Webjet flys (ASX: WEB)
Stock
Webjet (ASX: WEB) $14.85 as at 21/02/2019
Event
Easily the best performer for our local market today was travel bookings company Webjet. The stock soared over 30% as the company grew earnings 37% for the half, and gave better than expected outlook which helped the stock higher.
Webjet had been under a cloud over the past few months following the disappointing European summer for their partner Thomas Cook which saw lower bookings on a hot UK period, plus Brexit impacting many peoples travel plans. We covered it last year here. Today that cloud was lifted as the company reaffirmed full year guidance of at least $120m EBITDA with WebBeds continuing to power growth for the company.
Despite the somewhat subdued leisure travel market, business travel continues to boom helping profits grow substantially for the business. Acquisitions have also bolstered Webjet, with the purchase of JacTravel and Destinations of the World lifting the company to a record result.
Webjet (ASX: WEB) Chart
Market Matters Take/Outlook
