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Travel stocks have had a volatile start to 2026, with investors navigating geopolitical tensions, elevated oil prices and ongoing questions around consumer spending. Despite those headwinds, the sector could be approaching an important turnaround.
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In this edition of Expert Exchange, Philip Pepe joins HotCopper to discuss whether travel stocks are beginning to offer compelling value again, how investor sentiment has shifted throughout the year and which parts of the sector stand to benefit if macro conditions continue to improve.
The conversation explores how travel has evolved as an investment theme since January, including the impact of conflict in the Middle East, fluctuating fuel prices and changing expectations for discretionary spending. With markets increasingly optimistic that geopolitical risks may ease, investors are asking whether the worst may already be reflected in share prices.
One stock discussed is Flight Centre, one of the ASX’s most closely watched travel companies. Philip shares his view on whether the company is entering a genuine turnaround phase, the catalysts that could drive the next leg higher and whether current valuations adequately reflect its earnings potential.
The interview also highlights where investors may find opportunities across the broader travel sector, how portfolio positioning is evolving and the key risks that could shape performance over the coming year.
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