Bookings Holdings, Expedia, and TripAdvisor face a competitive threat now that Google gets top billing on its own site.
While the COVID-19 shock is severe in the near term, we think it will be temporary.
With travel between U.S. and Europe a small percentage of global traffic, we are maintaining our fair value estimates for Expedia, Wyndham, and Sabre.
Barring an extended and severe global coronavirus outbreak, we see the shares of Wynn, MGM, and Las Vegas Sands offering attractive long-term value.
We plan to maintain our fair value estimate, leaving shares undervalued.
Shares of the narrow-moat firm look attractive today.
For patient investors, an attractive industry is travel and leisure.
This undervalued company possesses powerful intangible-asset and switching-cost advantages.
Brexit and tariffs weighed on the sector last quarter.
We continue to believe the shares are undervalued.
Sands and Wyndham offer the kinds of dividends that make investors want to stay.
TripAdvisor would be most affected; Booking and Expedia less so.
We continue to expect earnings to accelerate starting next year.
The narrow-moat firm is fairly valued, and we believe investors looking for online travel exposure should look to undervalued Expedia.
It's enhancing long-term growth prospects in an increasingly uncertain macro environment.
A recent pullback in share price presents an opportunity in the gaming industry.
We plan to lower our fair value estimate for the narrow-moat firm.
The regulator is looking at ways to allow retail investment in companies like Airbnb and Uber.
The wide-moat firm’s ongoing portfolio restructuring continues to support its intangible brand advantage.
No fair value change is planned for the narrow-moat firm.
A rare network advantage in a rapidly growing industry is worth a premium valuation.
We're not planning much change to our fair value estimate for the narrow-moat firm.
The recent U.S. Supreme Court ruling that any state may allow betting on sporting events will have limited impact on MGM, Wynn, and Las Vegas Sands.
We expect improving sales and profitability to continue.
The travel IT firm is not fully appreciated by the market today, creating a buying opportunity.
E-commerce market share gains present challenges for some, but trends continue to support healthy profitability for many companies.
We don't see any cracks in the narrow-moat travel firm's competitive position and think the market is too pessimistic about its prospects.
We think fears regarding the company's near-term profitability are exaggerated.
With shares trading at a discount to our fair value estimate, we think this is a good opportunity to own a high-quality name.
We think the narrow-moat firm will generate double-digit sales growth starting in 2019.
We are maintaining our narrow moat rating and $166 fair value estimate.
Serious allegations have been levied against Steve Wynn; for now we maintain our fair value estimate and moat rating on the casino resorts operator.
Shares of the travel technology firm are trading at a discount to our fair value estimate.
Its network and efficient scale advantages are intact, despite exaggerated disintermediation fears.
The narrow-moat company's higher spend is being done for opportunistic reasons, and demand environment seems healthy.
A new user interface and TV campaign are bearing fruit for the narrow-moat firm.
The travel-services firm has a powerful network effect, and recent initiatives will drive growth.
Mark Okerstrom (currently CFO) will become the company's next CEO, replacing Dara Khosrowshahi, who is leaving to head Uber.
We see Las Vegas Sands and MGM Resorts as the firms most likely to be awarded Japanese gaming licenses in 2019.
We think the firm remains well-positioned for long-term growth and see Priceline shares as slightly undervalued.
We are raising our fair value estimate of the narrow moat hotel operator, but see shares as overvalued today.
We see evidence in its growing loyalty, direct booking, and pipeline.
The online travel agency closes earlier than expected on its acquisition of Momondo, but our fair value estimate likely won't change much.
Hyatt needs Expedia's network more than the online travel agency needs the hotelier's room supply.
We plan to raise our fair value for the wide-moat firm as further food quality improvements and other initiatives should be able to drive growth in the medium term.
Entering the booking commission market greatly expands its long-term revenue opportunity.
Many discretionary companies have benefited from positive sentiment following the U.S. presidential election, and some still have attractive margins of safety.
The firm aims to keep its technology lead over peers.
For investors seeking gaming exposure, we think undervalued Wynn Resorts is the better bet.