eDreams Memo 210621
- 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
- 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
- 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
- View, Variant Perception & Recommendations
- Business Overview & Analysis
- Historic Financials
- Financial Projections, Valuation & Sensitivities – Base, Bull & Bear Cases