olivLaw · European equity research
On the Beach Group plc OTB.L
United Kingdom · London Stock Exchange · ISIN GB00BYM1K758 · Vertical: Listed companies from United Kingdom
On the Beach Group plc is a UK online holiday company that sells package trips to beach destinations and, increasingly, to city and long-haul routes, using a flexible, asset-light model. Its FY25 annual report shows a very large cut in operational emissions, which the company says leaves its direct climate-related risks minimal.
At the close of 05 Nov 2026, On the Beach Group plc (OTB.L) stock was 1.76 GBP (−1.12% on the day), with market capitalisation 274.9 m GBP, P/E 33.2 on diluted EPS of 0.05 GBP over the last 12 months, dividend yield 1.78%, beta 1.14, 52-week range 1.32–2.34 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.6
- neutral
- Bollinger (20, 2)
- 1.63 – 1.82
- in the upper half of the band · %B 0.68 · band width 10.5%
- SMA 50 / 200
- 1.75 / 1.76
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.5% | −0.6% | +1.1 pp | — |
| 3 months | −6.6% | −4.2% | −2.4 pp | — |
| 6 months | +3.9% | +4.3% | −0.4 pp | — |
| Year to date | −23.2% | +7.5% | −30.7 pp | — |
| 1 year | −17.3% | +9.9% | −27.2 pp | +5.8% |
| 3 years | +77.2% | +49.8% | +27.4 pp | +26.3% |
| 5 years | −42.7% | +42.8% | −85.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 17.6, median 18.1, max 41.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 112.1 m | 119.2 m | 121.4 m |
| Revenue YoY | unavailable | +6.3% | +1.8% |
| Net income | 10.1 m | 13.0 m | 8.6 m |
| Net income YoY | unavailable | +28.7% | −33.8% |
| Diluted EPS | 0.06 | 0.08 | 0.05 |
| Diluted EPS YoY | unavailable | +28.3% | −31.2% |
| net % | 9.0% | 10.9% | 7.1% |
| Free cash flow | 21.9 m | 26.9 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 91.7 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 156.8 m GBP
- Total assets
- 502.1 m GBP
- Debt / equity
- unavailable
- Current ratio
- 1.28x
- ROE
- 5.1%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 112.1 m | 119.2 m | 121.4 m | esef· 17 Feb 2026verified |
| Cost of revenue | 3.7 m | 4.8 m | — | esef· 04 Feb 2025verified |
| Gross profit | 106.4 m | 117.5 m | 118.9 m | esef· 17 Feb 2026verified |
| Operating income | 12.0 m | 20.1 m | 22.9 m | esef· 17 Feb 2026verified |
| Interest expense | 1.5 m | 2.4 m | 2.6 m | esef· 17 Feb 2026verified |
| Pre-tax income | 14.4 m | 25.2 m | 27.9 m | esef· 17 Feb 2026verified |
| Income tax | 2.5 m | 6.3 m | 3.3 m | esef· 17 Feb 2026verified |
| Net income | 10.1 m | 13.0 m | 8.6 m | esef· 17 Feb 2026verified |
| Diluted EPS | 0.06 | 0.08 | 0.05 | esef· 17 Feb 2026verified |
| Dividend per share | 0.00 | 0.01 | 0.03 | esef· 17 Feb 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 75.8 m | 96.2 m | 91.7 m | esef· 17 Feb 2026verified |
| Receivables | 165.3 m | 188.4 m | 204.5 m | esef· 17 Feb 2026verified |
| Current assets | 350.6 m | 423.7 m | 442.0 m | esef· 17 Feb 2026verified |
| Property, plant & equipment, net | 8.3 m | 3.6 m | 2.6 m | esef· 17 Feb 2026verified |
| Total assets | 435.2 m | 495.9 m | 502.1 m | esef· 17 Feb 2026verified |
| Accounts payable | 261.2 m | 304.3 m | 340.8 m | esef· 17 Feb 2026verified |
| Current liabilities | 264.4 m | 310.9 m | 344.3 m | esef· 17 Feb 2026verified |
| Total liabilities | 267.0 m | 313.4 m | 345.3 m | esef· 17 Feb 2026verified |
| Equity | 168.2 m | 182.5 m | 156.8 m | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 165.6 m | 166.7 m | 156.4 m | esef· 17 Feb 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 22.0 m | 26.9 m | 34.8 m | esef· 17 Feb 2026verified |
| Capex | 100.0 k | 0 | — | esef· 04 Feb 2025verified |
| Free cash flow | 21.9 m ≈ | 26.9 m ≈ | — | esef· 04 Feb 2025derived |
| Investing cash flow | -7.9 m | -2.6 m | 0 | esef· 17 Feb 2026verified |
| Financing cash flow | -2.8 m | -5.6 m | -39.8 m | esef· 17 Feb 2026verified |
| Dividends paid | 0 | 1.5 m | 4.9 m | esef· 17 Feb 2026verified |
| Share repurchases | — | 0 | 30.9 m | esef· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 274.9 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.1% | 43 (vs peers) | 12% |
| FCF conversion · Quality | 404.7% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.8x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 33.2x | 6 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 12.7% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 13.0% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 14.1% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation48/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ON THE BEACH GROUP PLC (OTB.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 121.4 m GBP in 2025; YoY growth 1.8%; net margin 7.1%; ROE 5.1%.
