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

Reuters
Nov 28, 2024
BUZZ-Citi ups PT, forecast for Australia's Web Travel Group on better-than-expected HY results

** 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))

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