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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
Research Tree
Research Tree provides access to ongoing research coverage, media content and regulatory news on eDreams ODIGEO. We currently have 0 research reports from 3 professional analysts.
Bioventix has published its H1 2024 results to end December 2023, delivering a strong set of interims with continued growth in profitability and free cash flow generation. Revenues grew by 13% to £6.7m with the company’s continued healthy operating margins translating into adjusted EBITDA (ex. share-based payments) growth of 12% to £5.3m. In line with management’s policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 68p was declared (+10%), with net cash at period end of
Companies: Bioventix Plc
Cavendish
Companies: FOG PEB KBT EMR TIME GETB JNEO
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: FOG TND BVXP ACC HDD
Companies: BILN IGP RBN SBTX
Companies: Inspired PLC
Liberum
Fintel’s 2023 results confirm the group is trading in line with its February update and reveal details of underlying growth, which is meeting management’s growth and profitability targets (see page 2).
Companies: Fintel PLC
Zeus Capital
The shares retreated 23% in response to an expected dip in full year revenue, but the medium-term outlook remains robust. Client decisions to move a number of planned events pushed back c. £2m of projected revenue into H2/FY25. We believe that the investment case remains attractive. AEO is on track to deliver near record H2 revenue and expects to report at least £19m of sales, £0.4m of PTP for FY24. It has completed the first three quarters of FY24, but typically generates c. 50% of annual sales
Companies: Aeorema Communications plc
Allenby Capital
26th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: BIRD MBH CHRT INSE KMK FNTL HDD JNEO CCS
Hybridan
Companies: BEM SML VRS KOD SBSW KMR SRX EST SVML
SP Angel
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar PLC
Edison
Gym Group has accompanied confirmation of FY23 profit resilience and continued buoyancy (like-for-like revenue up 12% in the first two months of 2024) with a clear commitment ‘to accelerate, not reinvent the wheel.’ The latter is telling with new senior management endorsing Gym Group’s sweet spot as a low-cost operator in the long-term growth market of health and fitness. Its confidence in material scope for enhanced pricing and member acquisition and retention is complemented by expansion targe
Companies: Gym Group Plc
25th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: JSE RTC GCM GDP ORR AEO I3E
US Solar Fund (USF) is the only North American focussed solar closed-ended investment fund listed on the LSE. USF is a renewables fund which acquires, develops, and operates a portfolio of utility-scale solar power plants that generate electricity, which is sold to high, creditworthy offtakers under long-term power purchase agreements in the US. USF has a diversified portfolio with a total operational capacity of 443MWdc (329MWdc) comprised of 41 solar assets across four states (Utah, North Caro
Companies: US Solar Fund Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
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