The estimated value range is 0.45–0.65 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.55 GBP, the price of 1.76 GBP leaves a potential of -68.6% (value / price − 1) and a margin of safety of -218.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 404.7%
- Interest coverage: 8.8x
- FCF yield: 12.7%
- Shareholder yield (distributions): 13.0%
- Payout ratio (FCF): 14.1%
What contradicts it
- P/E (TTM): 33.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| OTB.LOn The Beach Group PLC | 274.9 m | 33.2 | 5.1% | 7.1% | +1.8% | −8% / +59% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for OTB.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.05 Total return -39% · Per year -39% | 1.86 Total return 8% · Per year 8% | 2.80 Total return 62% · Per year 62% |
| 3 years | 0.97 Total return -41% · Per year -16% | 1.93 Total return 15% · Per year 5% | 3.20 Total return 89% · Per year 24% |
| 5 years | 0.89 Total return -43% · Per year -11% | 2.00 Total return 23% · Per year 4% | 3.65 Total return 121% · Per year 17% |
- Exit P/E± 0.48
- Net margin± 0.34
- Annual revenue growth± 0.28
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
On the Beach Group plc is a UK online holiday company that sells package trips to beach destinations and, increasingly, to city and long-haul routes, using a flexible, asset-light model. Its FY25 annual report shows a very large cut in operational emissions, which the company says leaves its direct climate-related risks minimal 1.
SWOT
Strengths
- A flexible, asset-light model that allows destinations and routes to be adapted quickly.
- ATOL protection and package protection that support customer confidence.
- Operational emissions have fallen sharply against the baseline year, reducing exposure to carbon costs.
Weaknesses
- Dependence on seasonality and demand for beach destinations makes revenue sensitive to changes in consumer behaviour.
- The B2B segment has been closed, showing that some activities were not profitable.
- Customer flow and brand image depend on service experience and public reviews.
Opportunities
- Expansion into cities and long-haul routes could attract new customers.
- If climate sentiment shifts, the company could promote lower-temperature destinations.
- Stronger partnerships, such as those with operators in Turkey, could widen choice for customers.
Threats
- Extreme weather events could disrupt travel and reduce the appeal of certain destinations.
- If a carbon tax is introduced for aviation, costs could rise.
- Rules for travel and package sales are changing, and compliance costs could increase.
Risks
- Wildfires and floods at destinationsmedium
Extreme weather events could disrupt flights and accommodation, with revenue losses. The company has so far managed these events through incident plans.
- Consumer climate sentimentmedium
If aviation comes to be seen as a problematic sector, demand could fall. The report does not observe an impact at present.
- Carbon taxationmedium
A tax applied to aviation could increase costs, especially if it covers indirect emissions across the whole value chain.
- Package travel regulationmedium
Reform of package travel rules could change protection obligations and operating costs.
- Talent retentionlow
Employee perceptions of carbon-intensive sectors could affect hiring and retention, although the estimated impact is low.
Investment thesis
What would need to be true (bull case)
- If the expansion into cities and long-haul routes translates into higher B2C sales, the asset-light model could support faster revenue growth.
- The very large cut in operational emissions could reduce carbon cost risk, if regulation focuses on direct operations.
- Strong shareholder support for the new remuneration policy shows a level of confidence in leadership, according to the report.
