News: CTD Corporate Travel Management Ltd Provides Response To A Second Report By VGI Partners, page-8

No just watching with interest at this stage.I’ve held FLT on and off over the past few years and always wondered what kind of moat or comparative advantage Corporate Travel had to allow such spectacular growth and margin, compared to similar businesses.After all they are just a travel agent! For a business that appears to have been so successful they have been pretty sloppy on some key details for a business whose price is based on strong growth and some kind of moat. I’m also interested as it is a Queensland based business where a fair share of corporate disasters have emanated in the past (Storm Financial, MFS/ Octaviar, ABC Learning, Blue Sky etc). Must be something to do with the weather. I don’t think their responses have been that robust. The best rebuttal came from a Long fund and holder. I’m sceptical of any business with this growth profile without some kind of edge - technology or otherwise. If they got back towards where they gapped down I’d consider a short. There are going to be some longs at much higher levels than that who would be happy to get out there. Any upcoming reporting is going to be crucial. If there is anything other than very strong organic growth this will tank.