1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Booking is benefiting from a rebound in travel demand, with its first-quarter bookings achieving 47% of 2019 levels compared with 35% last quarter, while also investing in its platform, which supports its network advantage (source of its narrow moat). We don’t plan a material change to our $2,280 fair value estimate.
Booking is the world’s largest online travel agency by sales, offering booking services for hotel and alternative accommodation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates a number of branded travel booking sites, including Booking.com, Agoda, OpenTable, and Rentalcars.com, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.
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