Tripadvisor Inc

TRIP: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$45.00	Ndfm	Tdvhjbl

Tripadvisor Earnings: Experiences Demand Remains Stout, While Metasearch Shows Some Improvement

Dan Wasiolek

Nov 7, 2023

No-moat Tripadvisor's shares traveled 10% higher as third-quarter sales increased 16% versus our 10% estimate. That said, we don’t plan to materially change our $23 fair value estimate, as we expect intense metasearch competition to weigh amid an ominous economic landscape. Its shares remain undervalued, but we see narrow-moat Expedia shares, which trades at a 30%-35% discount to our $178 valuation, as more attractive.

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