Summary
The fund managers believe that Web Travel Group Ltd presents a strong investment opportunity due to its robust growth potential in the travel sector. In their opinion, the company has effectively adapted to post-pandemic travel trends, positioning itself favorably in the market. They highlight the significance of increased online bookings and strategic partnerships that enhance customer reach and service offerings. Additionally, the fund managers note the importance of cost management strategies that have improved profit margins. They express confidence in the leadership team’s ability to navigate challenges and capitalize on emerging opportunities, particularly in international markets. Overall, the consensus is that Web Travel Group Ltd is well-positioned for sustained growth, making it an attractive option for investors seeking exposure in the evolving travel landscape.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
Commentary From The Managers
Harvest Lane Asset Management
10 July 2025
$4.61
Summary
- Harvest Lane Asset Management continues to monitor developments at Webjet closely.
- Helloworld has acquired a 19 percent stake in Webjet, indicating strong interest in the company.
- BGH Capital and Gary Weiss, holding 15 percent, are advocating for the return of $100 million to shareholders.
- Both Helloworld and BGH have invested significantly in their stakes, highlighting their commitment to the company.
- Webjet is in a strong financial position with net cash and stable earnings, particularly during a cyclical trough in tourism.
- The situation presents appealing opportunities for both Helloworld and BGH.
- Harvest Lane Asset Management is awaiting a binding deal before making further investment decisions.
- The expectation is that a deal is likely to occur, emphasizing a sense of urgency in the situation.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Harvest Lane Asset Management
10 July 2025
$4.61
- Harvest Lane Asset Management continues to monitor developments at Webjet closely.
- Helloworld has acquired a 19 percent stake in Webjet, indicating strong interest in the company.
- BGH Capital and Gary Weiss, holding 15 percent, are advocating for the return of $100 million to shareholders.
- Both Helloworld and BGH have invested significantly in their stakes, highlighting their commitment to the company.
- Webjet is in a strong financial position with net cash and stable earnings, particularly during a cyclical trough in tourism.
- The situation presents appealing opportunities for both Helloworld and BGH.
- Harvest Lane Asset Management is awaiting a binding deal before making further investment decisions.
- The expectation is that a deal is likely to occur, emphasizing a sense of urgency in the situation.
Summary
Endeavor Asset Management
31 May 2025
$5.00
- Endeavor Asset Management sold their investment in Web Travel Group (WEB) due to growing concerns about the global travel outlook.
- Concerns were specifically related to the travel sector's performance over the next 2-3 years.
- As a result of these concerns, Endeavor Asset Management reduced the portfolio's travel sector exposure to mid-single digits.
Summary
Tyndall Asset Management
31 May 2025
$5.00
- Tyndall Asset Management notes that Web Travel Group released its 2025 yearly result this month.
- The company has experienced strong growth in total transaction value (TTV), with nearly 30% growth in the first 8 weeks of 2025.
- Management expressed confidence in achieving their 2030 target of doubling TTV.
- The results and management’s confidence were positively received by the market.
- Tyndall Asset Management continues to hold its position based on these encouraging developments.
Summary
Endeavor Asset Management
30 Apr 2025
$4.31
- Endeavor Asset Management sold their investment in WEB Travel Group (WEB).
- Increased conviction in the deteriorating travel industry.
- Data indicated large negative drop offs in inbound travel to the USA.
- Significant declines noted particularly from Europe and other regions.
Summary
Tyndall Asset Management
30 Apr 2025
$4.31
- Tyndall Asset Management has reduced its position in Web Travel Group Ltd due to indications from channel checks and reports from global competitors suggesting a slowdown in international travel.
- Concerns over business and consumer confidence have increased following recent tariff announcements.
- Travel peers, Flight Centre and Corporate Travel, have downgraded their FY25 earnings guidance.
- Despite the reduction, Tyndall Asset Management continues to hold a small position in Web Travel.
- The company is currently priced at 13x forward earnings, which reflects an already anticipated earnings downgrade.
- Web Travel has less exposure to the US market, alleviating some concerns that affect its competitors.
- Hotels are showing more resilience compared to air travel, which is a positive indicator for Web Travel.
Summary
Oracle Advisory Group
31 Mar 2025
$4.56
- Webjet Group Limited is an online travel agent that emerged from the demerger of the WebBeds business.
- The travel sector is currently under pressure, facing various challenges.
- Competition in the OTA space is increasing, making it a difficult environment.
- Oracle Advisory Group lacked the conviction to add to their small position in Webjet Group Limited.
- Oracle Advisory Group decided it was time to sell Webjet to help fund other investment opportunities.
Summary
Endeavor Asset Management
31 Jan 2025
$5.11
- Global B2B travel business Web Travel Group (WEB) has shown a positive growth trend, with an increase of +11.3% in January.
- Improved performance attributed to a resilient international travel market and healthy trends reported by overseas peers, especially in Europe.
