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eDreams Memo 210621

eDreams ODIGEO. How Sensitive Is SSNs Coverage To Pace Of Leisure Travel Rebound Post-COVID? How Much Upside Could Prime Subscription Provide?
PUBLISHED: 21 June 2021
SUBMARKET: eDreams, Top Reports, Top Reports,


Why Read?

  • Understand how well covered eDreams’ SSNs are by DCF EV (+ cash – SS RCF) across base, bear and bull cases
  • Understand how much equity upside eDreams’ Prime subscription programme could create

What’s New?

  • Analysis of key drivers of EU leisure travel recovery from COVID shock – pent-up demand, EU Digital COVID-19 Certificate (EUDCC) and COVID vaccination levels
  • Financial projections, DCF valuation and sensitivities, across base, bear and bull cases

Questions Answered

  • How defendable is eDreams’ competitive position vs other online travel agencies and against disintermediation risk vs travel suppliers (airlines and hotels)?
  • How much pent-up demand is there for leisure travel in eDreams’ “Top 6” geographic regions?
  • Is crucial “diversification revenue” likely to recover as booking numbers increase post-COVID?
  • How transformational could the Prime subscription programme be and how much equity upside could result?
  • How will eDreams’ net leverage look as we get closer to the Sep-23 maturity of its SSNs and SS RCF, does it have the liquidity to get there and how refinancable will its capital structure look across our scenarios?
  • What are current travel restrictions in eDreams’ key countries of operation? EU Digital COVID-19 Certificate (EUDCC) and COVID vaccination levels

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