Webjet（WJL）2025财年业绩初步概览

FY24A1443625164.022x10x0.0% FY25EFY26EFY27E1471511533633372420241816194.64.24.919x21x18x10x12x10x2.1%2.9%3.4% John Campbell * | Equity Analyst+61 439052387 | jcampbell1@jefferies.comTom Chapman * | Equity Analyst+61 438499671 | tom.chapman@jefferies.comWei Sim * | Equity Analyst+61 477773438 | wei.sim@jefferies.comJennifer Xu * | Equity Associate+61 293642894 | jennifer.xu@jefferies.comMichael Simotas * | Equity Analyst61 2 9364 2994 | msimotas@jefferies.com Company DescriptionWebjetWebjet Group Ltd. engages in the provision of online travel agency services. It also offers GoSee, a global motorhome and car rental ecommercesite. The company was founded in 1998 and is headquartered in Melbourne, Australia.Company Valuation/RisksWebjetOur base-case PT of A$0.90 is premised on a blend of DCF, International OTA Comps EV/EBIT and Domestic Travel EV/EBIT. Our base-casemultiple valuations ascribe a nil discount to International and Domestic peers. Risks include:•Intensifying Competitive Rivalry — Webjet OTA competes with many online and traditional providers of travel services. Increasing competitiverivalry could negatively impact Webjet OTA's growth.•Disruptive Events — In addition to Covid and future pandemics, the travel industry can be materially affected by factors such as geopoliticalconflicts, macroeconomic concerns, terrorism, and energy price inflation, amongst others.•Changing Relationships with Travel Suppliers and Distribution Partners — A substantial portion of revenues is typically derived from negotiatedarrangements with travel suppliers, in particular lodging suppliers, airlines, and GDS partners. Pressure on commissions is likely to continue,particularly from the more consolidated airline sector.•Changes to Search Engine Algorithms — Google could continue to change its algorithms or results in a manner that negatively affectsthe search engine ranking, paid and unpaid, of participant websites, which could adversely impact business performance. Google has alsoincreasingly added its own travel search functionality and content at the expense of traditional paid listings and organic search results, whichcould continue to reduce the amount of traffic to participant websites.•Privacy Breach — Any failure by a travel industry participant to comply with privacy-related legal obligations or any compromise of securitythat results in the unauthorized use, theft, or destruction of such data could result in a material loss of revenues from the potential adverseimpact to reputation and brand. In addition, such an event could result in violations of applicable laws.Analyst Certification:I, John Campbell, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Tom Chapman, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Wei Sim, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Jennifer Xu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Michael Simotas, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:John Campbell is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Tom Chapman is employed by Jefferies (Australia) Pty Ltd, a non-US affiliate of Jefferies LLC and is not registered/qualified as a re