ASX travel shares have been one sector that has failed to capture broader market growth in the past year.
In the last 12 months, the S&P/ASX 200 Index (ASX: XJO) has risen a healthy 9%.
Despite this, many ASX travel shares are hovering close to 12-month lows.
Is there any value?
Here is what experts are saying.
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Web Travel Group Ltd (ASX: WEB)
Webjet provides online travel booking services. It is an online travel agency, which enables customers to search and book the domestic and international travel flight deals, travel insurance, car hire, and hotel accommodation worldwide.
In the last 12 months, its share price has fallen more than 40%.
At the time of writing, shares are trading for approximately $2.68.
Much of the negative sentiment around the travel stock has come from a Spanish tax audit into Web Travel Group.
The audit is an investigation by Spain's tax authorities into whether one of its local subsidiaries correctly reported and paid corporate and indirect taxes for several recent years.
This sent its share price down 40% in a single day.
Management reassured investors that only the company's Spanish subsidiary is being audited and it did not expect any material earnings impact from the Spanish tax review.
It seems with sentiment at an all-time low, there could be upside for this ASX travel stock.
Based on 9 analyst forecasts via TradingView, Webjet shares have a one year average price target of $5.93.
This indicates a potential upside of approximately 121%.
Helloworld Travel Ltd (ASX: HLO)
Helloworld Travel consists of a wide array of travel brands across three key pillars of its business: retail, wholesale, and inbound.
Its stock price closed yesterday at $1.48, down 28% from yearly highs back in early February.
However now could be a good time to buy according to recent broker recommendations.
Following earnings results, Morgans placed a buy recommendation on this ASX travel stock.
Similarly, Shaw & Partners placed a $2.80 price target on the company.
From yesterday's closing price, this indicates 89% upside.
Flight Centre Travel Group Ltd (ASX: FLT)
Flight Centre operates a vast network of travel agencies, operating under various brands across the world, including Student Universe, Travel Money, Corporate Traveller, and Topdeck.
Its share price is sitting close to 52-week lows at $11.26 per share.
It's down more than 30% since early February.
However, according to brokers, its now trading at compelling value.
The team at Canaccord Genuity recently placed a price target of $16 on Flight Centre shares
Meanwhile, Macquarie has a price target of $17.95.
UBS' recent target sits in the middle at $16.45.
Morgan's recent target is the highest at $18.05.
These targets indicate upside of between 42% and 60%.
