HRG is, effectively, a technology company and that is not reflected in its FY18 PE rating of 9x. HRG’s lean operational platform and in-house software means that it can take advantage of the rapid transformation taking place in the travel management sector. The increased investment in both its divisions, Travel Management and Fraedom, underlines the ambition and growth opportunities. We have upgraded our 3yr CAGR in PBT to 9% (previously 7%), having introduced estimates for FY20 and exp
