Web Travel Group Limited (ASX:WEB), the B2B travel marketplace behind the WebBeds platform, extended its post‑earnings rally on Wednesday, with WEB stock trading in the mid‑A$4 range and testing multi‑month highs after reporting record first‑half FY26 results and attracting a wave of positive broker commentary. [1]
Note: This article refers to Web Travel Group Ltd (ASX:WEB) on the Australian Securities Exchange, not Web.com Group (NASDAQ:WEB) or PhilWeb Corp (PSE:WEB).
WEB share price today: holding near session highs
As of around 12:20 p.m. on Wednesday, 26 November 2025 (AEDT), the Web Travel Group share price was trading at about A$4.63, up roughly 6% for the session. The stock has moved between A$4.50 and A$4.75 today, after closing at A$4.37 on Tuesday. [2]
Market data from Intelligent Investor and Investing.com show: [3]
- Current price (midday, delayed): ~A$4.63
- Day range: A$4.50–A$4.75
- Previous close: A$4.37
- Approximate market cap: ~A$1.7 billion
- 52‑week range: around A$3.76–A$5.49
Reuters reports that shares climbed as much as 8.7% to A$4.75, their highest level since late July, as investors digested the result and subsequent broker upgrades. [4]
The move builds on yesterday’s surge: according to technical analysis site StockInvest, WEB jumped about 9% on Tuesday, from A$4.00 to A$4.37, with heavy volume and an intraday high above A$4.50. [5]
Put together, WEB stock is now up mid‑teens in two sessions, turning what had been a relatively muted year‑to‑date performance into a modest net gain, even though Reuters still characterises the year as only “low single‑digit” positive so far. [6]
Earnings catalyst: record H1 FY26 and upgraded guidance
The catalyst for the rally is straightforward: Web Travel Group delivered record first‑half FY26 numbers, all from its B2B WebBeds division following the demerger of the consumer Webjet business in 2024. [7]
From the company’s official 1H26 results announcement and accompanying ASX filings: [8]
- Total Transaction Value (TTV): ~A$3.2 billion, up 22% year‑on‑year
- Bookings: ~5.1 million, up 18%
- Revenue:A$204.6 million, up 20%
- WebBeds EBITDA:A$94.0 million, up 21%
- Underlying Group EBITDA:A$81.7 million, up 17%
- TTV margin:6.5%, above management guidance and expected to be at least 6.5% for FY26
- EBITDA margin at WebBeds: just under 46%
Management also highlighted a strong start to the second half, with TTV in the first seven weeks of 2H26 up 23% compared with the same period a year earlier, and reiterated FY26 underlying EBITDA guidance of A$147–A$155 million, framing FY26 as a potential record year. [9]
On the balance‑sheet side, Web Travel reported A$481 million in cash and A$699 million in available liquidity, including an undrawn A$200 million revolving credit facility, giving the group ample flexibility to invest, weather shocks, and fund buybacks. [10]
One nuance sometimes overlooked in the headline numbers: while TTV, revenue and EBITDA jumped, net profit after tax from continuing operations fell about 28% to ~A$26.9 million, as higher operating costs and finance expenses offset some of the top‑line strength. [11] That helps explain why some analysts are enthusiastic but still stress execution and cost discipline as key to sustaining the rally.
A pure‑play B2B travel platform after the Webjet demerger
To understand WEB stock today, it’s important to know what the company now is — and what it isn’t.
- In September 2024, shareholders approved the demerger of the consumer Webjet online travel agency (OTA) business into a separate listed entity, now Webjet Group (ASX:WJL). [12]
- Web Travel Group (ASX:WEB) retained the WebBeds B2B wholesale division and is now focused on selling predominantly hotel inventory to travel agents, tour operators and other intermediaries around the world. [13]
In other words, WEB is now a B2B travel infrastructure play, not a consumer‑facing booking website. Its growth comes from onboarding more hotels and travel sellers, increasing volumes through its marketplace, and carefully managing margins.
