Expedia’s Investments Dampen Near-Term Profits but Support Long-Term Growth; Shares Attractive
We view the market’s response to Expedia’s mixed fourth-quarter results as overreaction, offering investors an opportunity to own a narrow-moat firm at a discount. We don’t plan a meaningful change to our $178 fair value estimate, as lower U.S. bookings forecasts are mitigated by stronger overseas and HomeAway bookings.We see investors' fears over Expedia’s near-term profitability as exaggerated. While Expedia’s 2018 6%-11% EBITDA growth guidance fell below market’s 13% forecast, it was in line...
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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