Share Name Share Symbol Market Type Share ISIN Share Description
Hostelworld Group Plc LSE:HSW London Ordinary Share GB00BYYN4225 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 55.00 24,035 16:35:16
Bid Price Offer Price High Price Low Price Open Price
54.10 54.60 54.60 53.80 53.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 68.27 2.55 7.43 6.9 64
Last Trade Time Trade Type Trade Size Trade Price Currency
17:42:16 O 7,333 55.00 GBX

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Hostelworld Daily Update: Hostelworld Group Plc is listed in the Travel & Leisure sector of the London Stock Exchange with ticker HSW. The last closing price for Hostelworld was 55p.
Hostelworld Group Plc has a 4 week average price of 48.60p and a 12 week average price of 48.60p.
The 1 year high share price is 155.60p while the 1 year low share price is currently 35.75p.
There are currently 116,321,185 shares in issue and the average daily traded volume is 146,032 shares. The market capitalisation of Hostelworld Group Plc is £63,976,651.75.
masurenguy: Interim Results 2020 H1 2020 in line with expectations; modest increase in bookings in recent weeks in line with the easing of travel restrictions. Accelerated delivery of Roadmap for Growth initiatives 12 August 2020: Hostelworld, a leading global OTA focused on the hostel market, is pleased to announce its interim results for the period ended 30 June 2020 Financial highlights: -- Net revenue of EUR12.0m in H1 2020, a decline of 69% (H1 2019: EUR38.8m), driven by COVID-19 led travel restrictions from late Q1 -- Total Group net bookings decline of 67% (H1 2019: -10%) -- Net booking volume decline from 3.5m to 1.1m, with cancellations EUR5.4m (H1 2019: EUR4.8m) -- Net Average Booking Value EUR9.45 (H1 2019: EUR12.40), reflecting increased cancellations which had longer lead times and higher ABVs -- Marketing costs in Q2 reduced to match revenue volumes. Total H1 2020 marketing costs of EUR7.5m were 76% of net revenue (excluding deferred revenue), an EUR8.8m reduction compared to H1 2019 (H1 2019: EUR16.2m, 37%) -- Q2 operating costs, excluding marketing overheads, reduced by 20% to EUR5.5m, down from EUR6.9m in Q1 2020 (14% reduction compared to EUR6.6m in Q2 2019) -- Adjusted EBITDA loss of EUR8.3m (H1 2019: EUR8.9m profit), in line with guidance -- Basic loss per share of 18.90 EUR cent (H1 2019 basic earnings per share: 6.82 EUR cent) Balance sheet and cash flow: -- Raised gross proceeds of EUR15.2 million ([1]) through a non-pre-emptive placing of and direct subscription for new ordinary shares in June 2020 -- Committed EUR7m three-year revolving credit facility secured, undrawn as at 30 June 2020([2]) -- Closing cash position EUR32.9m (H1 2019 EUR25.4m) includes cash on hand of EUR29.4m and a EUR3.5m short-term financing facility -- Customer deposits related to bookings made under the free cancellation policy amounted to EUR3.3m (H1 2019: EUR7.3m), of which EUR2.7m relate to bookings already cancelled -- Adjusted free cash absorption (33%), (H1 2019 adjusted free cash flow 108%) -- Cash dividends for 2020 remain suspended due to COVID-19 uncertainty. In lieu of a cash dividend the Board is proposing to issue new ordinary shares, by way of bonus issue, to shareholders based on a value of 1.0 EUR cent per share and subject to shareholder approval -- It is the intention that the number of shares that a shareholder will need to hold to qualify for each new bonus issue share will be calculated by dividing the prevailing average share price (in EUR cent) prior to the publication of the shareholder circular by 1.0 EUR cent. The record date for the bonus issue will be set out in the shareholder circular Gary Morrison, Chief Executive Officer, commented:"The COVID-19 pandemic has resulted in significant trading disruption for our business and the global travel industry. From the outset our focus has been the wellbeing of our employees, to support our hostel partners and customers and to strengthen the Group's balance sheet. We entered the year in a strong position, having delivered a return to net bookings growth during Q4 2019, however, COVID-19 drove a sharp reduction in our trading performance. We reacted swiftly and purposefully to protect the business and to enable us to navigate through this crisis. Our initial efforts were focussed on cash preservation and in June we took action to strengthen our balance sheet, via a debt facility and an equity raise. Together these actions provide the Group with the financial strength to operate through this crisis and beyond. Over the last few months we have taken the opportunity to accelerate our Roadmap for Growth program to strengthen our core platform, completing items planned for H2 2020 and 2021 ahead of schedule. Consistent with our growth strategy, which builds on our Roadmap for Growth, we also intend to broaden the catalogue of experiences and social features we offer our customers, beyond hostel accommodation. Given the current trading backdrop, we remain focused on organic initiatives in the near term, until a resumption of normal trading. While the short-term outlook for the travel industry remains extremely challenging, I remain confident that Hostelworld will emerge from the COVID-19 crisis stronger than before. I would like to take this