Report
Dan Wasiolek
EUR 100.00 For Business Accounts Only

Dreaded Six-Letter Word May Come to Travel Industry; Narrow-Moat TripAdvisor Most at Risk

We see wide-moat Amazon’s announcement that it is offering domestic flights within India as a potential precursor to the company developing a metasearch platform (not an online travel agency, or OTA, model approach), which could have negative long-term financial implications for narrow-moat TripAdvisor, with a more negligible financial impact on narrow-moat OTAs Booking Holdings and Expedia. Expedia shares appear attractive, trading at a meaningful discount to our $183 fair value estimate.
Amaz...
Underlying
Booking Holdings Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Dan Wasiolek

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