1) Probably shorting on the back of FLT, CTD, HLO results. This is foolish in my opinion. These stocks aren't market leaders or they provide niche travel services (corporate travel) and should not be used as bellwether stocks. Bookings.com reported on Feb 20 and reported 14% revenue growth against Q4 2023. We are much more like a Bookings.com or Expedia (in-fact we sell to Expedia and compete with them as well).
2) WEB is sort of recession proof in that it sells a lot of hard to reach customers (i.e. luxury customers). Also, during a recession people still travel, they just travel domestically rather than internationally. Recession is only a very slight possibility at the moment so this could be entirely irrelevant in six months time.
3) See above.
Shorters know everything we know. This whole idea about abandoning a stock as soon as it starts being shorted is just dumb. It is the market - shorters have been burnt in the past and that will continue.
Full-year results will be delivered on 28 May 2025. Let's see if we get a trading update before then. If not, we are due to deliver around $60m in NPAT which will put us on a PE of 27. FY26 and beyond should be great years for the biz. Also, they would not be buying back stock so aggressively at this price if they were going to miss guidance.
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