Mustafa Hidir of Ehrke & Lübberstedt Management presented his in-depth investment thesis on HolidayCheck (Germany: HOC) at European Investing Summit 2018.
Thesis Summary:
HolidayCheck: The former Tomorrow Focus AG was a “ragbag” of various online businesses without a clear strategy. A few years ago, the company started a transformation process by divesting almost all subsidiaries in order to focus on its previously quite profitable and growing package holiday business.
HolidayCheck is the largest German website for package holiday reviews, with almost eight million verified entries and the most active userbase. ~70% of German vacationers who book their package holiday online visit holidaycheck.de during the booking process. However, too few of the website visitors appear to be aware that they can also book their vacation on the website.
New management has taken the necessary measures to monetize the platform more aggressively going forward. In addition to corporate simplification and ongoing cultural changes, the company has invested significantly into skilled personnel.
Most importantly, the entire IT system has been updated, while the booking process has been simplified. After a multi-year turnaround and unprofitable operations, HolidayCheck should unlock its earning power in the coming years.
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About the instructor:
Mustafa Hidir works as an Investment Analyst at Ehrke & Lübberstedt, focused on publicly listed small- and mid-caps in Germany. Prior to Ehrke & Lübberstedt, Mustafa worked as an Investment Professional in Private Equity. He studied Commercial Law and Finance & Accounting.
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