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Booking Holdings: Massive Share Buybacks Inbound

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Booking.com agency building successful Orlando, Florida, USA.

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Introduction

Airbnb, Inc. (ABNB) has been nan caller basking banal successful nan walking manufacture for nan past mates of years. The institution is simply a existent manufacture disruptor, pinch its level focused connected hosting, offering galore different sorts of stays successful nan astir abandoned aliases typical locations. Airbnb offers a full caller acquisition to travelers and looks poised for awesome maturation complete nan adjacent decade arsenic this type of walking still looks for illustration it is successful its early days.

Yet, pinch Airbnb taking distant each nan attention, it sometimes seems for illustration group are forgetting nan existent manufacture elephantine successful Booking Holdings Inc. (NASDAQ:BKNG). This 1 is offering a akin opportunity to get vulnerability to nan lucrative walking industry, pinch a beardown maturation outlook, according to analysts, while having a overmuch cheaper valuation compared to Airbnb. Booking has a overmuch amended world dispersed and is only down Airbnb connected nan North American contented based connected marketplace share. And while I americium besides very enthusiastic astir Airbnb and its prospects, I consciousness for illustration Booking Holdings mightiness connection nan amended finance opportunity astatine this point, offering amended imaginable returns.

If you person ever planned a picnic aliases a travel distant from home, location is simply a large chance that you used, aliases astatine slightest checked, Booking.com arsenic you looked for hotels aliases different forms of stays. Booking Holdings Inc. is nan largest online recreation conglomerate by some measurement and revenue, and it has been for galore years now. The institution operates crossed 200 countries and has complete 20,000 labor operating a level disposable successful complete 40 languages. Besides owning flagship website Booking.com, Booking holdings besides operates websites specified arsenic Priceline.com, Agoda.com, Kayak.com, Cheapflights, Rentalcars.com, and Momondo. The institution is simply a recreation behemoth and has a marketplace stock of complete 38% successful online booking apps worldwide, pinch its main competitor being Airbnb, arsenic shown below. Also, Booking.com is responsible for complete 25% of each edifice bookings worldwide.

graph

Business of Apps

Yet, nan company's position is not arsenic beardown arsenic it has been, and erstwhile we look astatine online bookings successful nan U.S., nan image is little positive, pinch Booking Holdings only holding a 19.5% marketplace share. This is chiefly owed to important title from manufacture disruptor Airbnb, which has now overtaken Booking successful nan U.S. pinch a marketplace stock of complete 21%.

In summation to superior competition, Booking Holdings saw a steep driblet successful revenues arsenic a consequence of nan covid-19 pandemic during 2020 and 2021. With beautiful overmuch nan full Western world successful lockdowns, request for recreation accommodation fell to decade lows and, therefore, besides debased request for nan services offered by Booking Holdings. Yet, nan institution quickly recovered aft these dismal years and recently reported gross of $17 cardinal for FY22, overtaking nan $15 cardinal successful gross reported for FY19 - nan past covid-free year.

graph

Booking Holdings gross (Statista)

With nan recreation manufacture now astir backmost to, aliases over, its 2019 levels, and Booking Holdings backmost to reporting grounds revenues, maturation is besides expected to return to much normalized levels. Still, this does not request to beryllium bad news, arsenic nan recreation accommodation manufacture is expected to support increasing astatine double digits complete nan adjacent decade, while nan full recreation and tourism manufacture is besides expected to support increasing going forward. With Booking still holding a important marketplace stock globally and continuously expanding into caller business segments specified arsenic experiences, it looks well-positioned for continued growth. Yet, pinch it acting successful a highly competitory industry, it will beryllium important for Booking to support distinguishing itself from nan competition.

That brings maine to nan large question: is Booking Holdings a bully semipermanent bargain astatine existent prices? To find this, I will dive into its latest net release, financials, valuation, outlook, and talk maturation drivers.

Let's get to it!

FY22 Review and maturation drivers

Booking Holdings (which I will mention to arsenic Booking) reported its latest financial results for 4Q22 and FY22 backmost connected February 23, 2023. A first look astatine nan header numbers shows a very beardown capacity pinch nan institution outperforming nan analyst estimates. EPS came successful astatine $24.74, beating nan statement by $2.66 and gross of $4.05 cardinal managed to hit nan statement by $150 million. This represented an summation of 21% vs nan aforesaid 4th successful 2019 arsenic nan underlying accommodation return complaint remained flat. This beardown capacity was owed to an summation successful room nighttime maturation of 10% from 2019 (used arsenic a comparison arsenic this was nan past covid-free year) which was amended than nan 8% maturation witnessed successful nan 3rd quarter.

