Can I just say with respects to the goodwill impairment that the...

Can I just say with respects to the goodwill impairment that the attacks VGI have made regarding using Damodaran's cost of capital is ridiculous.

It is not uncommon in the least to see someone citing Professor Damodaran's published cost of capital figures for the purposes of a WACC calculation for a foreign owned asset. Especially those located outside of Western countries. 

Take a look for yourself here http://pages.stern.nyu.edu/~adamodar/ for the data he publishes. Of course he would not have consulted CTD. CTD would have just used his published data. So their comments regarding ringing him up sound dooming in their 50 page report however at the end of the day to anyone who is half clued it, it is ridiculous and makes VGI look like idiots. 

In building up the WACC it is not uncommon for people to cite Damodaran's work for the purposes of equity premiums or country risk premiums for certain countries. Without access to Bloomberg or Capital IQ etc, it is as close as you can get to the market consensus. I would be shocked if you worked in public corporate finance at any large CA firm in Australia and had not heard of Aswath Damodaran. Or at least seen his work cited in a WACC build up before. Hell, I have seen numerous Big 4 reports in the past three years where even they have referenced Damodaran's work as a benchmark or as justification for a discount rate. He is literally one of the most cited public authors of cost of capital calculations. 

Not to mention that during impairment testing, the first thing an Auditor does it test the reasonableness of the WACC calculation using their own methods. 

Take it with a grain of salt - as someone whose worked both public and private in corporate finance/development this VGI report is hilariously bad. The impairment attacks, and the fundamental misunderstanding of corporate travel accounting and processors is borderline negligence.

Only two points in this report have legs to stand on. 1) You can't deny CTD dropped the ball on not updating their office locations (which is hardly a big deal for a corporate travel company which relies on online interactions) and 2) CTD did misrepresent their patents. 

Everything else in this VGI report is absolute rubbish. The partners at VGI deserve to be brought to court over this and I sincerely hope they do lose their short position. It is utter negligence and misrepresentation. They purposefully restricted distribution in-house to safe guard any lawsuit regarding general investors relying on this advice. 

I have never held this stock before, I bought in on the 1st. I'll keep holding until we are back at $30 in a few weeks time. If I had money with VGI partners I would be having a mental breakdown right about now. 

Fundamentals of CTD have not changed. The underlying earnings has not changed from a month ago to now.

All IMO, take what you want from this