2025-05-19-Jefferies-Webjet（WJL）_情节变得更加复杂_9页_179kb

Webjet is assigned a BUY rating with a price target of AUD 0.90 by Jefferies, based on analysis of its standalone value post-separation from Web. Key factors include a BGH Capital bid at A$0.80 per share, which could attract global online travel agencies (OTAs) like Booking, Expedia, and Trip.com due to synergies with Webjet's technology and brand. Valuation is derived from a blended approach of discounted cash flow (DCF), international OTA comparable EV/EBITDA multiples, and domestic travel comps, currently indicating AUD 1.00 and implying upside from potential acquisitions. Risks involve intensifying competition, disruptive events (e.g., pandemics, geopolitical issues), supplier relationship changes, search engine algorithm shifts, and privacy concerns. The report concludes that Webjet's strong tech and market position, along with anticipated trade involvement, support the buy recommendation, with performance hinging on strategic developments.