Flight Centre Travel Group Limited (AU:FLT)
ASX:FLT
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Flight Centre Travel Group Limited
(Sydney:FLT)
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Rating:62Neutral
Price Target:
AU$11.50
▼(-2.71% Downside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by improving fundamentals (strong revenue rebound and stable leverage) and supportive reaffirmed guidance, but is held back by significant cash flow weakness and clearly bearish technical momentum. Valuation adds mild pressure given the higher P/E, partially cushioned by the dividend yield.
Positive Factors
Revenue and TTV recovery
Sustained TTV and revenue rebound across H1 demonstrates durable demand recovery and scale. Higher transaction volumes bolster supplier negotiating power, fixed-cost absorption and cross-sell opportunities, supporting margin stability and organic growth over the next 2–6 months.
Negative Factors
Weak cash conversion
Severe decline in free cash flow and very low operating-cash-to-net-income indicate earnings are not converting to liquidity. That limits capacity to self-fund capex, absorb shocks or sustain buybacks/dividends without relying on external financing over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and TTV recovery
Sustained TTV and revenue rebound across H1 demonstrates durable demand recovery and scale. Higher transaction volumes bolster supplier negotiating power, fixed-cost absorption and cross-sell opportunities, supporting margin stability and organic growth over the next 2–6 months.
Read all positive factors
Flight Centre Travel Group Limited (FLT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$2.24B
Dividend Yield2.63%
Average Volume (3M)1.71M
Price to Earnings (P/E)13.3
Beta (1Y)1.58
Revenue Growth4.11%
EPS Growth-2.17%
CountryAU
Employees12,514
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.50
Shares Outstanding206,156,250
10 Day Avg. Volume1,940,644
30 Day Avg. Volume1,710,351
Financial Highlights & Ratios
PEG Ratio-1.15
Price to Book (P/B)2.25
Price to Sales (P/S)0.99
P/FCF Ratio75.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$15.36Price Target Upside29.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.03
Revenue Forecast (FY)AU$2.97B
Flight Centre Travel Group Limited Business Overview & Revenue Model
Company Description
Flight Centre Travel Group Limited provides travel retailing services for the leisure and corporate sectors in Australia, New Zealand, Americas, Europe, the Middle East, Africa, Asia, and internationally. The company offers leisure travel services...
How the Company Makes Money
FLT primarily makes money by earning revenue from arranging travel and managing travel programs for customers rather than owning airlines or hotels. Key revenue streams include: (1) Commissions and supplier incentives: When FLT books travel produc...
Flight Centre Travel Group Limited Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational momentum across both corporate and leisure: record and growing TTV, strong corporate profit expansion (20%), productivity and AI-driven efficiency gains, meaningful digital growth, targeted M&A and active capital management (buybacks, new notes). Key negative factors—lower interest income reducing PBT uplift versus EBITDA, HQ losses, front‑loaded investments and regional volatility (notably U.S. and Asia) that pressured leisure margins—are material but appear manageable within the reaffirmed FY26 guidance. On balance, the positive operational and strategic progress (revenue and TTV growth, corporate margin uplift, AI/productivity wins and successful integration of acquisitions) outweighs the transitory and capital/market headwinds highlighted.Positive Updates
Group TTV and Revenue Growth
Total transaction value (TTV) grew 7% to $12.5bn and group revenue rose 6% to $1.4bn in H1 FY26.
Negative Updates
PBT Growth Held Back by Lower Interest Income
Underlying PBT only rose 4% despite EBITDA +9% due primarily to materially lower interest income after official rate cuts and lower cash reserves following the share buyback.
Read all updates
Q2-2026 Updates
Positive
Negative
Group TTV and Revenue Growth
Total transaction value (TTV) grew 7% to $12.5bn and group revenue rose 6% to $1.4bn in H1 FY26.
