I think the correct angle to be approaching this stock from is...

I think the correct angle to be approaching this stock from is whether Australians are choosing domestic holidays over international now that we have a lower Australian dollar.

The most recent data from Tourism Research Australia www.tra.gov.au points to the number of Australians booking domestic holidays bottoming and now starting to increase. 1 in 10 nights spent in a hotel in Australia is booked through Wotif (from Wotif half year report), as such Wotif is set to be the main beneficiary of a higher number of Australians travelling domestically.

Also, a recent statement by their CEO mentioned that they had not seen a material increase in Australians booking domestic hotels off the back of the lower AUD. While this is a factual statement (and it was issue a little while ago), my belief is that there will always be a lag before data pickup. The lag equates to the fact that most people book their holidays several months in advance. I personally tend to book my international holidays ~6 months ahead so I think we will only start seeing the benefit of a lower AUD on domestic hotel nights from January this year. Their second half should be an interesting one.