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Shares in Flight Centre have been oscillating around our unchanged AUD 18.00 fair value estimate for the past year. Anticipated release of pent-up travel demand has driven the stock price to almost AUD 25.00 at one stage, while periodic reminders we are still grappling with a once-in-a-century pandemic have suppressed the stock below AUD 14.00 at other stages.
Flight Centre Travel is one of the largest travel agencies in the world. It operates an extensive network of shops globally, most of them located in Australia, the United States, and Europe. The group participates across the whole spectrum of the travel services market, including leisure travel retailing, in-destination experiences, corporate travel arrangement, and youth travel retailing. The services are facilitated via some 40 brands, with Flight Centre being the flagship brand in the leisure segment and FCM Travel the key brand in the corporate.