Read all positive updates
Company Guidance
Flight Centre reaffirmed FY‑26 underlying PBT guidance of $315–$350m (midpoint $332.5m, ~15% YoY growth) and a typical H1:H2 skew of ~38%:62%; this follows a H1 where group TTV rose 7% to $12.5bn, revenue was up 6% to $1.4bn, underlying EBITDA grew 9% to $213m and underlying PBT was $125m, while leisure TTV rose 10% to just under $6bn (revenue $690m, PBT $61m) and corporate delivered top‑line +6% and profit +20% (Corporate Traveller on track to exceed $5bn TTV, M&E/professional services >10% of corporate revenue); digital and AI traction includes group online sales +14% to ~ $900m (≈15% of group sales), Flight Centre brand now >50% online, co‑consult/AI saving ~30 minutes per itinerary and TTV per FTE >$1m; management expects FY‑26 capex ~ $85m, cruise TTV to exceed $2bn, has increased the interim dividend to $0.12/sh (full franked; final likely partially franked and FY‑27 likely unfranked), and continues capital actions (issued $450m of longer‑dated notes, $126m of a $200m buyback executed to date), while flagging HQ segment headwinds (c. $90–$95m FY loss run‑rate).Flight Centre Travel Group Limited Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.86B | 2.78B | 2.71B | 2.28B | 1.01B | 395.91M |
| Gross Profit | 1.09B | 2.62B | 2.56B | 2.18B | -25.53M | 393.58M |
| EBITDA | 398.34M | 415.88M | 461.37M | 301.43M | -202.71M | -444.10M |
| Net Income | 109.48M | 109.49M | 139.64M | 47.46M | -286.65M | -433.13M |
Balance Sheet | ||||||
| Total Assets | 4.66B | 4.11B | 4.21B | 4.53B | 3.86B | 3.36B |
| Cash, Cash Equivalents and Short-Term Investments | 733.95M | 835.14M | 1.17B | 1.35B | 1.23B | 1.36B |
| Total Debt | 1.55B | 884.11M | 988.15M | 1.36B | 1.32B | 1.28B |
| Total Liabilities | 3.47B | 2.89B | 3.01B | 3.40B | 3.09B | 2.41B |
| Stockholders Equity | 1.18B | 1.22B | 1.20B | 1.14B | 775.83M | 956.04M |
Cash Flow | ||||||
| Free Cash Flow | 210.53M | 36.50M | 325.88M | 64.14M | -141.75M | -948.03M |
| Operating Cash Flow | 245.92M | 139.16M | 421.48M | 156.17M | -101.37M | -910.68M |
| Investing Cash Flow | -236.46M | -97.11M | -75.70M | -240.46M | -83.90M | -33.73M |
| Financing Cash Flow | 41.51M | -422.50M | -489.00M | 134.11M | 92.93M | 355.88M |
Flight Centre Travel Group Limited Technical Analysis
Neutral
11.82
Price Trends
12.24
Negative
13.36
Negative
12.78
Negative
Market Momentum
-0.13
Negative
52.90
Neutral
66.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:FLT, the sentiment is Neutral. The current price of 11.82 is above the 20-day moving average (MA) of 11.26, below the 50-day MA of 12.24, and below the 200-day MA of 12.78, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 52.90 is Neutral, neither overbought nor oversold. The STOCH value of 66.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:FLT.
Flight Centre Travel Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$2.35B | 36.55 | 7.19% | 1.37% | ― | ― | |
66 Neutral | AU$246.34M | 2.44 | 9.92% | 7.57% | -8.28% | 83.36% | |
62 Neutral | AU$2.24B | 13.27 | 9.09% | 2.63% | 4.11% | -2.17% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | AU$945.83M | 13.26 | -32.52% | ― | -8.73% | -99.88% | |
52 Neutral | AU$68.63M | 12.78 | -0.38% | 1.92% | 0.63% | -116.67% | |
47 Neutral | AU$880.39M | -86.22 | -26.22% | ― | 23.39% | 36.95% |
* Consumer Cyclical Sector Average
AU:FLT
Flight Centre Travel Group Limited
10.89
-1.44
-11.66%
AU:CTD
Corporate Travel Management Limited
16.07
4.39
37.59%
AU:WEB
WEB Travel Group
2.86
-1.39
-32.71%
AU:HLO
Helloworld Travel Ltd
1.51
0.07
5.24%
AU:EXP
Experience Co Ltd
0.09
>-0.01
-9.00%
AU:SDR
SiteMinder Limited
3.11
-0.84
-21.27%
Flight Centre Travel Group Limited Corporate Events
JPMorgan Ceases to Be Substantial Holder in Flight Centre
Apr 21, 2026
JPMorgan Chase Co. and its affiliates have notified Flight Centre Travel Group that they have ceased to be a substantial holder in the company as of 17 April 2026. The change reflects adjustments in holdings tied to securities lending, collateral...
