Report
Dan Wasiolek
EUR 100.00 For Business Accounts Only

investments Buoy Expedia's Network Advantage as Market Concerns of Economic Slowdown Grow

Expedia shares are trading at an attractive margin of safety to our $185 valuation, which we don't expect to materially change, after the company's third-quarter offered support to our stance that its incremental international (45% of total sales in the quarter) and HomeAway (13%) investments are pursued for offensive reasons (large, growing market opportunity) rather than defensive ones (increasing competition).
Constant currency international bookings rose 31% on a two-year stacked basis (12% ...
Underlying
Expedia Group Inc.

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.

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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