波蘭的OTA(eSky)接手復星手上Thomas Cook資產
Polish OTA (eSky) Takes Over Fosun's Thomas Cook Assets

海擇短評 Haize Comment：

波蘭的OTA(eSky)接手復星手上Thomas Cook資產

Thomas Cook破產後的被收購之路並沒有完全結束。近期，波蘭OTA eSky Group公告以3,000萬英鎊(3,895萬美元)收購此前由中國復星集團持有的Thomas Cook資產。收購只是一件小事，但能因此判定部分趨勢。

Thomas Cook是一家於1841年在英國成立的旅遊公司，因未能償還11億英鎊的債務，於2019年陷入破產。該破產引發了英國史上最大規模的和平時期遣返行動，滯留在海外被遣返的旅客共超過15萬名。該年稍晚，Thomas Cook的品牌名稱、商標與線上資產(網域名稱、社交媒體賬號及APP)由中國企業復星集團以1,100萬英鎊收購；線下資產(555家實體店鋪)則由英國傳統旅行社Hays Travel以約600萬英鎊收購。

Thomas Cook的品牌名稱、商標與線上資產現在如果認真鑒價，到底還有多少價值，這點很值得懷疑。eSky用接近復星收購價3倍、約近兩年EBITDA總額的價格，去收購其持有的Thomas Cook資產，ROI難以判定，更像是一次帶有民族政治立場的華麗行銷活動。不過，海擇資本認為，倒是有兩件事可以從本次的收購判定：

1. 後疫情的區域內整合已現成果：eSky在2019年的EBITDA僅700萬美金，在活躍於中東歐的私募基金MCI Capital收購55%股權後，公司成為更完整的一站式OTA並在後疫情期持續成長。目前，eSky的旅遊產品，包括機票、住宿、城市短途旅行和度假套餐等核心產品，並輔以保險、汽車租賃、機場接送、體育、音樂等活動門票以及景點門票等輔助產品。2023年，公司收入為8.01億歐元，EBITDA為1,870萬歐元，成為後疫情區域整合的存活公司之一。

2. 中國企業只能走向務實去虛：復星集團當初是基於什麼樣的盡責審核，鑒出Thomas Cook的品牌名稱、商標與線上資產值得1,100萬英鎊，不得而知；不過這筆錢對當時的復星來說，既不是大錢，也符合其聲望野心，就像現在符合eSky的聲望野心一般。可以確定的是，2021年，Thomas Cook僅貢獻復星集團2,680萬人民幣的收入，稅後就算有賺錢，應該也不大。市場上除了eSky，暫時應該也不會有其他企業願意出這一筆大錢收購，況且中國區的運營仍在復星集團，能用3,000萬英鎊賣出Thomas Cook資產，算是務實去虛，又有面子又有裡子。

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Haize Capital Insights of the Day

Polish OTA (eSky) Takes Over Fosun's Thomas Cook Assets

The acquisition journey of Thomas Cook after its bankruptcy hasn’t fully ended. Recently, Polish OTA eSky Group announced the acquisition of Thomas Cook assets previously owned by China’s Fosun Group for £30 million ($38.95 million). While the transaction itself is not massive, it does indicate certain trends.

Thomas Cook, a travel company founded in 1841 in the UK, declared bankruptcy in 2019 after failing to repay £1.1 billion in debt. This collapse led to the largest peacetime repatriation in UK history, with over 150,000 stranded travelers being flown back home. Later that year, Thomas Cook’s brand name, trademarks, and online assets (domain names, social media accounts, and apps) were acquired by China’s Fosun Group for £11 million, while its physical assets (555 retail stores) were sold to UK-based Hays Travel for approximately £6 million.

The true value of Thomas Cook’s brand, trademarks, and online assets is now questionable. eSky’s purchase of these assets at nearly three times what Fosun paid—equivalent to almost two years of eSky’s total EBITDA—makes the return on investment difficult to assess. It seems more like a flashy marketing move with nationalistic undertones. Nonetheless, Haize Capital sees two key trends emerging from this acquisition:

1. Post-pandemic regional consolidation shows results: eSky’s 2019 EBITDA was only $7 million, but after MCI Capital, a private equity firm active in Central and Eastern Europe, acquired 55% of its shares, eSky became a more comprehensive one-stop OTA and continued growing in the post-pandemic period. Currently, eSky’s travel products include flights, accommodation, city breaks, and holiday packages, supplemented by auxiliary services such as insurance, car rentals, airport transfers, event tickets, and more. In 2023, eSky achieved €801 million in revenue and an EBITDA of €18.7 million, making it one of the regional survivors of post-pandemic consolidation.

2. Chinese companies pivot from flashy to pragmatic: It’s unclear what due diligence Fosun undertook that justified valuing Thomas Cook's brand and online assets at £11 million. However, at the time, this wasn’t a large sum for Fosun, and it fit with their ambitious brand strategy, much like it fits eSky’s current ambitions. What’s certain is that Thomas Cook only contributed RMB 26.8 million in revenue to Fosun in 2021. Even if there was some profit after taxes, it was likely minimal. Apart from eSky, there aren’t many companies in the market willing to pay a significant sum for these assets. The fact that Thomas Cook’s China operations remain with Fosun and they managed to sell the global assets for £30 million shows a pragmatic shift by Fosun from flashy ambitions to more realistic business decisions, maintaining both face and substance.

標籤 Label： eSky ThomasCook HaysTravel FosunGroup MCICapital OTA Polish