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S8 gets thumbs up from broker
The surprise profit upgrade from property group-cum-travel retailer S8 last week appears to have done the trick in confirming the company’s market darling status.
In little over a year, the company has gone from just managing properties on the Gold Coast to owning four of Australasia’s biggest travel agencies – Harvey World Travel, Gulliver, Transonic and Travelscene American Express – and stitching up a deal with Virgin Holidays in Britain.
After touching a record high of $4.32 in May, S8 shares yesterday rose 16c to $3.27. They have tripled over the past two years.
Citigroup has recommended S8 as a “buy” saying- “This type of expansion is not without integration risks but this is neither a tale about bricks and mortar nor about re-branding, it’s a tale of pooling established and profitable structures,”
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