Citi raises earnings view on Australia's Webjet after strong HY earnings

Web Travel

22/11/2023 21:01

** Citi raises earnings estimates on travel and tourism firm
Webjet Ltd  WEB.AX  by 4-5% across FY25-26 after strong HY
results
    ** WEB on Wednesday posted underlying H1 FY24 EBITDA of
A$102.1 mln ($66.45 mln), 41% higher than a year earlier and 4%
ahead of Citi's estimate
    ** With WEB's hotel business growing above the market, Citi
says it is confident company can weather tougher competition,
though it cautiously looks for any signs of "mean reversion in
the hotel prices"
    ** Brokerage cuts PT to A$7.90 from A$8.80; maintains "buy"
rating
    ** 11 of 15 analysts rate the stock "buy" or higher, 3
"hold", 1 "strong sell"; median PT is A$8.39 – LSEG data
    ** Stock up 7.9% this year, as of last close

($1 = 1.5366 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))