Flight Centre

At a conference last month, the chief financial officer of Flight Centre presented ‘An A-Z of Flight Centre’. The most concerning issue for shareholders today—and perhaps explanative of the 19% share price fall since our last review on 22 Feb 12 (Hold – $21.50)—is addressed in topic A ‘The Aussie Dollar v The US Dollar’. In a few dot points, the company claims no historical correlation between its results and the high Australian dollar, trumpets past profit growth despite past currency volatility and explains that the US dollar is ‘irrelevant to overwhelming majority of outbound passengers’. These points aren’t directly refutable.

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