TripAdvisor Continues To See Improving Monetization, Support Its Network Advantage
Our long-held previously underappreciated thesis that investors weren't recognizing TripAdvisor's network advantage (the source of its narrow moat) continued to play out during the third quarter, which saw improving monetization (5% revenue per hotel shopper growth, the strongest in at least five years) and marketing expense leverage of 1,129 basis points to 45% of total sales. We plan to lift our $57 valuation toward $60 to account for lower marketing expense.With shares now up around 100% in...
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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