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Company Profile Company Profile Ord Minnett Research 30 September 2021 Webjet Limited (WEB.AX) Webjet Limited (WEB) is a digital travel business spanning both the global Snapshot consumer markets (B2C) and the wholesale markets (B2B). The operations include online sale of travel products, including flight tickets and hotel rooms. Last Price $6.31 Market Cap. $2,401 million The company also has ancillary products such as holiday packages, hotels, 52 Week High/Low $6.55 - $3.44 car hire and travel insurance. The company has presence in Australia, New Shares on issue 380 million Zealand, Europe, Asia-Pacific and Amercias, Middle East & Africa (AMEA). GICS Industry Hotels, Restaurants & Leisure Webjet: Webjet is an online travel agency in Australia and New Zealand that Key Dates delivers innovative travel shopping solutions for consumers. It distributes Accounts Close 31 March flights, hotels, holiday packages, travel insurance, hire cars, motorhomes, AGM 22 Oct 2020 cruises and packaged tours. Listing Date 18 Dec 1997 Online Republic: One Republic brand is an e-commerce group based in Investment Fundamentals New Zealand whose offers include car hires, motorhome rentals, and cruise holiday deals via the e-commerce space, which complements Webjet’s value 2021A 2022E 2023E 2024E proposition. Sales Rev. $m 38 173 329 394 Rep Profit $m -156.6 -36.6 72.8 111.3 WebBeds: WebBeds acts as an online intermediary between hotels and Norm Profit $m -73.7 -21.0 88.4 127.0 travel provider clients. WebBeds provides fast, easy access to global hotel Rep EPS ¢ -45.3 -9.7 19.2 29.4 room inventory to more than 20,000 clients comprising retail travel agents, Norm EPS ¢ -21.3 -5.6 23.4 33.5 corporate travel agents, wholesalers, tour operators and OTAs. WebBeds Rep PE x -13.9 -65.0 32.8 21.5 offer rooms at more than 250,000 hotels around the world. Their brands Norm PE x -29.6 -113.7 27.0 18.8 include B2B platforms worldwide including: JacTravel, Sunhotels, Lots of Hotels, Totalstay, Destinations of the World, FIT Ruums & Umrah Holidays DPS ¢ -- -- 9.6 13.2 International. Yield % -- -- 1.5 2.1 Franking % -- -- 100 100 ROE % -12.1 -3.1 11.8 15.9 Source: Ord Minnett Share Price Chart Total Return on $10,000 Investment Page 1 This report is to be read in conjunction with the disclaimers on page three. 30 September 2021 Company Profile Ratios and Substantial Shareholders Recent Operational History 2017A 2018A 2019A 2020A 2021A 31 August 2021 - Webjet provided MD's presentation at AGM. It Profitability Ratios reported Webjet OTA and Online Republic saw bookings pick up as EBITDA Margin % 21.01 11.70 34.31 -18.34 -314.29 domestic leisure markets reopened; Webjet OTA returned to EBIT Margin % 17.54 8.77 24.48 -37.73 -401.04 profitability. Next covenant test 30 June 2022 is based on modified Net Profit Margin % 12.90 5.74 16.89 -38.26 -385.71 test. It noted cost base on track to be 20% lower at scale. Return on Equity % 11.88 9.75 9.61 -12.64 -32.61 Return on Assets % 5.70 4.42 4.68 -7.41 -15.59 31 August 2021 - Webjet announced the Company will be cash flow positive for 1H22 and that the WebBeds B2B business has been Debt/Safety Ratios profitable since July 2021. The Company will report 1H 2022 results on Net Debt/Equity % -59.47 -15.37 -0.85 -1.42 0.15 Interest Cover x 529.42 11.60 6.69 -6.01 -10.23 25 November 2021. 12 July 2021 - Webjet reported net loss of $156.6m for the year Top 5 Substantial Shareholders ended 31 March 2021. Revenue from ordinary activities were $38.5m, Ausbil Investment Management Limited 7.5% down 86% from last year. Diluted EPS was (46.2) cents compared to Commonwealth Bank of Australia and its related bodies corporate 5.5% (82.1) cents last year. Net operating cash outflow was $32.3m compared to an outflow of $250.8m in the pcp. No dividend was declared. Source: Morningstar Principals & Directors Principals Company Secretary Mr Tony Ristevski Directors Mr Roger Keith Sharp ( Non-Executive Director,Non-Executive Chairman ) Mr John Guscic ( Managing Director ) Mr Donald Ian Clarke ( Non-Executive Director,Non-Executive Deputy Chairman ) Mr Brad John Holman ( Non-Executive Director ) Ms Shelley Roberts ( Non-Executive Director ) Ms Denise Patricia McComish ( Non-Executive Director ) Source: Morningstar Peer Analysis Market Price PE (x) EPS Growth Dividend Yield Franking Cap %%% Company Name Code Recommendation ($m) ($) 2022 2023 2022 2023 2022 2023 2022 2023 Aristocrat Leisure ALL Accumulate 29,501 46.20 28.9 23.5 24.3 22.7 1.2 1.5 100 100 Domino's Pizza Enterprises DMP Accumulate 13,355 154.30 60.5 50.2 15.9 20.4 1.2 1.4 50 50 Tabcorp TAH Hold 