The latest half‑year report shows particularly strong growth from the Americas, helping drive the above‑market TTV growth in Web Travel’s top three regions and supporting management’s longer‑term target of A$10 billion in TTV by FY30. [14]
Sector‑wise, Web Travel operates in the same broad online‑travel ecosystem as Flight Centre, Helloworld and its former sibling Webjet Group, but the business mix and economics differ. The consumer OTA Webjet Group (WJL) is currently the target of a proposed A$353 million takeover by Helloworld, a deal analysts say reflects changing competitive dynamics in online travel as search engines and AI reshape how customers book trips. [15]
Street reaction: Citi, Jefferies and Morgan Stanley weigh in
The market’s second‑day reaction has been amplified by a string of sell‑side updates that broadly endorse the result.
Citi: higher target, “resilient” in a tough environment
A Reuters summary of a Citi note highlights that the bank raised its price target for WEB to A$5.60 and maintained a “buy” rating, describing Web Travel’s first‑half performance as resilient in a difficult travel backdrop. [16]
Citi flagged that underlying EBITDA of A$81.7 million, versus A$70 million a year ago, beat expectations and that the company is outgrowing many B2B peers, where sector growth is running at low single digits. [17]
Jefferies: model works if margins hold
Jefferies kept its rating at “hold”, but the broker emphasised that if Web Travel can maintain current take‑rate levels and keep operating expense growth in the low single digits, its financial model supports solid earnings growth. [18] That’s essentially a bet that management can keep pushing volume without sacrificing margin — something the 6.5% TTV margin in the first half suggests is achievable for now. [19]
Morgan Stanley: upgrade to Equalweight and buyback impact
An Investing.com report notes that Morgan Stanley has upgraded Web Travel Group to “Equalweight” and updated its model to reflect the company’s on‑market share buyback of roughly 8% of shares outstanding. That reduces the broker’s FY26 EPS estimates by about 12%, but increases projected EPS by 3–4% for FY27–FY28 as the lower share count compounds. [20]
Consensus: most analysts still see upside
Across the analyst community, Reuters reports that 12 of 15 analysts rate WEB as “buy” or higher, with just three on “hold”, and a median price target of A$6.45 — implying substantial upside from today’s A$4‑plus share price. [21]
UBS has also retained a “buy” stance with a price target of A$5.75, according to recent ASX wrap coverage. [22]
Valuation check: growth at a mid‑teens multiple
With the post‑earnings rally, WEB is no longer cheap on a simple earnings multiple, but it isn’t priced as a high‑flying tech stock either.
Data from Investing.com and Intelligent Investor suggest that at current levels: [23]
- WEB trades at an enterprise‑value‑to‑EBITDA (EV/EBITDA) multiple of roughly 14× on trailing numbers.
- The price‑to‑book ratio sits just under 3×, with book value per share around A$1.59 versus a share price near A$4.60–A$4.70.
- The stock’s beta is about 1.7, underlining that it tends to move more than the broader ASX 200 in both directions.
Relative to the consensus target price of A$6.45, the stock is still trading at a noticeable discount, but that gap partly reflects the cyclical and execution risks baked into analyst models. [24]
Risks: what could go wrong for WEB stock?
Even with record numbers, WEB is not a one‑way bet. Several key risks stand out in today’s setup:
1. Travel cycle and macro headwinds
- Web Travel’s volumes are tied to global leisure and corporate travel, which can slow sharply if economic conditions deteriorate, especially in Europe and the Americas where growth has been strongest. [25]
- A strong Australian dollar or weaker regional currencies can also impact margins when converting overseas earnings.
2. Margin sustainability
- The 6.5% TTV margin in 1H26 came in ahead of guidance. Management expects at least that level for FY26, but increased competition or shifting channel mix could squeeze margins. [26]
- TipRanks and the half‑year report both highlight higher operating expenses and finance costs, which dragged statutory profit lower despite record EBITDA — a reminder that cost control remains crucial. [27]
3. Governance, capital allocation and CFO transition
- Coverage on The Bull notes that ongoing governance concerns and the absence of a dividend may temper enthusiasm for some income‑focused investors, even as H1 growth impresses. [28]
- IG’s “stock of the day” analysis also flagged that Web Travel’s CFO is set to depart in May 2026, adding a layer of key‑person and transition risk at a time when systems, data and risk controls are increasingly important for a global platform. [29]
- The 8% on‑market buyback can boost per‑share metrics over time, but if executed at too high a price or at the expense of strategic investments, it could dilute long‑term value. [30]
4. Competitive and technology disruption
- The broader travel sector is dealing with AI‑driven shifts in search and booking behaviour, as illustrated by commentary around Helloworld’s takeover tilt for Webjet Group and concerns that traditional OTAs could lose share to new digital channels. [31]
- While Web Travel sits upstream in the B2B chain, it is not immune: if airlines, hotels or giant platforms push more aggressively into direct contracting or dynamic packaging, intermediaries’ bargaining power could be tested.
