One of the biggest movers on the market today has been the Corporate Travel Management Ltd (ASX: CTD) share price.
At the time of writing its shares are up a solid 7% to a new all-time high of $21.67.
What happened?
As many readers will be aware, this week Macquarie Group Ltd (ASX: MQG) is holding its flagship annual Australia Conference.
Well over 100 company presentations will be made this week by senior management from various sectors of the ASX.
As you might have guessed, Corporate Travel Management is one of the companies presenting. And pleasingly for its shareholders today's presentation included a full-year profit guidance upgrade.
Thanks to accelerated market share gains during the second-half of FY 2017, management now expects full-year underlying EBITDA to be a minimum of $97 million, compared to its previous guidance range of between $92 million and $97 million.
Should the company deliver on its new guidance it will mean an impressive 40.6% increase in EBITDA on the prior corresponding period.
Is it too late to invest?
With its shares up a remarkable 51% in the last 12 months, it means they are trading at approximately 44x trailing earnings.
Clearly the days of Corporate Travel Management being a bargain buy are long gone now. But that doesn't mean investors shouldn't consider making a buy and hold investment today.
The company is highly leveraged to a global recovery and has a strong and growing presence in all major corporate travel markets.
I believe this puts it in a position to continue growing its bottom line at an above-average rate for years to come.
In light of this I would put it up there with Webjet Limited (ASX: WEB) and Ramsay Health Care Limited (ASX: RHC) as one of the best growth shares on the Australian share market today.
