On Friday, Helloworld Limited (ASX: HLO) announced an upgrade to its current earnings guidance with earnings before interest, tax, depreciation and amortisation (EBITDA) up from $47 to $51 million to between $52 and $55 million on the back of approximately $5.8 billion of total transaction value (TTV). Helloworld said that while conditions remain challenging with strong competition and continual airfare discounting, TTV and margins are being maintained. We believe Helloworld’s prudent management team will continue to deliver efficiency gains and grow the network over time. Following the announcement, shares in HLO rose 6.6%, to close flat for the week. We own HLO as a research-driven investment in WAM Capital and WAM Research.