	Nwpwqcbw

Corporate Travel: Look Beyond the Medium-Term European Earnings Siesta

Brian Han

Apr 11, 2024

We trim our fair value estimate for Corporate Travel by 2% to AUD 20 per share, reflecting a downgrade to our medium-term forecasts for Europe. However, shares in the no-moat group remain cheap, trading at an 18% discount to our intrinsic assessment.

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