Webjet Limited (WEB)

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General Information
Company Name: Webjet Limited
Stock Code: WEB
Website: www.webjet.com.au
GICS Sub-Industry: Internet Retail
Market Cap ($M): 249
Equiv. Shares (M): 79

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.040 $ 3.060 $ 3.070 $ 2.980 $ 3.130 224,059 $ -0.090  -2.875 %

Current Broker Consensus Recommendation more
Recommendation: Hold (2.5)
Recommendation Date: 26th Sep 2014
Brokers Surveyed: 4

Company Overview

Business Description:
Webjet Limited (WEB) is an online travel agency operating in Australia and New Zealand. WEB provides tools and technology for customers to compare, combine and book domestic and international travel. Offering tools to browse through flight deals, hotel accommodation, holiday package deals, travel insurance and car hire worldwide, as well as international specials and a deal finder. WEB also operates websites in New Zealand, USA, Hong Kong, Singapore, Canada, UK and Mexico.

Strategy Analysis:
WEB is aiming to leverage its flight booking brand into other related travel services. It aims to be a full service online travel agent. When booking flights it will present the customer with a host of potential accommodation offers. Convenience and intuitive software aims to drive customer traffic from the initial airfare transaction into a host of related services. . Webjet reported NPAT up 5.33% to $5.72m for the half-year ended 31 December 2012. Revenues from ordinary activities were $32.46m, up 11.7% from the same period last year. Diluted EPS was 7.94 cents compared to 8.16 cents last year. Net operating cash flow was $3.37m compared to $5.37m last year. The interim dividend declared was 6 cents compared with 6 cents last year.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 19.2 24.2 178.2 13.2 13.5 4.2 100.0
2013  A 6.6 8.7 -53.7 49.4 13.0 3.0 100.0
2012  A 13.8 18.8 31.5 14.0 13.0 4.9 100.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Webjet (WEB) $246 M 1.7921 0.0596 0.0878 12.8205 12.0999 11.1231 4.35 4.79 5.16
Wotif.com Holdings (WTF) $654 M -0.1547 -0.0405 0.1008 15.2442 15.8869 14.4325 3.24 5.44 5.52

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
WEB 0.38 12.8 3.59 1.73 2.62
Market 0.99 15.4 1.26 1.70 1.52
Sector 0.93 15.4 2.09 1.88 0.90

Name Position Start Date
Mr John Guscic Executive Director,Managing Director 25 January 2006
Mr David R Clarke Non-Executive Chairman 22 March 2000
Mr Steven Scheuer Non-Executive Director 22 March 2000
Mr Roger Sharp Non-Executive Director 01 January 2013
Mr Brad Holman Non-Executive Director 19 March 2014
Mr Donald Ian Clarke Non-Executive Director,Non-Executive Deputy Chairman 10 January 2008

Name Position
Robert Turner Chief Financial Officer
Michael Sheehy Chief Financial Officer,Company Secretary
Shelley Beasley Chief Operating Officer

Substantial Shareholders
Holding Name
4,212,988 (5.31%) Allard Partners Limited
4,326,254 (5.45%) Steven Scheuer
6,438,127 (8.11%) Paradice Investment Management Pty Ltd
10,150,000 (12.78%) Thorney Holdings Pty Ltd and Thorney Pty Ltd and associated entities
5,673,319 (7.15%) Denver Investments

Calendar of Events
Date Event
19 August 2015 Report (Annual)
19 August 2015 Report (Prelim)
12 February 2015 Report (Interim)
17 October 2014 Div Pay Date
02 October 2014 Books Close
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.


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