Booking's network advantage continues to strengthen despite a near-term pullback in marketing spend.
Narrow-moat Booking reported a mixed quarter that included improved profitability (through marketing efficiency), solid take-rates, and healthy booking growth, offset by guidance for second-quarter booking growth deceleration that we believe is in part due to the near-term impact from lower performance ad spend (a positive for narrow-moat TripAdvisor). We don’t expect much change to our $2,300 fair value estimate, leaving shares slightly undervalued.After years of contraction, sales per marketi...
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.
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