Deep Value: cash covers more than 100% of the stock price

This company holds roughly $286M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

On the Beach Group

OTB.L

Travel Services · Consumer Cyclical

Price

189.40 GBp

+4.00 (+2.16%)

Market Cap

£272.6M

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+2.5% over 4y

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

Diluted shares outstanding: 159.3M (2021) → 163.3M (2025)

Winston Score History

The full picture

On the Beach Group is a UK-based online travel company that helps people book beach holidays. Customers visit its website to search for and book package holidays, mostly to sunny destinations in Europe like Spain, Greece, and Turkey. It operates as an online travel agent, bundling flights and hotels together for leisure travelers rather than running its own planes or hotels.

The company makes money by earning a margin on each holiday it sells, acting as a middleman between customers and travel suppliers. It operates almost entirely in the UK market, targeting budget-conscious families and couples looking for affordable sun-and-sea getaways. Its main competitive advantage is its technology platform and brand recognition in a crowded market, but it faces real pressure from larger rivals like Jet2 and TUI, which own their own airlines and hotels and can offer more control over pricing and availability.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

88.9%

Premium pricing power — 88.9% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

9.7%

Below par — 9.7% 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

-2.0%

Shrinking sales (-2.0% YoY)

Profit growth

EPS YoY

-78.1%

Earnings shrinking (-78.1% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

1171%

Turns 1171% of profit into real cash

Spare cash per sale

FCF Margin

-11.7%

Burning cash (-11.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.22

Conservative — low debt load (0.22)

Covers its interest

Interest Cover

3.63x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

93.3x

Expensive — P/E 93.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+74.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (93.3 → 19.0)

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Dividends

Dividend

Dividend Yield

2.11%

Moderate income — 2.11% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+10.9%

Dividend growing fast (10.9% YoY)

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