eDreams: A 60% Crash That Multiples Alone Can’t ExplaineDreams ODIGEOBME_DLY:EDROrbisInvestmentThe selloff in $BME:EDRis one of the sharpest valuation resets in European mid-caps this year. What makes it notable is that the collapse wasn’t driven by weakening fundamentals, but by a sudden shift in how the market interprets the subscription model. After announcing the move from annual upfront Prime payments to monthly/quarterly instalments, investors didn’t just trim guidance — they repriced the entire model. The effect on valuation is clear: • P/S falls to 0.68, back to deep-value territory • P/CF drops to 3.49, driven by cash-timing effects, not weaker operations • The stock is down 60%+ from the highs as the narrative flips to “execution risk” Meanwhile, the fundamentals are moving in the opposite direction: • Prime members up +18% YoY to 7.7M • H1 Cash EBITDA up +16% • FY26 Adjusted EBITDA guided to +29%, reaching €172.9M (record level) • Strong capital returns with €100M in buybacks planned The disconnect is striking: the business continues to scale, but the narrative has collapsed. The setup now becomes a valuation dilemma: • If instalment payments are purely a timing shift, today’s multiples imply significant mispricing • If execution challenges persist (Ryanair blocking, product diversification, international scaling), the discount may be justified The chart highlights it clearly: price has imploded far more violently than the company’s fundamentals. Is the market overreacting to optics — or correctly pricing a tougher road ahead? #EDR #Equities #SpainStocks #TravelTech #Valuation #Markets