WebBeds Group Ltd

WEB: XASX (AUS)

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Web Travel Group's Spanish Subsidiary Being Audited by Tax Authority

Brian Han

Feb 6, 2026

Business Strategy and Outlook

We put Web Travel Group under review on Feb. 6, 2026, in response to the announcement that the Spanish Tax Agency has commenced an audit of Web Travel Group's Spanish subsidiary. Management is silent on what triggered the audit, the quantum of taxes being scrutinized, and the scope of the audit. We will soon update our fair value estimate and give our opinion about the value of the shares, even if management does not provide a timely update.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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WebBeds Group Ltd

Web Travel Group's Spanish Subsidiary Being Audited by Tax Authority

Business Strategy and Outlook

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