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Anyone thinking that opening borders, increases in vaccination and demand for travel equates to a surge in WEB's share price is missing the point that these factors have already been baked into the share price. That's why we're now sitting at such a high market cap (higher than pre-Covid), irrespective of having virtually no travel for ages, WEB's small revenue, absence of profit and monthly cash burn. All those things are getting better, and will – hopefully – continue to increase. But the market expects that they will, hence the current share price.

The big risk as I see it is that the high expectations are not met. I can't see WEB's organic growth taking the share price higher and actually think it's overpriced now. But they are sitting on large cash reserves, and I hope that good acquisitions will help justify the already high share price, and propel it further. That's why I'm staying in for now, to see what the board does with all that money. They have a good track record of acquisitions, so I trust them on this front.

But I think they should act soon if they are on the acquisition path. The price of companies hit by the pandemic won't be getting any cheaper than they are right now.

Of course, with all that cash, combined with their market position, brand, international facing and stated ambition to have WebBeds #1 in the world, WEB could be a very nice takeover target itself. Which, to my mind, would be a good outcome for shareholders. Or – something I've long hoped for – a merger with FLT.