Berenberg starts HBX at 'buy', sees 'king-size' opportunity for growth

HBX International

26/03/2026 09:00

** Berenberg initiates Spanish travel company HBX HBX.MC with a "buy" rating, as the broker expects market-share gains and AI efficiency improvements

** The brokerage calls the stock a "king-size opportunity" and sees the firm outgrowing the market by taking share from smaller peers

** "As the largest independent B2B player in the space, we believe that HBX is also well positioned to capture the emerging opportunity in AI-driven bookings," Berenberg says

** According to the brokerage, HBX's asset-light model can enable 95% free cash flow conversion over three years to support an additional 500 million euros ($578 million) in buybacks and dividends

** The broker notes the market is pricing a 12% core earnings cut from the Iran conflict which is double the 6% impact it expects, thus offering an "attractive entry point"

** It initiates the stock with a target price of 10.30 euros, which is almost 60% higher than its current trading price

($1 = 0.8655 euros)

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))