EXPE - Embedded Expectations Analysis - 2020 04 15
Expedia Group, Inc. (EXPE:USA) currently trades below historical averages relative to UAFRS-based (Uniform) assets, with a 1.5x Uniform P/B. At these levels, the market has bearish expectations for the firm, and management appears concerned about competition, growth, and COVID-related headwindsSpecifically, management may be concerned about increased competition from Google and hotel chains, and they may lack confidence in the ability of authorities to implement sensible business regulations. In addition, they may have concerns about their market-by-market approach, inventory risk, and the impact of COVID-19. Finally, they may lack confidence in their ability to drive growth in the back half of the year and mitigate SEO headwinds
Expedia Group is an online travel company. The company's portfolio of brands includes: Expedia.com?, an online travel brand; Hotels.com?, a global lodging company operating websites with its Hotels.com? Rewards loyalty program; Vrbo?, a global online marketplace with a focus on providing lodging options for families; Egencia?, a corporate travel management company; Hotwire?, an online travel website providing spontaneous travel through its Hot Rate? deals; trivago?, an online hotel metasearch platform; and SilverRail Technologies, Inc., provider of a global rail retail and distribution platform connecting rail carriers and suppliers to both online and offline travel distributors.
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