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OntheBeach

December 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

There are some signs of life in low cost air travel. The group said that underpinned by a strong summer ’24 performance (volumes up 13%), total transaction value (TTV) grew 15% to £1.2bn. Although slightly below the TTV run rate in May (+22%), the earlier period reflected a period of significant flight price inflation, which has now flipped (see Ryanair). Indeed the group has actually outperformed peers with Jet2 only posting summer ’24 volume growth of +8%, while OTB is benefiting from targeting premium mainstream packages, growth in long haul and likely a relative recovery in value mainstream (previously the laggard). Despite the c. £3m one-off costs related to the Ryanair integration, management expects an improvement in opera ...

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Loungers

Hostelworld - Bank debt, which peaked at €21.2m, now paid off

On the Beach - Extremely cheap on ex-cash prospective PE of 5.5 (July 2024)

On the Beach (April 2024)

On the Beach (March 2024)

On the Beach - Full year profit “at the top end of the range” (November 2023)

OntheBeach (July 2023)

On the Beach - Very encouraging meeting with CEO and founder; upgrades likely (March 2023)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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