3Q15/16: Looking to secure a recovery momentum
​Edreams/ODIGEO, the 3rd largest online travel agency in Europe, and the 4th largest in the world, has posted strong 3Q15/16 results, above our expectations. The company outperformed the flat OTA market forecast with bookings growth of 14% YoY in 3Q15/16. However this was at the expense of a -7.3% decline in revenue margin per booking(revenues less cost of procuring products). Nevertheless, the total revenue margin improvement remains considerable with a +6% increase to €103.1m. A significant variable cost per booking decline, explained by a shift in marketing strategy, led to an EBITDA rise of +6% YoY to €19.7m. Margin remained stable at 19.1%.
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