- Stable booking trends observed in the USA, which was previously expected to decline year-over-year.
- Endeavor Asset Management recently increased its position in early January, recognizing early signs of improving market conditions.
- Expectations for ongoing trends indicate confidence in WEB achieving its target of 50% segment EBITDA margin.
- Upcoming IPO of the second largest web beds competitor in Spain may generate increased interest in WEB.
- This competitor is expected to list at multiples similar to WEB, despite WEB's faster growth, better margins, and no debt.
Summary
Oracle Advisory Group
31 Dec 2024
$4.59
- Oracle Advisory Group previously discussed WEB and added to their position prior to its demerger.
- WEB Travel (ASX code: WEB) operates the WebBeds business, which is a leading aggregator of hotel beds globally.
- WebBeds has been gaining market share in Europe, the Americas, and Asia, experiencing rapid growth over the past five years.
- Management's decision to demerge WebBeds from the slower-growing Webjet OTA (ASX code: WJL) aimed to achieve a higher valuation multiple for WebBeds.
- The market reacted negatively to a significant downgrade in anticipated EBITDA margins for 1H25, expected to be 44% compared to 49% in FY24.
- Europe was highlighted as a region with subdued margins affecting WebBeds' performance.
- Management forecasted EBITDA margins to align with their 50% target by FY26 despite the downgrade.
- A key market concern arose from the statement that changing geographic and business mix could lead to TTV/revenue margins stabilizing around 6.5%.
- Despite the disappointing update and market reaction post-demerger, Oracle Advisory Group believes WebBeds remains a quality business with strong growth potential.
- At the current price levels, the investment is seen as attractive, prompting Oracle Advisory Group to continue holding their position.
Summary
Ausbil
31 Dec 2024
$4.59
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Smallco Investment Manager
31 Dec 2024
$4.59
- Web Travel Group (WEB) has seen a significant decline of -37.6%, marking it as the largest negative contributor in the quarter.
- WEB is now primarily focused on WebBeds, a global B2B hotel distribution business, following the spin-off of Webjet (WJL), its B2C online travel business, in September.
- The stock was sold off after a disappointing interim result in November, revealing larger than expected revenue margin declines.
- Some of the challenges faced are believed to be transitory and were worsened by management distractions linked to the WJL demerger.
- Longer-term revenue and earnings targets have been set, but market confidence may take time to recover.
- Smallco Investment Manager continues to hold because they believe in the potential of WEB's long-term strategy despite current challenges.
Summary
Blackwattle Investment Partners
31 Dec 2024
$4.59
- WEB Travel Group experienced a decline of -10.9% in December due to a consolidation of previous gains.
- Blackwattle Investment Partners initiated a position after a downgrade in the near-term earnings outlook in October.
- The stock price fell 50% from July highs following a positive strategy day led by CEO John Gusic.
- Gusic outlined ambitious growth plans, aiming to increase Total Transaction Value (TTV) from $4bn this year to $10bn by 2030.
- Near-term trading softness raised market doubts about the sustainability of management's long-term targets.
- However, Gusic reaffirmed these targets during the interim result announcement in November.
- Despite uncertainties, there appears to be limited value incorporated in the current share price, trading at 17x FY26 EPS.
- Gusic’s strong track record instills confidence that he deserves the benefit of the doubt regarding these long-term goals.
Summary
Blackwattle Investment Partners
30 Nov 2024
$5.04
- WEB Travel Group is a newly formed hotel distribution pure-play following the demerger from the company’s online travel agency assets in September.
- The demerger allows management and the market to concentrate on significant opportunities within the hotel business.
- Blackwattle Investment Partners initiated a position post a downgrade to the near-term earnings outlook in October.
- The share price fell 50% from July highs after rallying following a strategy day in March.
- CEO John Gusic presented long-term plans aiming to grow Total Transaction Value (TTV) from $4bn this year to $10bn by 2030.
- Market concerns arose after the soft performance outlined in October challenged the viability of management’s long-term targets.
- In the company’s November interim results, Gusic reaffirmed his commitment to these long-term targets.
- Stock trading at 17x FY26 EPS suggests investors may have a low-risk opportunity.
- Given Gusic’s strong track record, the likelihood of achieving these targets may be better than perceived.
Summary
Ausbil
31 Oct 2024
$4.03
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
Endeavor Asset Management
31 Oct 2024
$4.03
- Endeavor Asset Management acknowledges a significant decline in Web Travel Group’s share price, dropping by 45%.
- The fund manager notes that this sell-off was partly justified due to the company’s previous commentary on ‘one-offs’.
- Despite the decline, Endeavor Asset Management sees potential for recovery, attributing part of the sell-off to emotional trading and lost trust.
- As a result of reset expectations for the business, Endeavor Asset Management has begun to slowly increase its position in the company.
Summary
Oracle Advisory Group
30 Sept 2024
$7.35
- Oracle Advisory Group added to Web Travel Group (WEB) before the demerger of their online travel agency business.
