EDreams ODIGEO S.A. (ES:EDR)
BME:EDR
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EDreams ODIGEO
(BME:EDR)
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Rating:62Neutral
Price Target:
€3.50
▼(-5.91% Downside)
Action:ReiteratedDate:04/09/26
The score is driven primarily by improving profitability and continued positive cash generation, tempered by elevated leverage and a sharp TTM revenue decline. Earnings-call guidance and the multi-year plan (including buybacks) are supportive but come with clear near-term margin and cash-timing headwinds. Technicals are mixed-to-weak, limiting the overall rating despite a reasonable P/E.
Positive Factors
Prime subscription mix and retention
A growing Prime base materially shifts revenue toward recurring, higher‑margin subscriptions, improving predictability and customer lifetime value. With Prime driving most cash marginal profit, the business gains durable margin resilience and reduced reliance on one‑off bookings.
Negative Factors
Elevated leverage and balance‑sheet flexibility
Debt at ~1.4–1.6x equity constrains financial flexibility, raising refinancing and interest risks during industry slowdowns. Elevated leverage limits ability to invest opportunistically, amplifies sensitivity to cash‑timing shocks and reduces cushion against revenue volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Prime subscription mix and retention
A growing Prime base materially shifts revenue toward recurring, higher‑margin subscriptions, improving predictability and customer lifetime value. With Prime driving most cash marginal profit, the business gains durable margin resilience and reduced reliance on one‑off bookings.
Read all positive factors
EDreams ODIGEO (EDR) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€364.24M
Dividend YieldN/A
Average Volume (3M)164.83K
Price to Earnings (P/E)12.3
Beta (1Y)1.45
Revenue Growth3.91%
EPS Growth118.27%
CountryES
Employees1,680
SectorGeneral
Sector StrengthN/A
IndustryTravel Services
Share Statistics
EPS (TTM)0.08
Shares Outstanding115,625,060
10 Day Avg. Volume171,924
30 Day Avg. Volume164,828
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)3.50
Price to Sales (P/S)1.30
P/FCF Ratio9.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€4.00Price Target Upside7.53% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.26
Revenue Forecast (FY)€712.07M
EDreams ODIGEO Business Overview & Revenue Model
Company Description
eDreams ODIGEO S.A., together with its subsidiaries, operates as an online travel company in Europe. The company offers its online travel agency services under the eDreams, Go Voyages, Opodo, Travellink, and Liligo brands. It also provides marketi...
How the Company Makes Money
eDreams ODIGEO makes money primarily by acting as an intermediary between travelers and travel suppliers (e.g., airlines, hotel providers and car rental companies) and earning revenue from bookings made on its platforms. Key revenue streams typica...
EDreams ODIGEO Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call presented strong operational progress driven by Prime growth and a large adjusted EBITDA uplift (+74%), improved cash profitability margins, and a clear multi-year growth and buyback plan. Key near-term headwinds are largely timing and strategic-transition related: subscription payment model changes (reducing short-term cash flow and ARPU), volatile Ryanair content access, and a planned investment-led margin trough in FY'27. Management positions these issues as expected, temporary, and part of a deliberate long-term acceleration strategy.Positive Updates
Large Adjusted EBITDA Expansion
Adjusted EBITDA increased 74% year-on-year to EUR 138.4 million for the first 9 months of FY'26 (adjusted to remove cash timing effects from subscription payment changes).
Negative Updates
Ryanair Content Instability and Access Volatility
Access to Ryanair content remains volatile and materially lower than historical levels, creating recurring headwinds to revenue though management states the FY'26 guidance is derisked to lower Ryanair assumptions.
Read all updates
Q3-2026 Updates
Positive
Negative
Large Adjusted EBITDA Expansion
Adjusted EBITDA increased 74% year-on-year to EUR 138.4 million for the first 9 months of FY'26 (adjusted to remove cash timing effects from subscription payment changes).