opportunity to thank all of our employees for their continued hard work and commitment, and our customers and shareholders for the support they have shown through these challenging times." Trading update and outlook: In recent weeks we have seen an increase in demand as travel restrictions have eased, and we are tracking slightly ahead of our Base Case scenario. This recovery started with very modest growth in domestic bookings in June, and more recently has progressed to very modest growth in domestic and short-haul bookings into Europe. Overall, we expect the pace of recovery to mirror changes in travel guidance in individual markets over the coming months, both positive and negative. Elsewhere, source markets in the Americas, Asia and Oceania continue to remain very depressed. As the recovery has progressed, we have seen a steady reduction in cancellation rates, and an increase in conversion rates as consumers certainty with respect to their travel plans has improved, compared to significantly stressed levels during Q2. This has led to higher marketing costs as a percentage of net revenue in the near term, which we expect to gradually normalise as normal travel patterns resume. On the supply side, despite significantly depressed demand during Q2, we have seen only a modest reduction in the number of hostels on our platform compared to year end 2019 levels. We are also working with the hostelling industry to ensure we display details of the additional COVID-19 policies at each hostel in a consistent manner. Overall, we are encouraged that our travellers are continuing to book Dorms in the majority of cases - with only a slight shift to date in accommodation mix towards Private rooms versus Dorm accommodation across markets. Overall while bookings continue to trend well below normalised patterns, and assuming a gradual improvement in the macro travel environment, we expect the recovery to improve further in Q3 and Q4 2020, albeit net bookings will remain at significantly reduced levels when compared to 2019. Whilst this recovery is likely to take some time and the consumer environment will continue to be uncertain and challenging, the Board remains confident in the resilience and flexibility of our business model, and that we are well positioned to execute on our strategy and build market share as demand recovers. In parallel, the Board will continue to evaluate internal and external opportunities that will deliver value for shareholders, in particular the significant potential to enhance future growth primarily through building out a broader catalogue of experiential travel products beyond hostel accommodation. In light of continued market uncertainty, the Group is not in a position to provide full year guidance until such time as the overall impact of COVID-19 on the Group becomes clearer.
masurenguy: 25 June 2020 Hostelworld Group plc Results of Placing and Subscription Hostelworld, a leading global OTA focused on the hostel market , announces the successful pricing of its non-pre-emptive placing following yesterday's announcement. A total of 17,664,155 new ordinary shares of EUR0.01 each in the capital of the Company ("Ordinary Shares") (the "Placing Shares") have been placed by Numis Securities Limited ("Numis") and J&E Davy ("Davy", together with Numis, the "Joint Bookrunners"), at a price of 72.0p per Placing Share (the "Placing Price") and in addition 1,450,000 new Ordinary Shares ("Subscription Shares") have been conditionally subscribed for outside the Placing by an existing shareholder at the Placing Price ("Subscription"). Together, the Placing and Subscription of in aggregate 19,114,155 new Ordinary Shares raised gross proceeds of approximately £ 13.8m, subject to completion. The Placing Price represents a discount of 7.1% to the closing share price of 77.5p on 24 June 2020. The Placing Shares and Subscription Shares represent together approximately 19.99% of the existing issued ordinary share capital of the Company prior to the Placing and Subscription. Immediately following Admission, the total number of voting rights in Hostelworld will be 114,684,933 . This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. Director participation The following directors of the Company and other persons discharging managerial responsibilities ("PDMRs") have agreed to subscribe for the following number of Placing Shares at the Placing Price: Name Number of Placing Shareholding Shareholding Shares to be on Admission as a % of Enlarged subscribed Issued Share Capital on Admission TJ Kelly 12,543 12,543 0.011% Eimear Moloney 31,358 71,358 0.062% Gary Morrison 18,814 18,814 0.016% The Company believes that Aberforth Partners LLP and Premier Miton Group Plc each currently hold or have in the last twelve months held 10% or more of the ordinary share capital of the Company. For the purposes of UK Listing Rule 11 the Company therefore believes that they are, or may be, considered as related parties of the Company. Pursuant to the Placing, Aberforth Partners LLP has agreed to subscribe for 2,600,000 Placing Shares at the Placing Price for an aggregate consideration of approximately £1,872,000. Premier Miton Group Plc has agreed to subscribe for 2,220,000 Placing Shares at the Placing Price for an aggregate consideration of £1,598,400.
