WEB has quite a convoluted business structure. The core business is attractive, however, they have been bolting on products and companies and it is getting quite heavy. I listened to the conference call after the HY results and it took the CEO over 50 minutes to go through the finances of all the various aspects of the business. And even then he said he was trying to keep it brief! This is my pick out of the travel sector, but over $12 is risky in the short-medium term.
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