GBTG Reassesses Valuation Amid Recent Share Price Rebound and CWT Acquisition Progress

Global Business Travel Group (GBTG) has seen a recent rebound in its share price and a solid three-year total shareholder return. The pending acquisition of CWT is expected to drive substantial net synergies and enhance EBITDA margins and long-term earnings power. However, softer corporate travel demand and potential CWT integration hiccups could delay synergies and undermine the upbeat earnings and valuation narrative. The stock is trading at a discount to its narrative fair value of $10.86.