| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 315.30 | 2144 |
| Intrinsic value (DCF) | 315.38 | 2145 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 8.80 | -37 |
lastminute.com N.V. is a leading player in the online travel industry, operating across Europe and internationally through its well-known brands such as lastminute.com, weg.de, Jetcost, and Rumbo. The company specializes in offering a comprehensive range of travel services, including flights, hotel bookings, vacation packages, car rentals, and cruises, via its multilingual platforms available in 17 languages and 40 countries. Headquartered in Amsterdam, the Netherlands, lastminute.com N.V. operates through multiple segments: Online Travel Agency (OTA), Meta-search, Media, and Other. The company not only facilitates direct bookings but also generates revenue through advertising and media content placements on its platforms and third-party sites. With a strong digital presence and a portfolio of recognized travel brands, lastminute.com N.V. caters to both leisure and business travelers, positioning itself as a versatile and competitive player in the dynamic online travel market.
lastminute.com N.V. presents a mixed investment profile. On the positive side, the company operates in the resilient and growing online travel sector, supported by its diversified brand portfolio and multi-segment revenue streams. The company reported a net income of CHF 6.96 million in FY 2023, with diluted EPS of CHF 0.65, indicating profitability. However, the negative operating cash flow of CHF -15.35 million raises concerns about short-term liquidity, despite a solid cash position of CHF 100 million. The high beta of 1.717 suggests significant volatility, likely tied to the cyclical nature of the travel industry. Investors should weigh the company’s established market presence against macroeconomic risks, including fluctuating travel demand and competitive pressures from larger OTAs.
lastminute.com N.V. competes in a highly fragmented and competitive online travel market dominated by global giants and regional specialists. The company’s competitive advantage lies in its strong brand recognition across Europe, particularly in Italy, Spain, and Germany, where its localized platforms (e.g., Rumbo, Volagratis) resonate with regional travelers. Its multi-brand strategy allows it to target different customer segments, from budget-conscious travelers (Jetcost) to premium vacation seekers (Crocierissime). However, lastminute.com lacks the scale of global OTAs like Booking Holdings or Expedia, which benefit from superior technology, broader inventory, and stronger bargaining power with suppliers. The company’s meta-search and media segments provide ancillary revenue but face stiff competition from dedicated players like Skyscanner and Kayak. While lastminute.com’s asset-light model offers flexibility, its reliance on third-party suppliers limits margin control. The company’s ability to innovate in personalized travel recommendations and mobile-first experiences could be a differentiator, but sustained investment in technology is critical to remain competitive.