This betterment was driven by maturation successful some nan U.S. and Asia. Room nights booked successful nan U.S. were up by much than 35% compared to 2019, for nan 4th fourth successful a row. Europe and Asia grew by mid-single digits and nan remainder of nan world was up by 110%. Growth successful Asia mightiness not look complete convincing, but this was nan first 4th of affirmative maturation since 2019 for this region arsenic nan 4th fourth saw nan first flimsy betterment from covid-19 measures successful China which is simply a immense walking market.

To constituent retired a fewer much important metrics for 4Q22, gross bookings accrued by 32% compared to 2019 and nan number of hose tickets booked successful nan level accrued by only 2.9%, yet this was up 61% compared to 2021 arsenic Booking continues to grow its formation tickets offering done nan platform.

Now, pinch nan reporting of nan 4th quarter, Booking besides discussed its FY22 results, which are overmuch much meaningful pinch rather a spot of volatility successful month-to-month trends, truthful let's displacement our attraction to this. Despite nan reliable economical circumstances complete 2022, Booking reported a grounds precocious 900 cardinal room nights booked connected its platforms which was 6% higher compared to 2019, and a monolithic 52% summation from 2021, though this is somewhat meaningless pinch covid restrictions still very overmuch ongoing successful 2021. Gross bookings of $121 cardinal accrued by 26% from 2019 levels and a monolithic 36% connected changeless currency.

With Booking deriving a batch of its revenues from world markets, nan strengthening of nan dollar during 2022 has had rather immoderate effect connected revenues, which explains nan ample quality mentioned above. Still, contempt these headwinds, Booking reported a very coagulated 2022 arsenic it managed to study very awesome maturation rates vs. 2019, which shows that nan institution has afloat recovered and is reaching caller all-time highs crossed respective metrics. It is achieving this contempt nan truth that not each regions were restriction-free during nan afloat year, pinch Asia only opening up by nan 2nd half of nan year. This makes nan capacity moreover much awesome and continues to connection tailwinds for nan adjacent mates of quarters arsenic well.

Revenue besides reached an all-time precocious of $17.1 cardinal and was up 13% from 2019. This shows gross maturation was slower compared to gross booking growth, and this is reflected successful gross arsenic a percent of gross booking which was down from 2019 levels of 15.6% to 14.1% successful 2022. According to management, this was nan consequence of a 1% effect from bad timing, a 0.4% effect from a slow betterment of advertisement income, and a 0.3% effect from a antagonistic operation successful flights. All successful all, this should not beryllium a semipermanent inclination and nan percent of gross from gross bookings should return to 2019 levels, and over, complete nan adjacent mates of quarters.

With nan summation successful revenue, Booking besides improved its profitability and reported an EBITDA of $5.3 billion, up 6% compared to 2019 connected changeless currency, yet down 4% successful dollars. The EBITDA separator came successful astatine 31% and was up 4% from 2021. This each resulted successful a nett income of $4 cardinal and EPS of $99.83, which was up 118% YoY.

In summation to reporting very awesome financial results, Booking besides made awesome strides successful its strategical priorities which it laid retired 2 years ago. One of these is expanding nan payments made connected nan Booking.com level arsenic nan displacement from supplier to merchant drives important benefits for each parties involved. This is what CEO Glenn Vogel said astir this during nan earnings call:

For our supplier partners, offering a costs solution adds worth successful respective cardinal ways, including providing entree to further traveler request by enabling replacement costs methods, reducing cancellations, decreasing operational workloads and enabling fraud protection. For our travelers, Booking.com's level allows galore consumers to salary really they want to salary and we judge yet helps present a much seamless and frictionless booking experience.

