Expedia's Near-Term Rental Slowdown Doesn't Impede Upon Its Intact Network Advantage
Expedia reported solid results, witnessed by total two-year stacked bookings growth of 23% (stable with the previous three quarters), supporting our view that its network advantage (source of its narrow moat) remains intact. By segment, bookings growth was solid at the Core OTA (78% of total bookings), offset by a slowdown at the Vrbo vacation rental business (14%), which should prove temporary. We see little reason to materially adjust our $183 per share valuation, which estimates 10% average a...Expedia Group is an online travel company. The company's portfolio of brands includes: Expedia.com?, an online travel brand; Hotels.com?, a global lodging company operating websites with its Hotels.com? Rewards loyalty program; Vrbo?, a global online marketplace with a focus on providing lodging options for families; Egencia?, a corporate travel management company; Hotwire?, an online travel website providing spontaneous travel through its Hot Rate? deals; trivago?, an online hotel metasearch platform; and SilverRail Technologies, Inc., provider of a global rail retail and distribution platform connecting rail carriers and suppliers to both online and offline travel distributors.
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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