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Q3 results continue proving the model While there is nothing relatively new in the 9M 24 figures, where cash EBITDA came mainly in line with consensus, 9M 24 results showed that the Prime business dynamic works. While Prime member sign-ups are on pace to reach the 7.2m target in March 25 (currently 5.4m and 5.8m-5.9m expected by March 24), the positive impact on costs - from lower variable costs after second year of subscription and the dilution of fixed costs - is maximising profitability. Mar
Companies: eDreams Odigeo (EDR:BME)eDreams ODIGEO (EDR:MCE)
BNP Paribas Exane - Sponsored Research
PRIME subscriptions continue to grow PRIME members reached 4.7m at the end of Q1 and stood at 4.9m on 22 August, continuing the trend of more than 350k net adds per quarter, which should see the company reaching its FY25 target of 7.2m. ARPU on prime clients continues below the EUR80 target (EUR75.5) given the tough comparison with Q1 23. Booking of non-PRIME members declined 10% vs Q1 23, as a result of a return to the seasonality pattern and the strong Q1 23 after the impact of Omicron in Q4 2
''Prime'' customer growth is on track to reach FY25 guidance EDreams reached 4.3m members in its ''Prime'' subscription service, in line to reach 7.2m by March 2025, with an average quarterly run rate needed of 365k vs 425k historically. Although there might be some market saturation now, greater penetration of the non-French markets (currently at 1.5% vs 4% for France), the conversion of non-Prime customers (more than 20m in the last 3 years) and new services should help to reach the targets. T
Number of bookings positive, with some delays in PRIME members, recovering in Jan/Feb The number of bookings reached 12.1m at 9M or 3.5m in Q3, which implies a 35% increase vs 9M 22 and 9.8% vs Q3. The number of PRIME subscribers reached 3.9m, which was slightly lower than the 4m expected, reaching 335k net adds in the quarter. However, the company commented that in February it has already reached 4.2m, returning to a rhythm of above 365k per month, which is what the company needs to reach its 7
Record bookings and PRIME members Q1 23 (Apr-Jun) bookings reached an all-time record level at 4.4m, 50% above the COVID-driven level, while current trades for July and August maintained the good trend with 38% and 55% growth in bookings respectively above COVID levels. This level of bookings implies 71 PP outperformance vs IATA in Europe. Prime members also maintained an excellent pace of growth with 3.2m members and 560k new members in Q1. In August the number of Prime members reached 3.5m, co
Companies: Egdon Resources PLC (EDR:LON)eDreams ODIGEO (EDR:MCE)
Record bookings and PRIME members, continue to gain market share Bookings reached 12.5m which is all time record and 10% above pre-Covid levels. This has helped the company to continue outperforming the airlines (by c.60bp) and growing market share in the European flight market to 5.4% (practically doubling last year). PRIME members reached 2.7m in March (2.9m in May), tripling last year. Strong Q1 ahead despite Ukrainian conflict More positive news came from the trading statement on March-Ma
Continues to grow above pre-COVID levels despite Omicron Edreams'' Q3 figures (and 9M April 21-Dec 21) continue to see improvement despite the negative impact of Omicron. Total bookings are 7% above pre-Covid levels at 9M and 26% in Q3. This represents 50 pp above airlines'' performance. Prime members reached 2.2m (a figure released in the previous report) with a strong increase in ARPU (EUR84/member or +54%), which does not seem sustainable. Strong recovery in Cash-adjusted data Cash Revenue
Prime will be the backbone for the company With 2.2m Prime subscribers in December 2021 (1m more than last year), the company is transforming its business model from transaction-based to subscription-based, driven mainly by the virtuous cycle that Prime generates. This is done by increasing the number of subscribers via attractive pricing, increasing repeat business, reducing variable and customer acquisition costs, and reinvesting the profit in lowering prices to enhance the competitiveness of
Prime will be the backbone for the company With 2 m Prime subscribers in November 21 (1m higher than last year), the company is transforming its business model from transaction-based to subscription-based, driven mainly by the virtuous cycle that Prime generates. This is done by increasing number of subscribers via attractive pricing, increasing repeat business and reducing the variable cost and customer acquisition cost, and reinvesting the profit into lowering prices to enhance the competitiv
Good start to the year, returning to 2019 levels Edreams posted a -23% drop in Q1 22 (to June 2021) in bookings vs Q1 20 (to June 2019), but with positive figures in June (+2%). Additionally, EDO has said that the trend accelerated in July (+6%) and August (+27%), helped in the latter by last minute easing of restrictions. This is equivalent to 50pp outperformance vs the European airline industry. The negative news came on the average booking size, which is still 35% below 2019, due to a dispro
eDreams is the biggest flight online travel agency in Europe (37% share), operating through 5 brands: eDreams, Opodo, GO Voyages, Travellink and Liligo. It is well positioned to benefit from the early recovery in leisure travel (vs business), with an online business helped by a strong IT backbone, a better price proposition than peers and its innovative subscription Prime model. Size does matter Being the leader in the less concentrated European airline market (vs US) has several advantages:
Growth shares need a big market, a USP and scalability. When they work they're a beautiful thing.
Companies: ASCBLTGJE/FEVRG4MBOO0QS9
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