WEB +3.84%: reported a big turnaround in FY23 at their full-year results today, plus they confirmed the first 7 weeks of trade in FY24 have been solid, despite saying a more firm number on guidance will be given at their AGM in August. Reported sales today of $364m came in around 6% above consensus while underlying earnings (EBITDA) came in at $135m, about 9% above expectations. Clearly, the rebound in travel has been strong, although they did talk to capacity constraints amongst flight booking as an ongoing issue.
- What comes next is now more important for the travel stocks, and we are more neutral than bullish in the short term
MM is neutral WEB ~$7.50
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