TripAdvisor’s Instant Book Further Validated by Expedia Partnership; Shares Undervalued
We are not surprised that Expedia and TripAdvisor have announced an Instant Booking trial partnership but do view the news as validation of the platform’s importance as a distribution channel. We are not changing our $70 fair value estimate on narrow-moat TripAdvisor but reiterate our call from earlier this month that the market has become too pessimistic on Instant Booking and that investors have an opportunity to own shares of a company well positioned in the longer term to benefit from indust...TripAdvisor is an online travel company. The company operates a travel platform that connects the travelers with travel partners through content, price comparison tools, and online reservation and related services for destinations, accommodations, travel activities and experiences, and restaurants. The company manages its business in the following segments: Hotels, Media and Platform, which provides services such as click-based advertising on Tripadvisor-branded websites, subscription-based and display-based advertising, and other services; Experiences and Dining, which provides information and services for consumers to research and book activities, attractions, and restaurants in travel destinations.
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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