Balancing Flight Centre's Operating Prowess Against Structural Risks; FVE Up 5%, Shares Overvalued
The operating prowess of management at no-moat-rated Flight Centre Travel Group Ltd (FLT AU) has never been in doubt. It was on display once again...
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Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring
Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...
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Valuations Stretched on ASX-Listed Corporate Hybrids
In November 2016 we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral...
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Diversification Continues as Flight Centre's Domestic Operations Mature
Flight Centre's latest purchase in Europe has minimal near-term earnings impact on the group. The estimated AUD 163 million turnover from the...
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Retain Defensive Bias as the Reluctant Rate Cutter Likely to Deliver More Stimulus
Interbank Cash Rate Futures point to a 65% probability that the RBA will cut the Overnight Cash Rate (OCR) by 25 basis points to 1.5% on...
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