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 , New Shares on issue 380 million Zealand, , -Pacific and Amercias, & (AMEA). GICS Industry Hotels, Restaurants & Leisure Webjet: Webjet is an online in Australia and 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 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 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 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 CWN Buy 6,379 9.42 -- 20.7 -- -- 2.1 5.8 60 60 Travel Group FLT Lighten 4,234 21.22 -25.3 45.2 ------0.7 -- 100 The 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

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