What is MM’s view towards SiteMinder (SDR)?

Hi Dan,

For those not familiar, SDR connects its customers hotel rooms for sale with sales channels including a hotel’s own website (often built using Siteminder tools), OTAs (online travel agents), GDSs (global distribution systems), metasearch and more – its a great platform that grew rapidly and since starting as simply a channel manager,  has expanded into many other areas including property management, payments, marketing, guest communications etc.

Its now capped at $800m but is not profitable, and that’s why it has struggled from a share price perspective in recent times. It will likely do revenue of ~$150m this year, and on consensus numbers, ~$190m in FY24, however profitability is not expected until FY26.

We like it, but patience will certainly be needed.

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SiteMinder Ltd (SDR)

LAST UPDATED 07/07/2023 11:55

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SiteMinder Ltd (SDR)

LAST UPDATED 07/07/2023 11:55