Offshore

Aadit Sheth
Ray Dalio's reply on a random Reddit thread is golden https://t.co/pIS1kln5Mz
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Dalius - Special Sits
$WJL.AX situation continues to perplex.

Sale thesis seems to be off the table with the recent major buyback announcement (25% of excess cash) and the $17m travel services business acquisition.

Yet both activists continue to buy up shares. Recently, Weiss and the BGH consortium increased their position to 17%. Together with Helloworld, they now own almost 35% of the equity, buying stock above the rejected offer from just a few months ago.

The company remains cheap at 6.5–7x EBITDA ex-SBC. While a sale may be off the table, the valuation combined with continued purchases by well-known activists makes me want to follow the situation closely. It will be interesting to see if the activists comment on the recent developments in the near term.



Silence around the potential deal at $WJL.AX may be indicative of a forthcoming transaction.

This is especially notable in light of continued stake increases by both involved parties, BGH and the Weiss consortium, as well as Helloworld. The latter recently increased its stake once again, from 15% to 16%. While the size of the increase is small, it clearly signals that they remain actively involved and further supports the undervaluation thesis at WJL.

- Dalius - Special Sits
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Silence around the potential deal at $WJL.AX may be indicative of a forthcoming transaction.

This is especially notable in light of continued stake increases by both involved parties, BGH and the Weiss consortium, as well as Helloworld. The latter recently…

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