Experience and functionality are cardinal to delivering nan champion work to some customers and supplier partners. Both factors tin thrust customer loyalty. If you for illustration a level and it works, you are overmuch little apt to move to different one, truthful this should thief Booking support its unthinkable moat and ample personification and supplier base. I am, therefore, pleased to spot that Booking is focusing connected these matters, and moreover much that it looks for illustration it's working. In nan 4th quarter, Booking processed 42% of Booking.com's gross bookings, and guidance was very pleased pinch this progress.

graph

Gross bookings of Booking Holdings worldwide from 2015 to 2022, by type (Statista)

Another strategical privilege of management, focused connected expanding nan customer acquisition to amended loyalty, was building retired connected travel capabilities. What this intends is that Booking Holdings intends to amended nan full booking acquisition by making it easier, much enjoyable, much personal, and delivering amended value. Booking intends to do this by focusing connected bringing together and connecting each aspects of your desired walking acquisition by expanding its offering of different recreation verticals different than accommodations. Therefore, nan institution has been heavy focused connected integrating formation opportunities and it released Priceline Experiences to alteration customers to quickly hunt and book much than 80,000 activities successful complete 100 countries.

Ideally, Booking Holdings Inc. wants to connection a level to its customers that let them to put each facet of their travel connected a azygous level to summation customer engagement and loyalty to nan level complete time. And indeed, speaking from my individual experience, a much seamless, flexible, and complete Booking acquisition seems for illustration nan champion measurement to execute higher customer engagement. Everyone who has ever arranged a travel aliases picnic must person wished astatine immoderate constituent that you could conscionable do it each done a azygous app, alternatively of having to move betwixt respective ones each 2nd and make it each activity together.

All successful all, I judge that a attraction connected a azygous level offering each recreation aspects tin beryllium a awesome loyalty driver and connection protection of nan moat Booking Holdings presently has successful nan walking industry. I deliberation guidance is connected nan correct way present and it is making advancement toward this. The formation offering done nan Booking.com level is now disposable successful complete 50 countries and allows travelers to book different important recreation constituent done this platform. And successful summation to delivering much functionality to existing users, it is besides attracting caller users to nan level Booking stated during nan net telephone that 20% of each formation bookers are caller to nan platform, illustrating that it is besides a measurement to summation its personification base.

Another important measurement to amended customer engagement and personification acquisition and functionality is nan mobile app, which guidance sees arsenic nan halfway of its connected travel vision. Of each nights booked successful nan 4th quarter, 45% were made done nan online apps, which is successful statement pinch what we person seen for FY22 and 13% higher compared to 2019. Worldwide, nan Booking.com app remains nan number 1 successful nan number of downloads and according to a starring third-party investigation firm, Booking besides moved to nan number 1 spot successful nan U.S. past quarter.

graph

Business of Apps

That brings maine to nan last strategical privilege to beryllium discussed, which is simply a attraction connected strengthening its position successful nan U.S., wherever it is fighting against Airbnb arsenic I already pointed retired successful nan introduction. And while it is moving difficult connected improving its spot here, guidance acknowledges that location is still overmuch much activity ahead. Still, maturation for this region was beardown past twelvemonth arsenic room nighttime bookings grew by 30%, while gross bookings grew by 60% vs 2019. Based connected these metrics, Booking has meaningfully grown its U.S. business compared to 2019, arsenic it fights to return distant marketplace stock from Airbnb.

The pursuing connection was made during nan caller net call:

And we judge that our maturation complaint has outpaced nan betterment successful nan broader marketplace for U.S. accommodations, which intends we judge we gained marketplace share.

Further expanding its marketplace stock successful nan U.S. could beryllium an fantabulous driver of further financial growth, but does not look for illustration a crippled changer successful nan adjacent word while besides being very challenging and uncertain.

A much evident maturation driver for Booking seems to beryllium nan wide maturation of nan recreation accommodations industry. This 1 is expected to turn astatine an 11.3% CAGR until 2031 to scope a marketplace size of adjacent to $2 trillion. The walking manufacture is monolithic and rather lucrative. It is truthful important for Booking to support its marketplace stock which explains nan value of each of management's actions discussed above. Also, nan re-opening of China will beryllium an further maturation driver for Booking Holdings arsenic they person bully vulnerability here. Overall, arsenic 1 of nan starring recreation accommodation platforms, nan beardown double-digit predicted maturation will beryllium a monolithic maturation driver for Booking arsenic nan institution earns nan largest portion of its revenues wrong this industry.

Balance Sheet

Another maturation driver and logic to perchance put successful Booking is nan spot of its balance sheet and unthinkable superior return program. With Booking remaining very affirmative astir nan semipermanent outlook for nan recreation manufacture and its beardown equilibrium sheet, it was capable to return $6.5 cardinal to shareholders successful 2022 by repurchasing its ain shares (Booking does not connection a dividend). This intends that Booking was capable to little its full stock count by a monolithic 8% successful a azygous year, and 22% complete nan past 5 years. This is very impressive, and guidance has already said that returning rate to shareholders remains a priority.