- They reviewed forecast values for each entity as separate businesses, noting that the group was trading at a large discount to their estimates.
- Following the split, Oracle Advisory Group continues to own both businesses: Web Travel Group (WEB) and Webjet Group (WJL).
- WEB is identified as the high-growth WebBeds business, while WJL is the traditional Webjet online travel agency website.
- Both businesses are still considered undervalued at the time of writing.
Summary
Oracle Advisory Group
30 June 2024
$8.89
- Oracle Advisory Group continues to hold their position in Webjet.
- Recent research focused on Webjet’s bed bank business, WebBeds, a wholesale hotel bed distributor.
- Investment was increased in the March quarter based on the strong growth potential of WebBeds.
- The market is beginning to recognize WebBeds’ strength and growth potential.
- No major surprises in financials ahead of the FY24 results; prior research indicated anticipated performance.
- Management announced a plan to demerge WebBeds from Webjet, aiming for a standalone listing on the ASX.
- This proactive move is viewed positively by the market, resulting in a 9% increase in share price following the announcement.
- WebBeds is currently valued below its peers, suggesting potential for a re-rating post-demerger.
- Further information on the demerger is expected in the second half of 2024.
Summary
Endeavor Asset Management
31 May 2024
$8.83
- Endeavor Asset Management recognizes Webjet's share price increase of 7.3% in May following their FY24 results, which were in line with company guidance.
- A key development is the proposed dmerger of the B2B (WebBeds) and B2C (Webjet OTA) divisions, expected to unlock latent value.
- The current multiple does not reflect the higher valuation potential of the B2B division.
- Recent direct B2B competitor IPOs provide valuable benchmarks for the WebBeds business.
- Existing competitor comparisons exist for the OTA business, enhancing valuation accuracy.
- Anticipated positive updates at the AGM in August regarding WebBeds bookings and TTV growth.
- FY25 YTD trading is tracking at +35% YoY compared to the company's prior guidance of +25% YoY.
Summary
Endeavor Asset Management
31 Mar 2024
$8.58
- Endeavor Asset Management added Webjet to the portfolio at $7.1/sh.
- Webjet closed the month up 25%, marking it as a top contributor to performance.
- The investment decision followed a pullback in share price due to noise in the reporting season.
- Management outlined several catalysts for growth during the investor day.
- FY24 EBITDA guidance was upgraded to above $180m-$190m, reflecting better performance than market fears.
- Initiatives to consolidate the B2B market and leverage acquisitions in the Americas are boosting margins.
- Management revised FY25 B2B guidance 6% above consensus, indicating substantial uplift in WEB Group EBITDA.
Summary
Oracle Advisory Group
31 Mar 2024
$8.58
- Oracle Advisory Group continues to hold Webjet due to its strong growth potential in the hotel bed bank business.
- March analysis showed the market underestimated Webjet’s transformation from an online travel agent to a bed bank business.
- Pre-strategy day investments led to a 11% increase in share price.
- WebBeds, a subsidiary, now accounts for 85%+ of group EBITDA.
- Forecast EBITDA for WebBeds in FY24 is $160m, a significant increase from $64m in FY19.
- WebBeds holds only 4% market share, indicating a long runway for growth.
- Management has ambitious targets for 2030, aiming to double current volumes.
- Given their track record, Oracle Advisory Group supports management’s potential to achieve these goals.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Web Travel Group Ltd (ASX:WEB)?
Fund managers including Endeavor Asset Management, Blackwattle Investment Partners, Ausbil, Oracle Advisory Group, Harvest Lane Asset Management, Smallco Investment Manager and Tyndall Asset Management have invested in Web Travel Group Ltd (ASX:WEB).
Why have investment managers invested in Web Travel Group Ltd (ASX:WEB)?
Fund managers are investing in Web Travel Group Ltd primarily due to its strong growth potential in the B2B hotel distribution market through its subsidiary, WebBeds. The company has demonstrated resilience and adaptability, particularly following its demerger from the online travel agency, Webjet. Recent reports highlighted management's upgraded FY24 EBITDA guidance, indicating better-than-expected performance, and strategic initiatives aimed at consolidating market share and improving margins. Despite short-term volatility and some setbacks, fund managers see long-term value in WebBeds' growth trajectory, with expectations for Total Transaction Value to reach $10 billion by FY30. The stock is viewed as undervalued, trading at attractive multiples compared to peers, and fund managers anticipate a re-rating as the market recognizes the company's potential.
What happened to Web Travel Group Ltd (ASX:WEB)?
There have been no recent updates from fund managers regarding Web Travel Group Ltd although fund managers including Endeavor Asset Management, Blackwattle Investment Partners, Ausbil, Oracle Advisory Group, Harvest Lane Asset Management, Smallco Investment Manager and Tyndall Asset Management have previously commented.