Stock

eDreams ODIGEO S.A.

0QS9.L
48
Travel Services · Consumer Cyclical
Price
4.64 GBp
+0.10 (+2.09%)
Market Cap
£507.5M
Exchange
London Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Mixed
7/20
Cash Flow
Exceptional
9/10
Stability
Mixed
4/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Good
3/5

48 of 100 counted points = Winston Score 48.

Share count rising — dilution

+2.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 112.8M (2022) → 116.1M (2026)

§Winston Score History

The full picture

eDreams ODIGEO is an online travel company based in Europe that helps people book flights, hotels, and vacation packages through its websites and apps. Its main brands include eDreams, Opodo, Go Voyages, and Travellink, and it serves millions of everyday travelers across more than 40 countries. It is one of the largest online travel agencies in Europe by flight bookings.

The company makes most of its money through a subscription service called Prime, which charges travelers a monthly or annual fee in exchange for discounted flight prices and other travel perks. It also earns fees from airlines and hotels each time a booking is completed. eDreams operates almost entirely in Europe, with Spain, France, and Italy as its biggest markets, and its growing Prime subscriber base gives it a more predictable revenue stream than traditional booking sites. The key growth driver is expanding Prime memberships, but the company faces real risk from competition with larger platforms like Booking.com and Google Flights.

Score breakdown

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Quality

Profit per sale
Gross Margin
8.0%
Thin — 8.0% gross margin
Profit after running costs
Operating Margin
6.9%
Modest — 6.9% operating margin
Return on the money invested
ROCE
12.2%
Good — 12.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-3.3%
Shrinking sales (-3.3% YoY)
Profit growth
EPS YoY
-29.9%
Earnings shrinking (-29.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
384%
Turns 384% of profit into real cash
Spare cash per sale
FCF Margin
12.7%
Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.53
Elevated debt (1.53)
Covers its interest
Interest Cover
2.63x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.1x
Attractive valuation — P/E 13.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.3
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
28.39%
Healthy income — 28.39% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
N/A
no trend
Data not available

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