That guidance is very overmuch focused connected its shareholders is besides proven by nan pursuing connection from nan net call:

We position SBC disbursal arsenic a very existent costs of doing business crossed each stakeholder should afloat count erstwhile evaluating nan capacity and returns of our business aliases immoderate business. If anything, we position SBC dollars moreover much valuable than rate dollars because of our semipermanent anticipation that dollars worthy of banal to-date will beryllium worthy much successful nan future. It's nan aforesaid anticipation that serves arsenic nan rationale for pursuing our stock repurchase program, a programme that has meaningfully reduced our stock count complete clip has not conscionable served to offset dilution from SBC.

Simply offsetting dilution does not correspond a return of superior to shareholders, but really represents a rate drain connected our business that does not get counted successful galore companies' pro forma reporting of profits. In 2022, our stock-based compensation resulted successful little than 0.7% of shareholder dilution. And during nan past 5 years, it resulted successful little than 3% of cumulative dilution. As I mentioned, during nan aforesaid period, we reduced full stock count by a nett 22%, inclusive of nan shares that were added arsenic a consequence of our stock-based compensation activities. Our early practices will proceed to beryllium guided by nan aforesaid 2 philosophical approaches that guideline america decades, namely, number one, nan stock-based compensation counts; and two, that our banal repurchases, first and foremost, are meant - are actively meant to return superior to shareholders successful nan shape of stock count reductions.

I position these arsenic incredibly awesome statements by guidance and showing conscionable really alert they are of nan well-being of their investors. In a clip wherever location is overmuch chat astir nan stock-based compensation of exertion companies for illustration Salesforce (CRM) and The Trade Desk (TTD), this connection by Booking Holdings guidance is awesome to spot for a change. This is simply a monolithic greenish emblem for investors and specified a attraction connected returning rate to shareholders, without diluting them, should beryllium a awesome worth driver for investors. Impressive!

And nan bully news does not extremity there, arsenic guidance expects its yearly full return of superior to shareholders to beryllium astatine slightest adjacent to its free rate travel complete nan adjacent fewer years. And considering nan awesome projected maturation rates which I will talk successful nan adjacent segment, this sounds very promising.

Booking Holdings Inc. presently still has $3.9 cardinal remaining nether its existent stock repurchase program, which it announced successful nan 2nd 4th of 2019. But pinch its financial results, Booking besides announced a caller stock repurchase authorization of $20 cardinal that will statesman erstwhile nan erstwhile 1 is afloat completed. This intends that arsenic agelong arsenic nan recreation manufacture continues to retrieve and turn from present arsenic projected, investors should expect a full of $24 cardinal to beryllium spent connected stock repurchases complete nan adjacent 4 years, almost afloat covered by free rate flow. This intends that nan institution plans connected retiring complete 20% of its outstanding shares complete this 4-year play which is, erstwhile again, very impressive.

Allowing this is its beardown equilibrium sheet, which held a full rate position of $15.2 cardinal by nan extremity of FY22. This was up from $11.8 cardinal pinch which nan institution ended nan 3rd quarter, contempt repurchasing $2.3 cardinal of its ain shares and nan costs of $780 cardinal of debt. So really did they still negociate to summation nan rate position by a staggering $3.4 billion?

This is driven chiefly by nan $3.6 cardinal enslaved offering we completed successful Q4, nan $2.1 cardinal of free rate travel generated successful nan quarter, and astir $600 cardinal successful proceeds from nan waste leaseback transaction I mentioned previously

While this intends nan institution had immoderate favorable one-offs, nan stock buyback was still almost wholly covered by free rate flow, which is awesome to see. For FY22 Booking generated a very coagulated $6.2 cardinal successful free rate flow, a 36% summation from 2019. Also, this shows that nan FY22 buybacks were almost afloat covered by free rate flow. In summation to a awesome rate position, Booking held astir $13 cardinal of indebtedness connected nan equilibrium expanse which is covered by its rate position. In summation to this, nan institution started to waste down connected its finance successful Meituan and completed this successful February. The full proceeds of nan waste are $1.7 billion, a 250% summation from its first investment. After taxes, nan remaining $1.4 cardinal will beryllium utilized to fortify nan equilibrium sheet.

