Daniel Baldini of Oberon Asset Management presented his in-depth investment thesis on HolidayCheck Group (Germany: HOC) at Wide-Moat Investing Summit 2018.
HolidayCheck Group is the leading German hotel review site and a major online packaged holiday booking platform serving Germany, Austria, and Switzerland. At ~1.1x revenue, the company is valued as a slow-growth business that will never achieve meaningful profitability.
The market is missing the following: HoldayCheck’s review platform gives it a sustainable competitive advantage in the form of lower customer acquisition costs. Growth is accelerating as changes to the business take hold, the German travel market improves, and the shift to online booking accelerates. Opportunities for additional improvements to the business are significant, further supporting growth and profitability. The online segment of the German packaged holiday market accounts for only one-third of bookings, presenting a long runway of growth. The company’s hotel review database is a valuable asset and makes the company an attractive acquisition candidate.
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About the instructor:
Daniel Baldini is the founder and Managing Partner of Oberon Asset Management LLC, a New York based registered investment advisor managing separate accounts for individuals, partnerships, trusts and pension plans. Prior to founding Oberon in 2001 Mr. Baldini worked for the International Finance Corporation, the private sector arm of the World Bank, as an Investment Officer in the Asia and Eastern Europe Departments. Following graduation from the Stanford University Graduate School of Business and prior to joining the IFC Mr. Baldini lived in London for three years and worked for Electra Investment Trust PLC, a UK investment firm specializing in small public company and private equity investments.