$369 million market cap. $118 million in cash.

Management planning to buy back shares and start paying a dividend this FY.

Currently BGH Capital and Helloworld Travel, are still stalking the company. But I don't think anyones taking Helloworld seriously and the Webjet board rejected the first offer from BGH at $0.80. No new offer since April and the share price has held above the offer since. The bid caused the board to delay announcing a share buy back initiative.

Really comes down to the last dot point. IF trading remains flat, I think the stock is undervalued (P/E 17.7 underlying NPAT) for a capital light, market leader and increasing overseas travel + a unique mix and match technology offering. I'm waiting to see how much of that cash they think they need to hold on to versus how much is used to buy back shares. International travel from Australia is up year on year.

I prefer the growth prospects of Web Travel and may look to sell Webjet (WJL) for Web Travel.

Disc - held IRL from the demerger.