Flight Centre Travel Group Ltd: Can Cruise + Luxury change perceptions of FLT's Leisure business?

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Flight Centre Travel Group Ltd: Can Cruise + Luxury change perceptions of FLT's Leisure business?

Asia Pacific Insight

May 13, 2026 08:00 PM GMT

Morgan Stanley Australia Limited+MFlight Centre Travel Group Ltd James Bales

Equity Analyst

Can Cruise + Luxury change James.Bales@morganstanley.comChenny Wang, CFA +61 2 9770-1603

Chenny.Wang@morganstanley.com +61 2 9770-9227

perceptions of FLT's Leisure Edward Xu

Research Associate

Edward.Xu@morganstanley.com +61 2 9770-1181

business? Morgan Stanley & Co. International plc+

Jamie Rollo

FLT's leisure investments have shifted to high margin niches: Equity Analyst

Jamie.Rollo@morganstanley.com +44 20 7425-3281

Luxury and Cruise. Yet investors are skeptical of MSD cons

growth outlook. In this note we ask what if FLT successfully Flight Centre Travel Group Ltd (FLT.AX, FLT AU)

scales Cruise? And are there further niches? In short, yes. Our Australia Emerging Companies | Australia

Stock Rating Overweight

new A$25 Bull Case sees 18% PBT upside vs. cons. Industry View In-Line

Price target A$16.00

Why is leisure take-rate an issue? In 1H26 FLT earned 11.3% revenue/TTV margins in Up/downside to price target (%) 54

Shr price, close (May 12, 2026) A$10.42

Leisure. This included 0% base commissions on Australian domestic flights and 52-Week Range A$16.56-9.99

>20% commissions for luxury cruises where FLT acted as both retailer and Sh out, dil, curr (mn) 224

Mkt cap, curr (mn) A$2,330

wholesaler. This is a huge change from when FLT's model was centred on offering EV, curr (mn) A$1,270

the cheapest airfares in the market. The range of supplier take rates has widened. Avg daily trading value (mn) A$19

With the acquisition of Scott Dunn and Iglu, FLT's leisure business is doubling down Fiscal Year Ending 06/25 06/26e 06/27e 06/28e