CTD's dilution was only 14% in compariosn to FLTs 44% dilution....

CTD's dilution was only 14% in compariosn to FLTs 44% dilution. I have not looked at CTDs numbers closely so can not provide an accurate comparison but a quick look tells me that CTD's sector Margins are not as badly impacted as FLTs. CTD was likely also well funded to weather through the Covid and did not need to raise as much capital as FLT did.

So CTDs shares increased from 111m to 137m. FLTs increase from 112m to 199.5m



Now look at this, CTDs precovid EBITDA margin was 31% which went down to -28% in 2021 FY and now sitting at -9.57. While FLTs margin was 14% precovid, was down to -173 % in 2021 FY and now sitting at -111.31. This tells me that FLT is going to take a lot longer to recover to precovid profitability than CTD.







The Rask Media article confirms my theory

https://www.raskmedia.com.au/2019/05/25/are-flight-centre-asxflt-and-corporate-travel-asxctd-going-to-merge/