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FLT - Morgan Stanley rates as Equal-weight
BY BROKER NEWS - 11/07/2018 | VIEW MORE BROKER UPDATES

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FLT - FLIGHT CENTRE LIMITED


Flight Centre has evolved its model from a leisure focus to be 50/50 leisure/corporate, and successfully so, the broker believes. Corporate customers are using the business because it is quicker, cheaper and more efficient.

Corporate is less likely to suffer short term earnings disruptions than leisure and what the broker believes the market is overlooking is the opportunity for growth in the US, as to date it only represents 10% of earnings. The broker is expecting an FY18 earnings beat, but retains Equal-weight on a 19x FY19 PE.

Target rises to $68 from $54. Industry view: Cautious.

Sector: Consumer Services.

Target price is $68.00.Current Price is $63.27. Difference: $4.73 - (brackets indicate current price is over target). If FLT meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).



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The content of this information does in no way reflect the opinions of FN Arena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FN Arena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FN Arena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

 

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