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Broker tips: On the Beach, Hunting
(Sharecast News) - RBC Capital Markets started coverage of On The Beach on Tuesday with an 'outperform' rating and 340.0p price target, sending shares in the online package holiday platform surging. "Through its differentiated, tech-driven, package-holiday offering, OTB will continue to take share from the legacy tour operators in its established core beach markets, whilst leveraging the brand to grow its new, high-margin, City break proposition," the bank said.
RBC said revenue growth will outstrip slower growth in overheads and marketing, driving around 540 basis points of EBITDA margin accretion, with an FY24-27 estimated EBITDA compound annual growth rate of circa 20%.
The Canadian bank said it values OTB on 8.0x FY26 estimated adjusted EBITDA - in line with selected platform peers - driving the price target and supporting an 'outperform' recommendation.
Analysts at Berenberg lowered their target price on oil and gas industry suppler Hunting from 480.0p to 465.0p on Tuesday after it acquired Flexible Engineered Solutions £50.0m in cash.
With the deal now completed, Berenberg moved to include its contribution in its estimates from H225 onwards, noting that the business will increase Hunting's gearing to the "attractive subsea oil and gas market".
Berenberg said the subsea oil and gas market will make up 18% of group revenue on its FY26E estimates and highlighted that margins were accretive to the group. It also said the outlook for future activity levels "remains positive".
"We update our model to include FES's contribution from H225 and adjust our EV estimate for the £50.0m consideration paid from available cash. We expect consensus EBITDA estimates for 2026 to increase by circa 7%," said the German bank, which reiterated its 'buy' rating on the stock.
"We also take the opportunity to adjust our wider group estimates to consider current market conditions, including higher volatility in commodity prices. Our group EBITDA estimates change by -3%, 0% and -2% in 2025E, 2026E and 2027E, respectively."
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