TripAdvisor's Instant Booking Ramp Slower Than Expected; Lowering FVE to $70; Shares Undervalued
We have reduced our fair value estimate for narrow-moat TripAdvisor to $70 per share from $81 as the company’s third quarter signaled a slower sales ramp of its Instant Booking platform due to monetization headwinds and market education that is proving more costly. Our long-term view that IB stands to add value by improving user experience through on-site booking is unchanged. While near-term pressures exist, we continue to expect a sustained return to low-double-digit top-line growth beginning ...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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