Expedia Books Solid Results Across its Brands and Regions; Narrow Moat Intact and Shares Undervalued
We don’t expect our $150 fair value estimate for Expedia to change materially, after it reported solid 2016 bookings, revenue, and adjusted EBITDA growth of 19% (versus our 17% estimate), 31% (31% estimate) and 46% (45%), respectively, driven by healthy performance in all segments and geographies. Driven by its network advantage (source of its narrow moat), we see Expedia as well positioned to benefit from the high-single-digit average annual industry growth we project the next several years, an...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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