🇦🇺 WebBeds– Analysis of a Potential Event-driven Opportunity 🎯

🧐Analysis of the closest competitor to HBX Group (HotelBeds) following its share price collapse after a tax audit notice involving its Spanish subsidiary

• Clear breakdown of the business model and how the bed bank platform works

• Direct comparison with HBX Group and the key structural differences between the two

• Analysis of the recent take-rate reset and margin dynamics

• A deep dive into the financials, operating leverage and cash conversion

• The capital structure, including the April-26 convertible and liquidity position

• The main value drivers and key execution risks

• Our valuation following a DCF method

• Our independent view on the situation