Should Webjet Pursue Acquisitions?
After another capital raising, will Webjet be free to pursue the acquisition of distressed travel assets or is protecting the balance sheeta priority?
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Webjet Limited
Over the past five years, we have been building a global portfolio of leading B2B travel providers, with the aim of offering the travel trade, the widest range of hotel inventory at the lowest possible prices. Throughout this process, our strategy has been to combine organic start-up businesses with the acquisition of established and reputable companies to ensure a fresh and creative approach alongside a wealth of experience. WebBeds now operates some of the fastest growing and most instantly recognised and respected brands in the industry.
We are very aware that our partners know, trust and enjoy excellent working relationships with our existing brand names so we won’t be rushing this process. For now, you can learn more about JacTravel, Sunhotels, Lots of Hotels, FIT Ruums and Totalstay
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News
Bain Capital Swoops On Distressed Webjet
Shares in embattled online travel retailer Webjet ended lower, but higher after resuming trading yesterday after an emergency fund raising. In doing so Webjet revealed it had picked up a new best friend from the issue in aggressive US private equity giant Bain Capital.
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Webjet Searches For $275 Million To Weather Virus
Online travel group Webjet wants $275 million in new capital to see it through the coronavirus crisis which has wiped out travel and tourism demand globally.
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Battered Flight Centre, Webjet, oOH!media Await Bailout
A big test for the market and investment confidence this week with news expected on whether there will be coronavirus-driven rescue/recaps of Webjet, Flight Centre and oOH!media.
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With Borders Closed Travel Stocks Are In An Absolute Crisis
The crisis in the travel and aviation sector worsened yesterday with the Federal government banning all foreigners from entering Australia from midnight tonight and again told Australians returning from overseas that they will have to undergo 14 days of quarantine.
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Analyst Views
WEB – Morgan Stanley rates the stock as Downgrade to Underweight from Equal-weight
Morgan Stanley downgrades to Underweight from Equal-weight, preferring Corporate Travel ((CTD)) to Webjet.
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WEB – Credit Suisse rates the stock as Downgrade to Neutral from Outperform
Credit Suisse eventually expects upside to the FY19 earnings base, primarily driven by the B2B division. However, with this division exposed to onerous travel restrictions in the northern hemisphere the broker tempers expectations and will look to get upbeat again once intra-regional leisure travel improves.
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WEB – UBS rates the stock as Buy
Travel demand has slumped sharply and there are high levels of uncertainty over the next 6-12 months. Hence Webjet has withdrawn FY20 guidance.
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WEB – Credit Suisse rates the stock as Neutral
FY20 operating earnings (EBITDA) are expected to be between $157-167m with the first half registering at least $80m. Credit Suisse revises up estimates for earnings per share by 4.4%.
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WEB – Morgan Stanley rates the stock as Equal-weight
Morgan Stanley reduces estimates for operating earnings (EBITDA) by -6-7% for FY20. This reflects adjustments for Thomas Cook and Amoma, both having permanently ceased operations. The broker notes a significant hit in terms of receivables, which will be written down to zero.
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