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Corporate Travel Management Limited

CTD.AX
51
Travel Services · Consumer Cyclical
Price
A$2.46
+0.33 (+15.49%)
Market Cap
A$360.0M
Exchange
Australian Securities Exchange
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Exceptional
Valuation
Strong
Dividends
Strong
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Share count rising — dilution

+8.6% over 5y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 128.6M (2021) → 139.8M (2026)

§Winston Score History

The full picture

Corporate Travel Management Limited is a specialized firm offering integrated travel solutions, primarily orchestrating the procurement and fulfillment of travel requirements for corporate clients. Its global presence is marked by operations across four key geographical divisions: Australia and New Zealand, North America, Asia, and Europe. The company's diverse service portfolio encompasses corporate and event travel management, in addition to leisure, loyalty, and wholesale travel offerings. This enterprise, founded in 1994, is headquartered in Brisbane, Australia.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
27.3%
Modest — 27.3% gross margin
Profit after running costs
Operating Margin
6.1%
Modest — 6.1% operating margin
Return on the money invested
ROCE
7.5%
Weak — 7.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
167%
Turns 167% of profit into real cash
Spare cash per sale
FCF Margin
3.8%
Thin free cash flow (3.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
11.71x
Comfortably covers interest (11.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.2x
Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+13.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.2 → 5.9)

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Dividends

Dividend
Dividend Yield
8.13%
Healthy income — 8.13% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+9.5%
Dividend growing modestly (9.5% YoY)

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