10,728 4.82 26.5 23.2 0.5 14.2 3.0 3.3 100 100 Crown Resorts CWN Buy 6,379 9.42 -- 20.7 -- -- 2.1 5.8 60 60 Flight Centre Travel Group FLT Lighten 4,234 21.22 -25.3 45.2 -- -- -- 0.7 -- 100 The Star Entertainment Group SGR Accumulate 4,179 4.39 -- 19.0 -135.8 -- 1.7 3.6 100 100 Corporate Travel Management CTD Buy 3,315 24.22 101.6 26.4 -- 230.8 0.1 1.3 50 50 Pointsbet Holdings PBH Buy 2,583 9.82 -- -- -- -- -- -- -- -- Webjet WEB Buy 2,401 6.31 -65.0 32.8 -- -- -- 1.5 -- 100 Sealink Travel Group SLK Buy 1,887 8.64 31.0 21.1 9.2 29.5 2.1 2.8 100 100 InvoCare IVC Hold 1,684 11.69 29.4 24.4 64.7 20.7 2.4 2.9 100 100 Page 2 This report is to be read in conjunction with the disclaimers on page three. 30 September 2021 Company Profile Please contact your Ord Minnett Adviser for further information on our document. Guide to Ord Minnett recommendations Our recommendations are based on the total return of a stock – nominal dividend yield plus capital appreciation – and have a 12-month time horizon. SPECULATIVE BUY We expect the stock’s total return (nominal yield plus capital appreciation) to exceed 20% over 12 months. The investment may have a strong capital appreciation but also has high degree of risk and there is a significant risk of capital loss. BUY The stock’s total return (nominal dividend yield plus capital appreciation) is expected to exceed 15% over the next 12 months. ACCUMULATE We expect a total return of between 5% and 15%. Investors should consider adding to holdings or taking a position in the stock on share price weakness. HOLD We expect the stock to return between 0% and 5%, and believe the stock is fairly priced. LIGHTEN We expect the stock’s return to be between 0% and negative 15%. Investors should consider decreasing their holdings. SELL We expect the total return to lose 15% or more. RISK ASSESSMENT Classified as Lower, Medium or Higher, the risk assessment denotes the relative assessment of an individual stock’s risk based on an appraisal of its disclosed financial information, historical volatility of its share price, nature of its operations and other relevant quantitative and qualitative criteria. Risk is assessed by comparison with other Australian stocks, not across other asset classes such as Cash or Fixed Interest. Ord Minnett Offices Adelaide Canberra Melbourne Head Office Level 5 101 Northbourne Avenue Level 7 Sydney 100 Pirie Street Canberra ACT 2600 161 Collins Street Level 8, NAB House Adelaide SA 5000 Tel: (02) 6206 1700 Melbourne VIC 3000 255 George Street Tel: (08) 8203 2500 Fax: (02) 6206 1720 Tel: (03) 9608 4111 Sydney NSW 2000 Fax: (08) 8203 2525 Gold Coast Fax: (03) 9608 4142 Tel: (02) 8216 6300 Brisbane Level 7, 50 Appel Street Newcastle Fax: (02) 8216 6311 Level 31 Surfers Paradise QLD 4217 426 King Street www.ords.com.au 10 Eagle St Tel: (07) 5557 3333 Newcastle NSW 2300 International Brisbane QLD 4000 Fax: (07) 5557 3377 Tel: (02) 4910 2400 Hongkong Tel: (07) 3214 5555 Mackay Fax: (02) 4910 2424 1801 Ruttonjee House Fax: (07) 3214 5550 45 Gordon Street 11 Duddell Street Buderim Mackay QLD 4740 Central, Hongkong Sunshine Coast Tel: (07) 4969 4888 Tel: +852 2912 8980 1/99 Burnett St Fax: (07) 4969 4800 Fax: +852 2813 7212 Buderim QLD 4566 www.ords.com.hk Tel: (07) 5430 4444 Fax: (07) 5430 4400 Disclosure: Ord Minnett is the trading brand of Ord Minnett Limited ABN 86 002 733 048, holder of AFS Licence Number 237121, and an ASX Market Participant. Ord Minnett Limited and/or its associated entities, directors and/or its employees may have a material interest in, and may earn brokerage from, any securities referred to in this document, or may provide services to the company referred to in this report. This document is current as at the date of the issue but may be superseded by future publications. You can confirm the currency of this document by checking Ord Minnett’s internet site. Disclaimer: Ord Minnett Limited believes that the information contained in this document has been obtained from sources that are accurate, but has not checked or verified this information. Except to the extent that liability cannot be excluded, Ord Minnett Limited and its associated entities accept no liability for any loss or damage caused by any error in, or omission from, this document. This document is intended to provide general financial product advice only, and has been prepared without taking account of your objectives, financial situation or needs, and therefore before acting on advice contained in this document, you should consider its appropriateness having regard to your objectives, financial situation and needs.
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