Flight Centre Cancels 2.45 Million Shares After On‑Market Buy‑Back
Apr 21, 2026
Flight Centre Travel Group has cancelled 2,452,165 ordinary fully paid shares following completion of an on‑market buy‑back conducted on April 15, 2026. The reduction in issued capital may enhance earnings per share and capital efficie...
Flight Centre completes AUD 200m on-market share buy-back
Apr 15, 2026
Flight Centre Travel Group has completed an on-market share buy-back of its ordinary fully paid shares, finalising a capital management initiative first notified in April 2025. The company repurchased 16,170,099 shares for a total consideration of...
Flight Centre Completes $200m Buy-Back and Tightens Focus on Core Travel Growth
Apr 15, 2026
Flight Centre Travel Group has completed a $200 million on-market share buy-back, retiring more than 16 million shares, or about 7% of its pre-buy-back issued capital. The company will also retire its remaining $100 million of 2028 convertible not...
Flight Centre continues on‑market share buy‑back program
Apr 15, 2026
Flight Centre Travel Group Limited has provided an updated notification to the Australian Securities Exchange regarding its on‑market share buy‑back program for ordinary fully paid shares. The company reported that, as of 16 April 2026...
Flight Centre Updates Market on Progress of On-Market Share Buy-Back
Apr 14, 2026
Flight Centre Travel Group Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company disclosed that, as of the latest reporting date, a total of 15,604,884 shares had been repurc...
Flight Centre Updates Daily On-Market Share Buy-Back Figures
Apr 13, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for ordinary fully paid shares. The latest daily filing, dated 14 April 2026, reports a cumulative 15,379,884 shares...
Flight Centre Continues On-Market Share Buy-Back With Daily ASX Update
Apr 12, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its on-market share buy-back, confirming that it is continuing to repurchase its ordinary fully paid shares under a program first announced in April 2025....
Flight Centre Reports Lapse of 53,172 Performance Rights
Apr 8, 2026
Flight Centre Travel Group Limited has disclosed the lapse of 53,172 performance rights, designated under the ASX security code FLTAP, after the conditions attached to those rights were not met or became incapable of being satisfied. The cessation...
Flight Centre Issues 77,474 New Ordinary Shares on Option Conversion
Apr 8, 2026
Flight Centre Travel Group has reported the issue of 77,474 new fully paid ordinary shares following the conversion or exercise of previously unquoted options or other convertible securities. The new shares, which were issued on March 31, 2026, re...
Flight Centre Issues New Tranche of Unquoted Performance Rights
Apr 8, 2026
Flight Centre Travel Group has notified the market of the issue of 17,232 unquoted performance rights under its employee incentive scheme, effective March 31, 2026. The new FLTAP performance rights are subject to transfer restrictions and will not...
Flight Centre Calls Virtual Meeting to Approve Pedal Group Share Sale
Apr 7, 2026
Flight Centre Travel Group Limited has called a virtual general meeting for 14 May 2026 to seek shareholder approval for the disposal of shares it holds in Pedal Group. The proxy form outlines how investors can appoint proxies, vote on the resolut...
Independent Expert Backs Flight Centre’s Pedal Group Stake Sale as Fair and Reasonable
Apr 7, 2026
Flight Centre has received an independent expert’s report from BDO Corporate Finance on its proposed divestment of a 47.01% stake in Pedal Group Pty Ltd via a selective share buyback and direct share purchase by the Turner family and related...
Flight Centre Seeks Shareholder Approval to Sell Pedal Group Stake
Apr 7, 2026
Flight Centre Travel Group has called a general meeting of shareholders for 14 May 2026, to be held electronically, to vote on approving the disposal of its shares in Pedal Group. The board is seeking shareholder approval under ASX Listing Rule 10...
Flight Centre to Sell Pedal Group Stake for $61.7m in Portfolio Shake-Up
Apr 7, 2026
Flight Centre Travel Group has agreed to sell its approximately 47% stake in Pedal Group, owner of the 99 Bikes retail chain and wholesaler Advance Traders Australia, to the Turner Collective for $61.7 million. The deal, which requires shareholder...
