And Kit is back - I thought you had me on ignore.
Kit stick to your NTA target of $7 -- You keep repeating the same information over and over again. Besides you have no interest, be it short or long. So why bother posting. You have been posting that this will go down since ages -- the proof is in your messages without any interest - WOW u make me wonder.
Goldman Sachs, Macquarie Bank, Bell Porter are far dumber then Kit -- I laugh to that!!!
There is risk, there is risk in every stock - No Denying that
HERE IS GS -
Higher risks from exposure to international recovery. FLT is undergoing asignificant transformation phase, with store and cost rationalization having beenfast-tracked into 2020. The group now has a greater focus on online retailing and thecorporate market, which broadens its addressable market from the slow-growinglegacy business. We believe FLT is likely to emerge post COVID-19 with improvedprofitability, and see no major balance sheet risks. However, FLT is more exposed torisks around international travel recovery in the short term. We initiate with a Neutral
And let me also give you the risks associated
Key upside risks:
Faster-than-expected recovery in trading environment: The biggest upside risk to nour earnings and valuation on FLT is faster recovery in international travel. Our baseforecasts assume international recovery to start from 1H22, but ramp up onlythrough 2H22 and reach full recovery a couple of years from there. However, afaster recovery could imply significant upside risk to these estimates.
Significant market-share gains in the online channel:We expect FLT to compete nstrongly in the OTA space. Market share gains ahead of our expectations in thisspace or a gain in competitive edge in the non-core segment for FLT could havesignificant positive implications in its longer-term growth outlook.
Travel bubbles: Travel bubbles like the Trans-Tasman bubble should provide a npathway for faster recovery in specific travel routes ahead of broader internationalrecovery. While we factor in those which are already announced in our forecasts,further agreements could change the short-term outlook for FLT.
Key downside risks:
Emergence of COVID-19 strains which could make vaccines less effective: Currently, we factor in travel recovery based on the assumption that the COVID-19spread remains curtailed by the ongoing vaccinations. This could however beimpacted by the emergence of strains against which the vaccines are less effective.
Further decline in Brick’n’mortar travel sales: We expect the market share of nBrick’n’mortar travel agency retailing to decline post the pandemic. However, weexpect this segment to remain relevant nevertheless. Any further acceleration insales trends away from brick’n’mortar retailing could offer downside risk to FLT’slonger-term outlook.
Increased competition in the corporate segment:We expect FLT’s exposure to ncorporate travel to grow in the longer term with further contract gains, especially inthe US/UK regions. However, the impact of the pandemic on corporate travelbudgets remains uncertain at this stage. While corporate travel is a fragmentedsector with scope for significant market share gains, the budget implications couldalso lead to elevated competition in the sector.
(20min delay)