Tripadvisor Inc

TRIP: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$98.00	Cgr	Gpykvbj

Tripadvisor: Moat Rating Downgraded to None From Narrow on Intensified Metasearch Competition

Dan Wasiolek

Apr 17, 2023

We have downgraded our Tripadvisor moat rating to none from narrow as we expect eroding profitability in the company’s core metasearch business (64% of 2022 sales) due to competition from wide-moat companies Alphabet as well as Meta and Amazon (in the future). As a result, our fair value estimate moves to $27 per share from $31, although the shares still appear undervalued.

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