eDreams ODIGEO: A year of execution; maintain Hold

研报英文原文证据摘录

eDreams ODIGEO: A year of execution; maintain Hold

Deutsche Bank

Research

Rating Company Date

Hold eDreams ODIGEO 23 July 2026

Forecast Change

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (EUR) 5.12

EDRE.MC EDR SM MCE EDRE

Price Target (EUR) 4.60

Media and Online

ADR ISIN 52-week range (EUR) 9.17 - 2.74

Online services

EDEMY US2684371006

A year of execution; maintain Hold

Valuation & Risks

Nizla Naizer

FY27 is the year of peak investments under the new strategy Research Analyst

There were some green shoots in a challenging year when eDreams ODIGEO (eDO) +44-20-754-12403

reported ~175k net additions in its Prime subscription in Q4-FY26 after just ~11k in

Tarun Mittal

Q3-FY26. eDO reiterated its guidance to add ~600k in FY27E, which, as a reminder, Research Associate

is going to be the peak investment year as it focuses on new products and new

geographies (see here for new strategy). On the back of this, cash EBITDA is

Shrishti Shubham

expected to be ~EUR115m in FY27E (DBe EUR115m) from EUR157m in FY26,

Research Associate

before it starts to improve starting Q4-FY27E. If net additions in Prime remain at Q4

levels or accelerate, we expect the market would become more constructive on

eDO given subscription revenue provides a degree of insulation against a volatile

Key changes

macroenvironment. However, we expect the market would also need more quarters

Target Price 4.00 to 4.60 ↑ 15.0%

of execution before it starts giving eDO more credit. Maintain Hold.

Source: Deutsche Bank

Q1 likely to see solid net additions but with customer acquisition costs

With this update, we keep our annual estimates largely unchanged. We expect

~170k net adds in Q1-FY27E, with customer acquisition a focus. This should