Booking Intact Network Advantage Supported by Investment Into Brand Advertising and Growth Segments
While Booking Holdings reported solid 12% third-quarter bookings growth (versus our 11% estimate) and gave healthy fourth-quarter transaction guidance for a 6%-9% lift (3% forecast), marketing deleveraged 25 basis points to 30.4% of sales (after leveraging an average of 363 basis points the previous three quarters), supporting our stance that these expenses would begin to trend higher after the lapping of efficacy efforts last August.We plan to lift our $2,200 fair value estimate a mid-single-d...
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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