Credit Suisse

Analyst Stephen Ju initiated coverage of Global Business Travel Group Inc. at Credit Suisse 

Small and Medium Enterprises (SMEs) are increasingly using

Travel Management Companies (TMCs) to manage travel expenses.

Cost savings, better access to inventory/content, and fulfillment of safety

wellness requirements have all been realized by TMCs, the analyst says.

Having acquired Egencia and Ovation, Stephen Ju notes that 

the company is now the market leader in the SME space.

Analysts cited the company's competition with other travel management companies,

slower SME migration than expected, and more.