Market Misinterpreting Narrow-Moat TripAdvisor's Solid 2Q Results, Shares Slightly Undervalued
In our view, TripAdvisor reported a solid second quarter with stable sales trends, improving profitability, and a continued expansion of its network (source of its narrow moat), and we see any concerns over decelerating non-hotel revenue or hotel shopper growth as misinterpreted. We don't expect any material change to our $56 fair value estimate, which incorporates roughly 10% sales and high-teens EBITDA growth annually over the next five years. We see shares as slightly undervalued.Total sales...
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.
We have operations in 27 countries.
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