Analyst Note| Brian Han |
Shares in Corporate Travel and Flight Centre are trading at a premium to our fair value estimates, by 11% and 27%, respectively. Investor expectations for travel recovery are building. In the leisure space, pent up demand is bursting at the seams, as was evident in the horrendous Disney theme park-like queues at the airport check-ins during the recent school holidays and Easter break in Australia. Corporate travel bookings are trending up, for instance, at more than 60% of pre-COVID-19 levels for Amex GBT as of early April 2022.