Read all positive updates
Company Guidance
The company reiterated guidance to hit 7.9m Prime members and EUR 155m cash EBITDA in FY‑26, and set FY‑30 targets of 13m Prime members and EUR 270m cash EBITDA (implying 15–20% Prime CAGR FY‑27–FY‑30, record net adds of 1.5–2.0m p.a. FY‑28–FY‑30 and ~33% p.a. cash EBITDA growth FY‑28–FY‑30); near‑term pain is expected as margins dip to ~15% in FY‑27 during the investment phase and recover to ~23% by FY‑30. For the first 9 months of FY‑26 management reported adjusted EBITDA EUR 138.4m (+74% y/y), cash EBITDA EUR 126.7m (+2% y/y), adjusted net income EUR 63.8m, cash marginal profit EUR 207.8m (+3% y/y) with Prime now 75% of cash revenue margin and contributing 89% of cash marginal profit, revenue margin (ex adjustments) EUR 502.8m (+3% y/y; Prime +16%, non‑Prime −24%), variable costs −15%, fixed costs +EUR 3.3m, cash from operations EUR 79.1m (working capital outflow EUR 42.9m), and ongoing buybacks (EUR 23m repurchased this quarter, EUR 100m committed through Sep‑2027, 12m shares amortized = 9.4% of capital, ~24% of market cap still available to buy, ~33% shareholder yield); valuation noted at ~4.4x EV/cash‑EBITDA (FY‑26) versus peer averages ~8.3x/11x.EDreams ODIGEO Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 684.04M | 671.18M | 650.51M | 587.76M | 398.28M | 107.17M |
| Gross Profit | 381.28M | 671.18M | 558.29M | 569.59M | 382.58M | 63.31M |
| EBITDA | 170.41M | 116.24M | 77.58M | 23.61M | -6.26M | -73.81M |
| Net Income | 81.26M | 45.07M | 32.36M | -43.34M | -65.87M | -124.23M |
Balance Sheet | ||||||
| Total Assets | 1.10B | 1.16B | 1.15B | 1.07B | 1.08B | 986.24M |
| Cash, Cash Equivalents and Short-Term Investments | 27.51M | 78.64M | 93.90M | 35.93M | 45.93M | 12.14M |
| Total Debt | 385.46M | 379.33M | 380.64M | 385.70M | 424.26M | 513.23M |
| Total Liabilities | 860.06M | 911.83M | 880.44M | 837.63M | 802.61M | 727.77M |
| Stockholders Equity | 243.15M | 250.25M | 274.53M | 236.30M | 272.52M | 258.47M |
Cash Flow | ||||||
| Free Cash Flow | 104.87M | 91.03M | 89.73M | 64.37M | 92.22M | -21.28M |
| Operating Cash Flow | 165.30M | 146.41M | 138.88M | 102.53M | 119.15M | 428.00K |
| Investing Cash Flow | -59.57M | -55.55M | -48.80M | -38.15M | -26.92M | -21.66M |
| Financing Cash Flow | -135.51M | -105.61M | -31.05M | -67.74M | -50.93M | -69.45M |
EDreams ODIGEO Technical Analysis
Positive
3.72
Price Trends
3.14
Positive
3.43
Positive
5.67
Negative
Market Momentum
0.12
Negative
69.10
Neutral
88.21
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:EDR, the sentiment is Positive. The current price of 3.72 is above the 20-day moving average (MA) of 3.20, above the 50-day MA of 3.14, and below the 200-day MA of 5.67, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 69.10 is Neutral, neither overbought nor oversold. The STOCH value of 88.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:EDR.
EDreams ODIGEO Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €36.30B | 16.72 | 24.80% | 4.09% | 8.93% | 10.47% | |
69 Neutral | €21.86B | 27.56 | 25.78% | 2.24% | 6.11% | 5.17% | |
69 Neutral | €2.50B | 10.25 | 19.61% | 1.84% | 3.22% | 20.93% | |
62 Neutral | €364.24M | 12.32 | 32.48% | ― | 3.91% | 118.27% | |
62 Neutral | €42.13B | 44.79 | 15.04% | 1.42% | 5.25% | -72.42% | |
61 Neutral | €12.43B | ― | 9.77% | 3.56% | 3.72% | 17.21% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
ES:EDR
EDreams ODIGEO
3.24
-4.07
-55.75%
ES:AENA
Aena SA
24.20
3.28
15.67%
ES:AMS
Amadeus IT Group S.A
50.18
-18.01
-26.42%
ES:FER
Ferrovial
58.66
17.03
40.92%
ES:MAP
Mapfre, SA
4.08
1.04
34.08%
ES:MEL
MELIA HOTELS INTERNATIONAL
11.36
5.14
82.67%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.