Citi ups PT, forecast for Australia's Web Travel Group on better-than-expected HY results

Web Travel

27/11/2024 22:04

** Citi raises target price for Web Travel Group  WEB.AX  to
A$5.65 per share from A$5.55; maintains "neutral/high risk"
rating
    ** Citi upgrades FY25 EBITDA estimate for the business
travel distribution by ~4%
    ** "Overall result/outlook better than feared, however
adjusting for pro-forma corporate cost allocations and
accounting changes, it appears things were largely in line" —
Citi
    ** Citi notes the key positives in the results were total
transaction value (TTV) growth remaining materially above
market, implied revenue margin that sequentially improved and a
A$150 mln ($97.43 million) buyback
    ** Co posted on Wednesday 1HY25 revenue of A$170.4 mln, up
1% YoY
    ** Stock has down 25.8% YTD, as of last close
    
($1 = 1.5396 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))