WEB旅游集团（WEB AU）2025财年业绩初步概览

FY24A3,9943268.2%16149.3%13742.1%990406FY24A5,585130%47218138%1521092592%18x FY25A% chgJEF FY25E% Dif4,86822%4,985-2%3281%3280%6.7%-17%6.6%2%139-14%141-2%42.3%-14%42.9%-2%116-16%1142%35.2%-16%34.6%2%74-25%706%0na0na127-69%299-57%FY25EFY26EFY27E4,9855,6836,422116%132%149%32836941711414918335%40%44%941281597099124162328-36%41%25%29x21x16x 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.comMichael Simotas * | Equity Analyst61 2 9364 2994 | msimotas@jefferies.comJennifer Xu * | Equity Associate+61 293642894 | jennifer.xu@jefferies.com Company DescriptionWEB Travel GroupWEB Travel Group (WEB) provides hotel bed wholesale services to independent travel agents. It sources hotel beds largely from independenthotels though it supplements this supply from large chain hotel groups. WEB Travel Group was founded by David Clarke, Allan Nahum, and JohnLemish in 1998 and is headquartered in Melbourne, Australia.Company Valuation/RisksWEB Travel GroupValuationOur base-case PT of A$5.30 is premised on a blend of International OTA EV/EBIT multiples, and Aust travel EV/EBIT multiples. Our base-casemultiple valuations ascribe a 5% premium to International and Aust peer groups, reflecting the global potential of WEB's B2B segment.Risks•Intensifying Competitive Rivalry — WEB competes with larger-scale players in the hotel bed wholesale sector including BKNG, EXPE andHotelbeds (unlisted).•Disruptive Events — In addition to Covid and future pandemics, the travel industry could 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. Pressure on commissions is likely to continue.•Privacy Breach — Any failure by a travel industry participant to comply with privacy-related legal obligations or any compromise of security thatresults in the unauthorized use, theft, or destruction of such data could result in a material loss of revenues from the potential adverse impactto 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, 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.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.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 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 restrictio