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    FLT   AU000000FLT9

FLIGHT CENTRE TRAVEL GROUP LIMITED

(FLT)
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Flight Centre Expands Corporate Business Into Japan Via JV

09/01/2021 | 05:17pm EDT

By Stuart Condie

SYDNEY--Flight Centre Travel Group Ltd. will launch its FCM travel management business in Japan in a joint venture with Tokyo-based NSF Engagement Corp., as the Australian travel agent targets the world's fourth largest corporate travel market.

The ASX-listed company on Thursday said FCM Japan would operate from January 2022. NSF, a joint venture between NTT Facilities and Sony People Solutions, has significant experience in managing large global corporate accounts, it said.

The leader of NSF's corporate travel business, Kenichi Shiraishi, will head FCM Japan, Flight Centre said.

Flight Centre, which has been pounded by 18 months of domestic and international travel restrictions, said it was investing in Japan at what it called the beginning of the post-Covid recovery phase.

"Choosing to expand FCM's network in Asia at this critical time speaks volumes of the tremendous potential Japan has and the role the country will play in our global corporate strategy in the future," FCM Asia Managing Director Bertrand Saillet said.

Flight Centre, which has recorded statutory losses totaling almost A$1.1 billion (US$806.8 million) across its last two fiscal years, did not immediately give financial details of the venture.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

09-01-21 1917ET

Stocks mentioned in the article
ChangeLast1st jan.
ASX LIMITED 0.56% 79.54 End-of-day quote.10.47%
FLIGHT CENTRE TRAVEL GROUP LIMITED 3.77% 22.56 End-of-day quote.42.33%
NIPPON TELEGRAPH AND TELEPHONE CORPORATION 1.29% 3143 End-of-day quote.18.81%
SONY GROUP CORPORATION 2.67% 12890 End-of-day quote.25.33%
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Financials
Sales 2022 1 109 M 823 M 823 M
Net income 2022 -112 M -83,3 M -83,3 M
Net cash 2022 305 M 226 M 226 M
P/E ratio 2022 -39,2x
Yield 2022 0,05%
Capitalization 4 502 M 3 341 M 3 341 M
EV / Sales 2022 3,78x
EV / Sales 2023 2,14x
Nbr of Employees 8 947
Free-Float 76,8%
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Mean consensus HOLD
Number of Analysts 15
Last Close Price 22,56 AUD
Average target price 18,74 AUD
Spread / Average Target -16,9%
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Managers and Directors
Graham Francis Turner Chief Executive Officer, MD & Executive Director
Adam McGregor Campbell Chief Financial Officer
Gary Warwick Smith Independent Non-Executive Chairman
John Anthony Eales Independent Non-Executive Director
Robert A. Baker Independent Non-Executive Director
Sector and Competitors