Healthy room night growth and margin expansion
Q4 gross profit and EPS beat consensus driven by faster than anticipated room night growth, better ad efficiency and lower non-ad opex. The Q1 outlook was also better than feared as EBITDA guidance bracketed consensus, though a slightly soft room night forecast and some caution over the sustainability of ad efficiency trends could leave questions lingering regarding the longer-term trajectory. However, with the company showing it is possible to deliver healthy topline growth and expand margins we remain O'weight, lifting our PT to $2,200.Booking Holdings provides travel and restaurant online reservation and related services. The company's brands include: Booking.com and Rentalcars.com, in which Booking.com provides booking online accommodation reservations, based on room nights booked, and Rentalcars.com provides online rental car reservation services; KAYAK, which provides an online price comparison service; Priceline, which provides consumers hotel, rental car and airline ticket reservation services, and vacation packages and cruises; Agoda, which is an online accommodation reservation service; and OpenTable, which provides online restaurant reservation services to consumers and reservation management services to restaurants.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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