Hotelbeds = €336m EBITDA in FY23. €5bn/€336m = 15x EBITDAWebBeds...

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09/01/25

15:15

Post #: 77335480
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Originally posted by DustRockBlues: ↑

It's happening over the next few weeks with possible valuation at 5 billion Euros or 8.3 billion AUD. It's being reported in Spain\Spanish news as that's where they are. I have auto translated the article. (English sources haven't picked it up yet as it's literally happened).

"Hotelbeds finalises its IPO at a valuation of €5 billionThe group, backed by buyer group Cinven and Canada Pension Plan Investment Board, could make this announcement as early as next weekInterior of the Palacio de la Bolsa in Madrid. (EFE/Altea Tejido)By Europa Press07/01/2025 - 20:44Spanish travel technology firm HBX Group (formerly known as Hotelbeds) is considering announcing its plans to go public, and is already planning to conduct an IPO in Spain as soon as possible. The group, backed by buyer group Cinven and Canada Pension Plan Investment Board, could make this announcement as early as next week, Bloomberg reports, in what could be one of Europe's first major IPOs in 2025. HBX could try to reach a valueof about 5,000 million euros. The share sale could raise about 1 billion euros or more, depending on investor demand, Bloomberg had reported. A final decision has not yet been made, and some aspects, such as the timing and volume of the operation. Cinven and Canada Pension Plan Investment Board acquired Hotelbeds — as the business was previously known — from TUI AG for around €1.2 billion in 2016. The company operates a wholesale platform that connects hotels with travel agencies, airlines, and tour operators."

So initial IPO 1 billion Euros, target 5 Billion value or subsequent sales and according to other articles they've been turning down offers left right and centre from other investment firms. They know their financials coming up as well so be interesting to see the IPO details.

Also apparently they have until mid Feb to use September results for an ipo according to Spanish listing regulations, so I read in article anyway so there is likely time pressure here too.

Where's that leave WEB given they are probably the most comparative competitor?

Well if they are worth their 5 billion eu or 8.3 billion AUD and we are currently somewhere around 1.83 billion AUD at about half their size overall what does that say about our current SP.

As poster above rightly points out the next few weeks will be an eye opener and show just how cheap WEB is on a global scale.

Cheers!

DYOR.

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Hotelbeds = €336m EBITDA in FY23. €5bn/€336m = 15x EBITDA

WebBeds = $115m EBITDA in FY25 consensus. $1.8bn/115m = 15x EBITDA

Unfortunately, we probably won't see valuation uplift. However, WEB should trade at a higher multiple given larger growth runway ahead of it as a smaller, less mature company.

WEB Price at posting: $4.54 Sentiment: Buy Disclosure: Held
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Hotelbeds = €336m EBITDA in FY23. €5bn/€336m = 15x EBITDAWebBeds...

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Hotelbeds = €336m EBITDA in FY23. €5bn/€336m = 15x EBITDAWebBeds...

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