Flight Centre

Flight Centre is a good business and we’d been giving it a bit of leeway towards the end of last year, as it hovered just above our price trigger for a downgrade to Take Part Profits. But a 13% surge so far this year has now forced our hand. It’s hard to know where Flight Centre sits in the current market surge. It may be that people expect an improved global economy to help earnings – which it would, but we’re not there yet. More likely it’s just that investors are looking at Flight Centre’s hefty free cash flow...

Flight Centre is a good business and we’d been giving it a bit of leeway towards the end of last year, as it hovered just above our price trigger for a downgrade to Take Part Profits. But a 13% surge so far this year has now forced our hand.

It’s hard to know where Flight Centre sits in the current market surge. It may be that people expect an improved global economy to help earnings – which it would, but we’re not there yet.

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