What to watch next for WEB stock
For investors tracking WEB over the coming months, several milestones and indicators look especially important:
- Trading updates and FY26 guidance: Management has reiterated A$147–A$155 million in underlying EBITDA guidance and reported 23% TTV growth in early 2H26 trading. Any sign of that momentum slowing — or guidance being revised — will likely move the share price quickly. [32]
- Progress toward the A$10 billion TTV FY30 goal: The current run rate puts Web Travel on track, but sustaining low‑20s percentage TTV growth in a more normalised travel market is no small task. [33]
- Execution of the buyback and balance‑sheet discipline: With nearly A$700 million in available liquidity, markets will watch how Web Travel balances shareholder returns against investment in technology, sales and product. [34]
- Sector moves and macro data: From Australian CPI prints to central‑bank rate decisions and global travel trends, macro news has been driving rotations into and out of growth and travel stocks across the ASX. Recent market wraps have repeatedly cited Web Travel as a key beneficiary when risk‑on sentiment returns. [35]
- Next major reporting date: Web Travel’s investor calendar points to FY26 results scheduled for 27 May 2026, which is likely to be the next big inflection point for the story, especially if management updates its FY30 ambitions. [36]
Key takeaways on WEB stock today
For 26 November 2025, the Web Travel Group (ASX:WEB) story looks like this:
- WEB stock is trading around A$4.60–A$4.70, near multi‑month highs, after back‑to‑back strong sessions. [37]
- The rally is underpinned by record H1 FY26 results — double‑digit growth in bookings, TTV, revenue and EBITDA, plus higher‑than‑guided margins. [38]
- Broker sentiment is broadly positive, with Citi, UBS and most of the Street on “buy” and a median price target well above the current share price, though Jefferies and Morgan Stanley remain more measured. [39]
- Web Travel is now a pure‑play B2B travel marketplace, offering investors a different exposure than consumer OTAs such as Webjet Group or Helloworld. [40]
- Risks remain around travel cyclicality, cost inflation, governance, CFO succession and technological disruption, so the current optimism will need to be validated by continued execution into FY26 and beyond. [41]
As always, this article is general news and commentary only and does not constitute financial advice. Anyone considering buying or selling WEB shares should assess their own objectives, financial situation and risk tolerance, and consider speaking with a licensed financial adviser.
References
1. www.webtravelgroup.com, 2. www.intelligentinvestor.com.au, 3. www.intelligentinvestor.com.au, 4. www.tradingview.com, 5. stockinvest.us, 6. www.tradingview.com, 7. www.webtravelgroup.com, 8. www.webtravelgroup.com, 9. www.webtravelgroup.com, 10. www.webtravelgroup.com, 11. www.tipranks.com, 12. www.webtravelgroup.com, 13. www.webtravelgroup.com, 14. www.webtravelgroup.com, 15. www.eveq.com, 16. www.tradingview.com, 17. www.tradingview.com, 18. www.tradingview.com, 19. www.webtravelgroup.com, 20. www.investing.com, 21. www.tradingview.com, 22. www.marketindex.com.au, 23. www.investing.com, 24. www.tradingview.com, 25. www.webtravelgroup.com, 26. www.webtravelgroup.com, 27. www.tipranks.com, 28. thebull.com.au, 29. www.ig.com, 30. www.investing.com, 31. www.theaustralian.com.au, 32. www.webtravelgroup.com, 33. www.webtravelgroup.com, 34. www.webtravelgroup.com, 35. finimize.com, 36. www.webtravelgroup.com, 37. www.intelligentinvestor.com.au, 38. www.webtravelgroup.com, 39. www.tradingview.com, 40. www.webtravelgroup.com, 41. thebull.com.au
