A first class company – Corporate Travel Management

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Key points

  • Corporate Travel Management recently embarked on its global strategy and still has ample opportunity to grow through further acquisitions.
  • It participates in the corporate travel segment only which is more resilient than the leisure segment.
  • Platypus’s short-term target price for Corporate Travel Management is $14.50 (currently around $10.74). There’s upside risk to this valuation from potential further acquisitions.

Jelena Stevanović is a senior analyst at Platypus Asset Management.

How long have you held Corporate Travel Management?

We initiated our position in October 2014 as we started shifting our exposure to the global travel segment away from Flight Centre (FLT) to Corporate Travel Management (CTD) based on the view that a company exposed to the corporate travel segment only will have better growth opportunities than the one operating in both corporate and leisure segments.

Corporate Travel Management is a corporate travel management company with operations in Australia, New Zealand, North America, and Europe. The company was established in Brisbane in 1994 and since then has grown to 46 locations around the world through both acquired and organic growth.

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