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Expedia Group Inc EXPE

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Stock XNAS Rating as of
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$115.33 −20.76 (15.25%)
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As of Delayed Price Closed
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Company Report

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Expedia Earnings: Fundamental Story Intact Despite Sales Ramping Below Management's Expectations

Dan Wasiolek

Narrow-moat Expedia guided its 2024 sales growth lower to the mid-high-single digits from around 10% due to its Vrbo brand ramping slower than expected after its recent platform migration, which sent shares down 8% in May 2 after-market trading. While the new guidance is below FactSet consensus’ 9.4% expectation, it is in line with our 7.7% projection as we have expected benefits from past network investments to begin to surface later in 2024 and into 2025.

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Price vs Fair Value

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EXPE is trading at a 38% discount.
Price
$115.33
Fair Value
$224.00
Uncertainty
High
1-Star Price
$944.37
5-Star Price
$159.00
Economic Moat
Nrcdwnx
Capital Allocation
Cdslrfdxn

Bulls Say, Bears Say

Bulls

Expedia has a dominant network effect that we think only a few can enjoy, and recent investments to unifiy its platform and acquisitions stand to add to the company's platform advantage.

Bears

Google continues to siphon free organic traffic in favor of its own platform, causing incremental marketing costs for Expedia.

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Trading Information

Previous Close Price
$136.09
Day Range
$115.14–122.74
52-Week Range
$87.94–160.05
Bid/Ask
$115.30 / $115.40
Market Cap
$15.28 Bil
Volume/Avg
14.0 Mil / 2.8 Mil

Key Statistics

Price/Earnings (Normalized)
11.27
Price/Sales
1.29
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
15.13%

Company Profile

Expedia is the world's second-largest online travel agency by bookings, offering services for lodging (80% of total 2023 sales), air tickets (3%), rental cars, cruises, in-destination, and other (11%), and advertising revenue (6%). Expedia operates a number of branded travel booking sites, but its three core onlint travel agency brands are Expedia, Hotels.com, and Vrbo. It also has a metasearch brand, Trivago. Transaction fees for online bookings account for the bulk of sales and profits.
Sector
Consumer Cyclical
Industry
Travel Services
Stock Style Box
Mid Core
Total Number of Employees
17,100
Website
https://www.expediagroup.com

Competitors

Valuation

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Metric
EXPE
TRIP
BKNG
Price/Earnings (Normalized)
 11.2719.9924.46
Price/Book Value
 17.304.08—
Price/Sales
 1.292.095.81
Price/Cash Flow
 6.5820.4320.53
Price/Earnings
EXPE
TRIP
BKNG

Financial Strength

Metric
EXPE
TRIP
BKNG
Quick Ratio
 0.612.201.20
Current Ratio
 0.792.271.28
Interest Coverage
 3.882.775.97
Quick Ratio
EXPE
TRIP
BKNG

Profitability

Metric
EXPE
TRIP
BKNG
Return on Assets (Normalized)
 6.25%7.07%22.51%
Return on Equity (Normalized)
 97.20%22.44%—
Return on Invested Capital (Normalized)
 16.11%10.49%42.97%
Return on Assets
EXPE
TRIP
BKNG
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Travel Services Industry Comparables

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Tripadvisor IncJzqxgjfjPmll$3.6 Bil

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