Outlook & Valuation

Besides delivering very beardown results for its FY22, Booking Holdings Inc. besides holds a affirmative position of nan early arsenic maturation remains, driven by a further betterment successful Asia and continued strengthening of nan recreation industry. The only existent threat to this outlook seems to beryllium a superior recession, but much connected this later. That nan enthusiasm by guidance is justified is reflected successful nan January results from Booking, which accrued by 26% compared to 2019, aliases up 60% from January past year. This is what was said during nan net call:

We are very encouraged by nan continued spot and resiliency of recreation request past twelvemonth and into nan caller twelvemonth which speaks to consumers' beardown desire to travel.

The institution saw a grounds precocious number of nights booked successful January arsenic this came successful astatine 95 million. This was 10 cardinal much than nan erstwhile monthly grounds from May past year, illustrating nan spot of nan level entering 2023. This maturation for nan first period seemed to beryllium driven by each regions isolated from nan U.S. Asia, successful particular, was up 20%, seeing overmuch of an betterment from past quarter. Of course, 1 should support successful mind that monthly numbers are a unsmooth denotation of nan months up arsenic these tin beryllium easy influenced by a number of factors. Still, a 74% summation successful gross bookings is thing to beryllium antagonistic about.

All successful all, guidance expects to study 30% maturation YoY for nan first quarter, aliases 20% from nan first 4th of 2019. Revenue arsenic a percent of gross bookings is expected to beryllium 10.3% which is 40 ground points higher compared to 2019. Expenses crossed nan committee are besides expected to beryllium a spot higher compared to past 4th but should beryllium outpaced by gross growth. This results successful a projected 1Q23 EBITDA of $600 million, up 93% YoY. We should of people support successful mind that 1Q22 was still impacted by Omicron.

For nan afloat year, guidance remains careful. The twelvemonth truthful acold is looking very good, but they are expecting rather a spot of volatility successful nan numbers. Using a blimpish approach, considering nan much difficult comparisons and moderation successful growth, Booking expects to study gross booking maturation successful nan low-teens percentages YoY. Revenue arsenic a percent of gross bookings is expected to summation by 0.5% and should thrust somewhat higher gross growth. And while fixed expenses are expected to turn by 20% for FY23, slowing down from there, guidance besides expects grounds levels of EBITDA arsenic margins should grow by a mates of percentages. This should astir apt consequence successful EPS maturation successful nan high-teens percentages pinch gross maturation of debased to mid-teens. This shows that Booking is still projecting coagulated maturation ahead.

So, really is this reflected successful nan expert estimates for some nan first 4th and afloat year? For nan first quarter, analysts are guiding for gross of $3.77 billion, up adjacent to 40% YoY. Considering that nan full nights booked accrued by 60% for January and this period past twelvemonth was still impacted by Omicron, this looks astir right. For EPS, this results successful $10.79 which would correspond a 177% summation YoY.

For FY23, expert task gross of $20 billion, up adjacent to 17% YoY. This looks to beryllium a somewhat higher outlook than fixed by management, but this 1 seemed to beryllium overly conservative. EPS maturation is expected to beryllium 30% and consequence successful an EPS of $130. Again, this looks to beryllium somewhat higher than guided by guidance but looks adjacent considering each circumstances. I judge existent expert projections look very adjacent correct now, but we tin only really show erstwhile Booking reports its 2nd 4th results and needs to commencement lapping tougher comparable quarters.

For nan play until 2026, analysts task Booking to support reporting beardown maturation rates arsenic nan recreation manufacture is afloat recovering pinch each regions reopening and nan manufacture returning to its humanities growth, together pinch economical headwinds disappearing which should let for consumers to commencement spending much easy again. In summation to this, Booking is doing each nan correct things to summation nan personification guidelines which should beryllium an further driver of revenue. As a result, analysts task gross maturation of debased double digits to precocious azygous digits successful operation pinch EPS maturation of 20% for FY24, moderating to 9% by 2026. With guidance enthusiastically returning rate to shareholders done stock repurchases and coagulated economical growth, investors look good positioned for decent returns, and maturation rates by analysts look very reasonable.

Afbeelding met tafel Automatisch gegenereerde beschrijving

Revenue statement (Seeking Alpha)

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EPS statement (Seeking Alpha)

Based connected nan current, reasonable, expert non-GAAP EPS expectations, Booking is weighted astatine a guardant P/E of 20x. This is 57% beneath its 5-year mean valuation of 47x. Of course, complete nan past respective years profitability was heavy impacted by covid which caused an elevated and unreasonable P/E ratio. Still, I judge that based connected nan maturation projections, moat, and shareholder-friendly attack of management, Booking deserves to beryllium weighted astatine a P/E of person to 23x.

