Niche Travel Biz at 6x EBITDA, 14% FCF Yield

11x P/E, 14% FCF yield, 118% membership growth, and a buyback program that’s actually meaningful

A quick value screen turned up a company that just posted its strongest quarterly revenue since the pre-pandemic era, sustained healthy margins, generated reliable free cash flow—and quietly repurchased 5% of its shares in one quarter.

The company? A travel deals publisher that most investors probably forgot existed.

This business operates at the intersection of travel and media—two sectors that haven't exactly been investor favorites lately. Travel carries post-COVID uncertainty. Media faces disruption from every direction. Yet here's a company that's been quietly chugging along, generating cash, and attempting a transition from advertising-dependent to subscription-based revenue.

The stock trades at about 11x earnings with a 14% FCF yield. Management is aggressively returning capital through buybacks. They're shifting toward recurring revenue, with membership fees up 118% year-over-year, albeit from a small base.

Whether this represents an overlooked opportunity or a value trap depends largely on execution and competitive dynamics. The valuation suggests the market expects little from here, which could create asymmetric risk-reward if things go better than expected.

Worth a closer look, at minimum.