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TripAdvisor Inc TRIP

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Morningstar’s Analysis

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TripAdvisor's Plus Product Equals Opportunity as Travel Expected to Rebound in Second Half of 2021

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

TripAdvisor’s near-term demand remains tepid because of restrictions tied to a resurgence in COVID-19 cases, but we’re optimistic that demand will rebound in the second half of 2021 as a result of high household savings rates and as the vaccine rollout continues. Beyond that, TripAdvisor is launching a subscription product called Plus that we think offers an intriguing value proposition for suppliers and travelers, thereby supporting the company’s network advantage source of its narrow moat. Still, we don’t plan a meaningful change to our $28 fair value estimate, leaving shares overvalued.

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Company Profile

Business Description

TripAdvisor is the world’s leading travel metasearch company. The website offers 884 million reviews and information on 8.3 million accommodations, restaurants, experiences, airlines, and cruises. In 2020, 60% of revenue came from the company's hotel, media and platform segment, which includes hotel revenue generated through advertising on its metasearch platform as well as commissions received on its Instant Booking platform. Experiences and dining represented 31% of revenue with the remainder consisting of flight, rental, and non-branded TripAdvisor sales.

400 1st Avenue
Needham, MA, 02494
T +1 781 800-5000
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 2,596