A world-class, scaling B2B travel marketplace priced like a distressed asset—until Spain’s VAT audit and trust gap are resolved.
Overview
Web Travel Group (WEB.AX), formerly Webjet Limited, is a specialized global B2B travel distributor focused almost entirely on WebBeds after completing a transformative demerger on September 30, 2024 that separated its consumer (B2C) businesses into Webjet Group (WJL). WebBeds operates a high-scale digital marketplace connecting hotel and accommodation suppliers with institutional/professional travel buyers (OTAs, retail agents, tour operators). The model is transaction-led: the company processes “Total Transaction Value” (TTV) through proprietary tech and earns a margin (“take rate”) on bookings. WebBeds serves 50,000+ buyers across 39,000+ locations, solving industry fragmentation with API connectivity and instant confirmation. In FY25, the company delivered record TTV of $4.9bn (+22%) while reshaping its geographic exposure: faster-growing APAC and the Americas now account for 53% of TTV (vs 31% pre-pandemic). Financially, the business is scaling with strong EBITDA margins (~46% in 1H26) and substantial cash ($481m as of Sep 30, 2025), but sentiment and valuation were severely disrupted by the February 2026 announcement of a Spanish tax audit, reviving concerns about transparency after prior restatements. Management continues to reaffirm record FY26 earnings guidance and targets FY30 TTV of $10bn with ~50% EBITDA margin.