thomshrike: Thanks john09. And I agree: after a brief spike down, the stock is back to the share price before the announcement. It was already priced in. I expect a similar reaction for HSW on Tuesday (but on this case we will also get an update on the strategic plan, which could be a positive trigger).
thomshrike: edreamsodigeo, a HSW peer, posted Q numbers today. Their geographical split is very similar to HSW's. They provide an interesting table showing the yoy bookings drop on the period Feb22-Feb25: -12%. If Hostelworld shows a similar pattern, and if the epidemic wears out at some point later in the year, and taking into account my previous calculations of the ST impact in earnings, I would expect HSW's share price to recover very significantly by then.
masurenguy: Peel Hunt: Hostelworld weakness a potential opportunity Citywire: 26 February 2020 Weakness in Hostelworld (HSW) shares caused by the coronavirus could be a buying opportunity if the travel platform can convince markets its strategic actions are working, says Peel Hunt. Analyst Ivor Jones retained his ‘add’ recommendation and target price of 165p on the shares, which fell 6.4% to 111.8p yesterday. "The share price decline implies that next week’s results will refer to coronavirus undermining current trading. However, the group has a solid balance sheet and, if management can demonstrate that its strategic actions have addressed the competitive weakness of the group, then the current share price weakness will be seen as a buying opportunity." said Jones
thomshrike: Hostelworld is the poster child of this market dichotomy between momentum and value. Even if you (reasonably) assume a very material impact of the coronavirus situation on the company's bookings over some quarters, the impact on the market cap should be much lower than what the recent share price drop already priced in. As per my previous post, for any incremental -5% one-off global reduction of bookings on a given year, market cap should be impacted by c. 3.1m. Since the beginning of the coronavirus situation, the market cap already declined by 35m. This would imply -50% bookings this year or -25% bookings over 2 years. That does not sound reasonable to me.
thomshrike: We continue to see a streak of companies disclosing a significant negative impact from the coronavirus and the share price rises anyway. E.g. Adidas today reporting a 85% drop on China activity and the share price is up. Hopefully when Hostelworld reports...
thomshrike: Market is assuming that the impact to the travel business will be significant but temporary, similar to other epidemics in the past. If that is the case, the impact on the valuation of travel companies would generally be small (see my comment on sensitivity analysis for HSW above). The overnight performance of the EXPE share price shows that people will not necessarily stay put until the situation is fully clarified, instead they will take action much earlier than that.
thomshrike: Some sensitivity analysis. Let's assume that: - the virus results in a 5% decline on HSW global bookings during FY 2020 (I think we can all agree this sounds very extreme), with no impact on 2021 and onwards, as the pandemic ends. - the bookings decline flows directly to the bottom line, with no cost offsets except for lower taxes. Then the value loss for HSW would be c. 3m GBP. That amounts, even at today's reduced share price to c. 2.5% of the market cap of the company. Whereas since the beginning of the virus story the stock has already declined more than 10%.
thomshrike: There are many reasons why Capital Group may have sold: (i) because they do not believe in the turnaround story and expect the business to continue to deteriorate; (ii) because they have internal rules for executing a stop-loss and key levels were triggered; (iii) because that position was managed by the fund manager who was recently fired after his wrongdoings were uncovered by BBC and his firing triggered automatic liquidation of his holdings. My feeling is that reality is a mix of all those 3. Obviously there is a buyer for every seller and you have funds like Miton, LHC or Fidelity significantly increasing their positions at these levels. The steep share price decline was a function of several factors: (i) business deterioration related with under-investment in the underlying core IT platform under previous ownership; (ii) liquidation of a 22% holding by Woodford; (iii) (in case you are looking at un-adjusted share prices) high dividend payments.
Hostelworld share price data is direct from the London Stock Exchange
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