Director dealings: On the Beach chairman ups stake
On The Beach Group
153.00p
17:00 22/04/24
On The Beach Group chairman Richard Pennycook purchased 38,333 ordinary shares in the London-listed online travel retailer on Thursday.
FTSE All-Share
4,362.60
16:44 22/04/24
FTSE Small Cap
6,412.90
17:15 22/04/24
Travel & Leisure
7,583.04
17:14 22/04/24
Pennycook, former chief executive of The Co-Operative Group, acquired the shares at an average price of 420p each, for a total value of £160,999.
Liberum initiated coverage of On The Beach at a 'buy' in March, setting a 560p target price for the outfit's shares in the process.
Its analysts hailed the company's "disruptive" proprietary technology, projecting that the resulting market share gains would drive the compound annual rate of growth in EBITDA and EPS over the next three years to 16.4% and 15.7%, respectively.
But the company's equity story didn't end there, with "new products and new markets giving a long runway for the future," they said.
"The market is undervaluing OTB’s long term potential and not recognising the option value from international expansion, long-haul product growth, and the diversification into offline/b2b," they added.
As of 1630 BST, On the Beach shares had crept forward 0.62% to 422.60p.
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