Analysts from Citi indicate that the fiscal year 2023 results for Australia’s Corporate Travel (ASX:CTD) have counterbalanced the unforeseeable market softness.
Corporate Travel reported a final dividend of 22 Australian cents per share and an adjusted net income for the fiscal year of A$92.5 million on Wednesday.
The brokerage firm emphasizes the market’s attention will revolve around lesser recovery expectations, which could pose an upside risk to profits.
The target price (PT) has been reduced to A$22.55 from A$23.80.
In a similar vein, analysts at Morningstar made an 8% cut to the fair value estimate on the company, positioning it at A$22.5.
Morningstar foresees fiscal year 2024 EBITDA to be A$257 million, with the company’s EBITDA guidance range for the same fiscal year listed between A$240 million and A$280 million, encapsulating the unstable conditions and the inconsistent road to pre-COVID-19 levels.
The stock has seen an increase of nearly 23% this year, based on the most recent closing.
Corporate Travel is an Australian firm specializing in the management of business travel.