Flight Centre Updates Market on Progress of Ongoing Share Buy‑Back
Apr 6, 2026
Flight Centre Travel Group has provided an update on its on‑market share buy‑back, confirming that it repurchased 200,000 ordinary fully paid shares in the latest trading day. This lifts the cumulative number of shares bought back unde...
Flight Centre Issues Daily Update on Ongoing Share Buy-Back
Mar 31, 2026
Flight Centre Travel Group Limited has updated the market on progress under its on-market share buy-back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 14,333,899 shares before the pr...
Flight Centre Updates Market on Ongoing On-Market Share Buy-Back
Mar 26, 2026
Flight Centre Travel Group Limited has continued its on-market share buy-back program, updating investors with a daily notification to the ASX. The company reported that it has repurchased a cumulative 13,971,279 ordinary fully paid shares prior t...
Flight Centre Adjusts Convertible Note Conversion Price After Dividend
Mar 25, 2026
Flight Centre Travel Group has notified holders of its A$400 million 1.625% convertible notes due 2028 that the conversion price on these securities has been adjusted following a dividend declaration. The conversion price moves from A$25.5957 to A...
Flight Centre Lowers Convertible Note Conversion Price After Dividend
Mar 25, 2026
Flight Centre Travel Group has notified holders of its A$400 million 2.50% convertible notes due 2027 that the conversion price on these securities has been adjusted following a shareholder dividend. The conversion price will decrease from A$18.78...
Flight Centre Cancels 3.9 Million Shares in On‑Market Buy‑Back
Mar 22, 2026
Flight Centre Travel Group Limited has cancelled 3,906,343 ordinary fully paid shares as part of an on-market buy-back completed on March 20, 2026. The reduction in issued capital may support earnings per share and reflects the company’s ong...
Flight Centre issues daily update on ongoing on‑market share buy-back
Mar 22, 2026
Flight Centre Travel Group Limited has issued an updated notification regarding its on-market share buy-back program for its ordinary fully paid shares. The company reported that it has repurchased a cumulative total of 13,588,763 shares prior to ...
JPMorgan Ceases to Be Substantial Shareholder in Flight Centre
Mar 22, 2026
JPMorgan Chase Co. and its affiliates have notified Flight Centre Travel Group that they have ceased to be a substantial shareholder in the company as of 18 March 2026. The change stems from a series of securities lending, investment management, ...
Flight Centre Continues On-Market Share Buy-Back Program
Mar 19, 2026
Flight Centre Travel Group Limited has reported its latest daily update under its on-market share buy-back program for its ordinary fully paid shares. The company, which trades on the ASX under code FLT, is continuing a buy-back first notified in ...
Flight Centre boosts UK meetings and events reach with Fresh Approach acquisition
Mar 19, 2026
Flight Centre Travel Group has acquired UK-based brand-experience and meetings and events agency Fresh Approach, which will be integrated into its FCM Meetings Events operation while retaining its creative identity and leadership team. Fresh is f...
Flight Centre Continues On-Market Share Buy-Back Program
Mar 18, 2026
Flight Centre Travel Group Limited has continued its on-market share buy-back program, reporting that it repurchased 9,167 ordinary fully paid shares on the previous trading day. This brings the cumulative total of securities bought back under the...
Flight Centre updates market on progress of on‑market share buy‑back
Mar 17, 2026
Flight Centre Travel Group Limited has issued an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 13,330,946 shares had been repurchased prior to the...
Flight Centre Updates Market on Progress of On‑Market Share Buy‑Back
Mar 16, 2026
Flight Centre Travel Group Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares on the ASX. The company disclosed that, as of 17 March 2026, it had repurchased a total of 13,081,690 shares prior...
Flight Centre Updates Market on Progress of On-Market Share Buy-Back
Mar 15, 2026
Flight Centre Travel Group Limited has issued an updated notification to the ASX detailing progress under its on-market share buy-back program for ordinary fully paid shares. The latest update, dated 16 March 2026, reports that the company had rep...
Flight Centre Issues Daily Update on Ongoing On‑Market Share Buy‑Back
Mar 12, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its on-market share buy-back program for its ordinary fully paid shares under code FLT. The company reported that it had repurchased a cumulative total of...
