Expedia's investments lower its near-term profits but support the company's network advantage.
The two main takeaways from Expedia’s third-quarter results are its plans for increased investment and continued signs its network advantage (source of its narrow moat) is intact. While the higher spend will dampen near-term profits and lead to a planned $5-$10 drop in our $175 fair value estimate, we see little reason to alter our sales forecast of 10% annual growth the next 10 years, as the company’s take-rate and room night trends appear intact, supporting its network effect. We think the sel...
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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