Something to note about FLT is that the NPAT growth trajectory had levelled off quite some time ago.
We think the market is still inclined to view FLT through the lens of sales growth, rather than profitability.
As has been reasonably well observed, whilst the share price remains depressed, the market cap has recovered quite a bit.
In our view, FLT is not actually all that cheap, particularly with the COVID overhang, recovery or not.
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