Moody's Investors Service ("Moody's") assigned an A3 rating to new Euro Notes to be issued at Booking Holdings, Inc. ("Booking or the Company"). Booking's existing A3 senior unsecured and (P)A3 senior unsecured shelf ratings are unaffected by the proposed transaction. The outlook is stable. Assign...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Booking Holdings, Inc.. Global Credit Research- 16 Jun 2021. New York, June 16, 2021-- Moody's Investors Service has completed a periodic review of the ratings of Booking Holdings, Inc. and other ratings that are associated with the same analytical unit.
ï€ The Priceline Group Inc. (PCLN:USA) currently trades near historical highs relative to UAFRS-based (Uniform) Earnings, with a 19.4x Uniform P/E. However, even at these levels, markets are pricing in fairly bearish expectations for the firm, while management has concerns about commissions, discounting, and marketing efficiency ï€ Specifically, management is confident that, in order to build inventory breadth, they may sometimes underprice commissions for vacation rental properties, and that...
Similar to Expedia’s near-term investments, we view Priceline’s higher spend the next few years being done for offensive (market opportunity) versus defensive reasons (competition). We don’t expect much change to our $2,080 fair value estimate, and view the pullback in shares as an opportunity for investors. We see three takeaways from narrow-moat Priceline’s third quarter. First, Priceline is shifting ad spend to brand (TV) from performance (search and meta) to drive direct bookings. Th...
Similar to Expedia’s near-term investments, we view Priceline’s higher spend the next few years being done for offensive (market opportunity) versus defensive reasons (competition). We don’t expect much change to our $2,080 fair value estimate, and view the pullback in shares as an opportunity for investors. We see three takeaways from narrow-moat Priceline’s third quarter. First, Priceline is shifting ad spend to brand (TV) from performance (search and meta) to drive direct bookings. Th...
The independent financial analyst theScreener just requalified the general evaluation of THE PRICELINE GP.INCO. (US), active in the Recreational Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date Septemb...
Metasearch channel uncertainty has increased the past few weeks after TripAdvisor and Trivago lowered 2017 sales guidance. While we maintain our view that competition remains and that online travel agent models (narrow-moat Priceline and Expedia) have higher barriers to entry than metasearch (because the former control hotel relationships), we are encouraged by our checks that point to TripAdvisor gaining industry traffic share, supporting its narrow-moat network advantage and perhaps signaling ...
We plan to lift our $2,030 fair value estimate by a low-single-digit percentage mostly to account for the time value of money, as Priceline’s slightly lower-than-expected bookings were offset by better gross margins in the second quarter. In our view, Priceline remains well-positioned for long-term growth within the attractive online travel industry that we expect to grow around high single digits annually on average over the next several years. We see Priceline shares as slightly undervalued,...
We plan to lift our $2,030 fair value estimate by a low-single-digit percentage mostly to account for the time value of money, as Priceline’s slightly lower-than-expected bookings were offset by better gross margins in the second quarter. In our view, Priceline remains well-positioned for long-term growth within the attractive online travel industry that we expect to grow around high single digits annually on average over the next several years. We see Priceline shares as slightly undervalued,...
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