Booking’s Solid 4Q Highlights Its Strengthening Network Advantage; Shares Undervalued
Booking’s fourth-quarter key metrics (bookings growth, take-rate, advertising ROI, room night stays, and properties added) were strong, supporting our view it is the best positioned travel company with an expanding network advantage (source of its narrow-moat rating). We plan to lift our $2,100 fair value estimate a high-single-digit percentage to account for stronger 2018 bookings, along with higher take-rates and lower performance marketing over the next few years, leaving shares at a slight d...
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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