OTB: Looks Like a Time to Buy

Research evidence excerpt

OTB: Looks Like a Time to Buy

0.77 25.12

P/AEPS 7.2x 14.2x 7.4x 5.1x

Big opportunity in Cruise remains: the group has entered the space in a Div Yield 3.0% 1.0% 2.9% 4.4%

low cost and thus low risk manner. The legacy small operators in this space

largely use legacy tech, the group sees no reason it couldn't take material FromAll marketFY25,dataall figuresin GBp;areallonfinanciala continuingdata inbasis.GBP; dividends paid in GBp.

share of the segment over time. As a reminder, ATV is higher in cruise than Priced as of prior trading day's market close, EST (unless otherwise noted).

beach, as is the commission rate the group receives. Cruise will likely also

be released in the Irish market in the coming months.

Mid-term targets intact if slightly pushed to the right: to meet the group's

mid-term targets of £2.5bn TTV, £100m EBITDA and £85m PBT, there is

no reliance on new verticals or new markets. The group is gaining share

(booked volumes +7% in H1 versus total market +3%), customers are

getting stickier (2 year repeat rates +17%, app MAUs +29%), and buying

more product (in year repeat bookings +24%), without an increase in

marketing spend (£4.5m efficiencies in H1). Investment at the brand level

continues and will likely feature Cruises more frequently as the group

further rolls out this vertical.

Valuation: the shares are currently trading on 2.6x FY28e EV/EBITDA - when

we expect the group to have recovered its prior FY27 consensus EBITDA.

This is unjustifiably cheap in our view - we previously valued the group on

7.5x FY26 EV/EBITDA, we now value it on 6.5x FY28e EV/EBITDA, driving a

slightly reduced price target of 290p.

Disseminated: May 19, 2026 00:45EDT; Produced: May 18, 2026 17:35EDT

For Required Non-U.S. Analyst and Conflicts Disclosures, see page 6