Australia's Webjet hits more than 3-year high on strong FY results

Web Travel

24/05/2023 03:11

(Updates)
    ** Shares of travel co Webjet Ltd  WEB.AX  rise as much as
6.2% to A$7.75, their highest since February 2020
    ** Co posts underlying FY EBITDA of A$134.8 mln ($91.43
mln), nearly 8% ahead of consensus estimate
    ** Says 2H23 group bookings, total transaction value,
revenue and EBITDA all ahead of pre-pandemic levels 
    ** Citi expects the beat large enough to keep momentum going
    ** Webjet stock biggest percentage gainer on the S&P/ASX 200
index  .AXJO 
    ** UBS sees very strong growth in co's business-to-business
segment with results beating brokerage's estimate
        ** Ord Minnett expects FY25 EBITDA of at least A$250 mln
  
    ** Stock set for best day since Nov 17, if current gains
hold
    ** Stock up ~18% YTD, as of last close 
 
($1 = 1.4743 Australian dollars)

 (Reporting by Navya Mittal and Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))