What would break the thesis
- If extreme weather events recur at popular destinations, demand could fall and incident management costs could rise.
- If consumer climate sentiment worsens, demand for flights could be affected and the destination strategy may need to be reconsidered.
- The closure of the B2B segment shows that some activities were not profitable, and returning to that area could be difficult.
What to watch
- First-quarter results and the pace of expansion into cities and long-haul routesQ1 2026
- Update of the climate scenario analysis and Scope 3 emissionsFY26
- Progress of package travel reform and government consultations2026
- Progress toward the internal target to cut Scope 1 and 2 emissions2030
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group sells holiday packages and flights through an online platform, under ATOL consumer protection. According to the annual report, the business model is flexible and asset-light, which allows the destination range to be adapted quickly. In FY25 the offer network was extended to 155 cities in live operation, with a focus on the long-haul market 1.
Customers are at the centre of the stated strategy: the company measures satisfaction through Net Promoter Score, and executive bonuses are linked to this indicator. In FY25 it introduced live chat, an enhanced IVR, chatbots and an app for managing holidays 1.
On governance, the board decided in FY25 to wind down Classic Collection, the B2B business, in order to focus resources on B2C, which the board considers larger, faster growing and more profitable 1.
Segments
B2C, direct sales to consumers
This is the core of the business after the board decided to concentrate resources on B2C. The board judged the segment to be larger, growing faster and offering stronger profitability 1.
Classic Collection, B2B
The B2B segment is being wound down in an orderly way, as decided by the board in fiscal 2025. Existing bookings are being honoured and suppliers and trade partners were informed in advance 1.
Market context
The annual report does not give quantified market data; it mentions government consultations on package travel reform and participation in the Online Travel UK industry group. ATOL status and oversight by the CAA, CMA and FCA directly shape operating conditions 1.
Demand is influenced by consumer preferences, weather and extreme events in popular destinations. The company reported wildfires, floods and air traffic control failures in FY25, managed through response plans, without losses included in its financial plans 1.
Trends
- Expansion into cities and long-haul routestailwind
The company is diversifying its offer towards city breaks and long-haul destinations, which could reduce reliance on a single type of destination. The effect depends on how well this expansion converts into sales.
- Consumer climate sentimentmixed
If sentiment towards high-emission flying worsens, demand could fall, and the company could shift its offer towards lower-temperature alternatives. For now the report does not observe an effect on demand.
- Extreme weather events at destinationsheadwind
Wildfires and floods can disrupt travel and change the appeal of destinations. The incident management plan has so far limited the operational impact.
- Carbon pricing regulationheadwind
If a carbon tax is introduced for aviation, costs could rise. The company considers the impact on its own operations limited, but a tax applied to full Scope 1–3 emissions would have a substantial effect.
Competitive position
The annual report in the source file does not name direct competitors. Companies in the same category, online holiday operators, are described only in general terms, through alliances and partnerships with airlines and tour operators.
The competitive advantages mentioned relate to the flexibility of the asset-light model, ATOL protection and loyalty linked to Net Promoter Score. The source gives no quantitative comparison with other market players.
- Sun Express
Partner named for holiday offers in Turkey; the report describes a strengthened collaboration in FY25, not a direct competitor.
- UK online travel operators
Group of companies in the same category, represented in the Online Travel UK industry body, where the company published a white paper.
- Traditional travel agents
Competing sales channel with which the company engages through feedback and partnerships.
- Low-cost airlines and charter operators
Suppliers the company works with for capacity, but also alternatives for customers who book flights separately.
News & filings
In the press
- ‘Helpless’: The families facing winter in tents on the beach in GazaAl Jazeera — World · 05 Nov 2026 · EN
- Year of Linux on the Beach confirmedThe Register · 27 Oct 2026 · EN
- Brits are eyeing up haunted holidays and less sex on the beachSurge — GDELT DOC · 19 Oct 2026 · RO
- 🇪🇸 🇲🇦 More footage of the situation on the beach above mentioned. A journalist w…Telegram — Intel Slava Z (pro-RU OSINT EN) · 01 Sept 2026 · EN
- Pebbles on the BeachACM Queue · 06 Jul 2026 · EN
- Night Flights in Moscow, FSB on the Beach, Mad ScientistsKyiv Post · 25 May 2026 · RO
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202404 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / On the Beach Group plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.