Flight Centre Updates Market on Ongoing On‑Market Share Buy‑Back
Mar 11, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX on the progress of its on‑market share buy‑back program for ordinary fully paid shares. The company reported that a total of 12,145,674 shares had been ...
JPMorgan Drops Below Substantial Holding in Flight Centre
Mar 11, 2026
JPMorgan Chase Co. and its affiliates have notified Flight Centre Travel Group that they have ceased to be a substantial shareholder in the company as of 9 March 2026. The change reflects adjustments across several JPMorgan entities, including se...
Flight Centre Continues On-Market Share Buy-Back Program
Mar 10, 2026
Flight Centre Travel Group has continued its on-market share buy-back program, reporting that it has repurchased a cumulative 12,031,136 ordinary fully paid shares prior to the latest trading day. On the previous day alone, the company bought back...
Flight Centre Updates Market on Progress of On‑Market Share Buy‑Back
Mar 9, 2026
Flight Centre Travel Group Limited has reported ongoing activity under its on‑market share buy‑back program for its ordinary fully paid shares. The latest update, dated 10 March 2026, confirms that the company repurchased 270,845 share...
Citi Entities Exit Substantial Holder Status in Flight Centre
Mar 9, 2026
Citigroup Global Markets Australia and related Citi group entities have ceased to be substantial shareholders in Flight Centre Travel Group, after a series of transactions on 5 March 2026 altered their relevant interests in the company’s ord...
Flight Centre Issues Daily Update on Ongoing Share Buy-Back
Mar 8, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that it has repurchased a cumulative total of 11,513...
Flight Centre Updates Market on Progress of On‑Market Share Buy‑Back
Mar 5, 2026
Flight Centre Travel Group Limited, a major ASX-listed travel agency operator, continues to leverage its market position in leisure and corporate travel across domestic and international routes. The company generates revenue by arranging flights, ...
Flight Centre Issues New Shares on Conversion of Unquoted Securities
Mar 5, 2026
Flight Centre Travel Group Limited has notified the market of the issue of 30,730 ordinary fully paid shares following the conversion or exercise of previously unquoted options or other unquoted convertible securities. The new securities, issued o...
Flight Centre Updates Market on Progress of Ongoing Share Buy-Back
Mar 3, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program for its ordinary fully paid shares. The company reported that a cumulative total of 10,509,872 shares had be...
Flight Centre Updates Market on Progress of On-Market Share Buy-Back
Mar 2, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a cumulative 10,491,691 shares had been repurch...
Flight Centre issues daily update on ongoing on-market share buy-back
Mar 1, 2026
Flight Centre Travel Group Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that, as of the current update, 10,268,126 shares ha...
Citigroup Group Ceases to Be Substantial Holder in Flight Centre
Feb 25, 2026
Citigroup Global Markets Australia Pty Limited and related Citi entities have notified Flight Centre Travel Group that they have ceased to be substantial holders in the company as of 23 February 2026. The change reflects adjustments in relevant in...
Flight Centre declares interim dividend for half‑year to December 2025
Feb 24, 2026
Flight Centre Travel Group has declared an interim dividend of AUD 0.12 per ordinary fully paid share for the six‑month period ended 31 December 2025. The dividend will trade ex‑dividend on 25 March 2026, with a record date of 26 March...
Flight Centre Sets Agenda for FY26 Half-Year Results Presentation
Feb 24, 2026
Flight Centre Travel Group has outlined the agenda for its fiscal 2026 half-year results presentation, scheduled for February 25, 2026. The session will cover an introduction and summary of results, financial performance and key drivers, as well a...
Flight Centre lifts profit on record TTV and corporate strength
Feb 24, 2026
Flight Centre Travel Group reported underlying profit before tax of A$124.6m for the half year to 31 December 2025, a 4% rise on the prior period, driven by record total transaction value of A$12.5bn, disciplined cost control and productivity gain...
Flight Centre Files Half-Year 2025 Financial Report
Feb 24, 2026
Flight Centre Travel Group Limited has released its Appendix 4D and financial report for the half-year ended 31 December 2025, detailing its results to the market. The report package includes the directors’ report, financial statements, cash...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.