$20 Thread

With the addition of its recent acquisitions, the company has forecast that upon full resumption of travel, EBITDA should be about $265 million versus $165 million pre-pandemic. Despite the expanded customer base and market share, the share price remains 30 per cent below pre-COVID-19 levels while competitor enterprise values are at or above pre COVID-19 levels. The most recent trading update in October 2022 highlighted strong client retention, record level new client wins and continued EBITDA positive group operations. Recent concerns over tough trading conditions should pale in comparison to ones experienced during COVID-19 and are only likely to delay, not extinguish, a resumption to full earnings potential.