Booking in a Near-Term Transition Phase, but Long-Term Competitive Positioning Appears Intact
While we continue to see Booking as the best-positioned travel network (the source of its narrow moat) for long-term growth, we see its shares in a near-term transition period as the firm tries to balance growth and profitability, leading to booking deceleration in 2018. We plan to reduce our $2,300 fair value estimate by a mid-single-digit percentage for lower 2018 bookings growth, mitigated by lower near-term marketing expense, leaving shares undervalued. We reiterate that Expedia shares are a...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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