Core Insights - Navan, formerly known as TripActions, has filed updated IPO documents with the U.S. Securities and Exchange Commission (SEC) despite the ongoing federal government shutdown [1][2] - The company is utilizing new SEC rules that allow companies to file updated information during the shutdown, enabling them to receive automatic approval within 20 days without staff scrutiny [2][3] - The IPO market was expected to be negatively impacted by the shutdown, but Navan's actions will be closely monitored by the tech industry [3] Financial Details - Navan plans to sell 30 million shares, with an additional 7 million shares being sold by insiders, pricing the shares between $24 and $26 [4] - If priced at the high end, Navan could raise over $960 million and achieve a valuation of $6.45 billion [4] - The company reported rolling 12-month revenue of $613 million, reflecting a 32% increase, while incurring losses of $188 million [4] Backing and Support - Navan is backed by notable investors including Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks [4]

Company Overview - Navan reported a 30% revenue surge for the first half of fiscal 2026, indicating strong growth in the corporate travel management sector [1] - The company was founded in 2015 as TripActions, focusing initially on corporate travel management and later expanding into corporate payments and expense management [4] Financial Performance - For the six months ended July 31, Navan reported a net loss of $99.9 million on revenue of $329.4 million, compared to a loss of $92.5 million on revenue of $253.7 million in the same period a year earlier [5] - In 2022, Navan raised $300 million in a Series G funding round, achieving a valuation of $9.2 billion [3] Market Context - The IPO market is experiencing a recovery, particularly driven by tech IPOs, following a slowdown due to tariffs that halted new listings in April [2] - Major airline executives have expressed optimism about the travel industry's ability to increase fares later this year, indicating a rebound in travel demand [3] IPO Details - Navan plans to list its shares on the Nasdaq under the symbol "NAVN" with Goldman Sachs, Citigroup, Jefferies, Mizuho, and Morgan Stanley among the underwriters managing the offering [5]

Investment Rating - The investment rating for Corporate Travel Management Limited (CTD.AX) is Equal-weight [2][11]. Price Target - The price target has been updated to A$12.50 from A$11.80 [1][5]. Core Views - The report indicates that after a period of elevated uncertainty, activity in the corporate travel sector has returned closer to business as usual, leading to low-double-digit EPS upgrades for FY25e-27e, although still below consensus [1][11]. - The report highlights that the corporate travel industry is expected to show resilience despite slowing growth, with CTD emerging as a more competitively advantaged business post-COVID-19 [11][20]. - The report notes that the company has improved its competitive position and is well-positioned to gain market share both organically and through acquisitions [11][20]. Financial Estimates - The fiscal year ending estimates for EPS are as follows: FY24 at A$0.80, FY25e at A$0.60, FY26e at A$0.70, and FY27e at A$0.87 [2][19]. - Total Transaction Value (TTV) estimates are projected at A$714 million for FY24 and FY25e, increasing to A$778 million for FY26e and A$843 million for FY27e [15][19]. Valuation Metrics - The valuation metrics include a P/E ratio of 15x for FY26e EPS, which is below the 10-year average of 28x, and an EV/EBITDA of 9x for FY26e EBITDA, also below the long-term average [5][11]. - The report uses a DCF model with a WACC of 11.8% and a terminal growth rate of 3.5% [5]. Market Dynamics - The report emphasizes that the corporate travel sector is expected to rebound, driven by ROI-driven dynamics and market share gains, particularly in the Asia segment [9][10]. - The report also notes that the industry consolidation favors scale players, which benefits CTD [11][20].