Legal actions against VGI Partners, page-87

Corporate Travel Management

Roger Montgomery: Some of what they've thrown at the company has stuck, admittedly they over exaggerated their footprint. Arguably they could have been a little bit more transparent with their revenue recognition, but I don't think the company is damaged. I do think that this is a temporary setback for them.The problem is that 70 per cent of their earnings comes from overseas acquisitions, and they've got to show some organic growth. Having said all of that, they're really expensive. I value them at about $1.2 billion and they're trading at 2.4. So it's a sell.

Ben Rundle: I'm going to hold on Corporate Travel. I agree with Roger. I don't think the company's in terminal decline off the back of this. There's been a few things uncovered, which maybe raise a few alarm bells, which the company needs to tidy up. But for me, it's a hold for the time being.