Based connected existent non-GAAP EPS projections for FY23 and a P/E of 23x, I cipher a target value for Booking Holdings Inc. of $2990, aliases 14.4% upside from a existent stock value of astir $2600.

For comparison, 34 Wall Street analysts presently person an mean value target of $2736, mixed pinch a bargain standing connected nan shares. This value target leaves astir a 4.5% upside.

Risks

While Booking Holdings Inc. is simply a really awesome company, an finance successful nan institution is not risk-free, arsenic illustrated complete nan past mates of years, erstwhile revenues fell to worrying levels. Luckily, nan institution is comparatively asset-light and does not ain immoderate properties itself, making it a batch little risky compared to galore accommodation peers.

Yet, this does unfastened nan institution up to nan consequence of losing properties, supplier partners, and offerings to spot connected its platforms. With nan institution not owning immoderate of nan properties, hotels, and accommodations connected its website, it does dangle connected group listing their accommodations connected nan platform. The platforms owned by Booking Holdings person a very wide scope and personification guidelines and arsenic a result, galore hotels and suppliers dangle connected nan level and person a long-standing narration pinch nan company. I, therefore, do not comprehend this consequence to beryllium overly ample aliases a short-term threat. Yet, this is thing to support an oculus connected erstwhile you ain nan shares.

And whereas it makes Booking limited connected third-party accommodations, it does protect it somewhat from a imaginable recession arsenic it won't beryllium stuck pinch precocious attraction costs. Of course, if a terrible recession would deed and group were to suffer their jobs, resulting successful a wide summation successful unemployment, this would effect nan magnitude group are consenting aliases capable to walk connected vacations aliases trips. Therefore, Booking is delicate to economical prosperity and a imaginable downturn. Over 2022, nan betterment has been stronger than nan economical headwinds pinch redeeming accounts still astatine their highest level successful decades. 2023 is not expected to beryllium different, but successful early economical downturns, Booking could return different impermanent hit. Of course, these impacts thin to beryllium only impermanent and should not break nan wide maturation inclination that will use Booking Holdings.

Finally, location is nan consequence of further marketplace stock losses to competitors for illustration Airbnb. Management is very good alert of this consequence which is nan logic why they are investing dense sums successful making their offering stickier and much complete. Still, caller competitors could originate that are amended capable to play into nan latest user preferences aliases person a amended wide offering.

Conclusion

Booking Holdings Inc. was deed very difficult by nan covid-19 pandemic but has now managed to afloat retrieve and return to growth. Its latest 4th proved this pinch very beardown maturation rates driven by renewed maturation from nan Asian continent. Booking continues to beryllium nan recreation accommodations manufacture leader pinch its fantabulous wide vulnerability and awesome marketplace share. The institution is pulling respective levers to support this position, while besides expanding its personification guidelines by entering caller markets.

With this institution being led by an fantabulous guidance squad and operating a very shareholder-friendly strategy, I person small to nary doubts astir nan early of this company. Of course, nary finance is risk-free but overall, nan consequence seems to beryllium minimized for an finance successful Booking Holdings. Considering nan monolithic amounts of buybacks that are planned for nan adjacent 4 years, beardown marketplace position, and maturation projections for Booking, I cipher a target value for Booking Holdings Inc. banal of $2990. This offers investors astir 14.5% upside from its existent value levels of astir $2600, offering capable downside protection.

Therefore, I complaint Booking Holdings Inc. banal a buy pinch a 12-month value target of $2990. Booking Holdings Inc. offers decent upside potential, a shareholder-friendly guidance that does not dilute its shareholders, and vulnerability to nan recreation manufacture done 1 of nan largest recreation conglomerates.

This article was written by

Daan Rijnberk floor plan picture

Long word oriented investor focused connected uncovering nan champion finance opportunities connected some European and US banal markets.I talk a wide scope of companies and industries including both maturation and worth to guarantee a good diversified portfolio. My attraction will not beryllium connected speedy gains, but connected semipermanent financial growth. My strategy is to buy-and-hold for arsenic agelong arsenic my finance thesis is intact. Therefore, I effort to update each finance idea/stock each 3-6 months to support my standing and thesis up-to-date.I constitute exclusively connected Seeking Alpha.

Disclosure: I/we person a beneficial agelong position successful nan shares of BKNG either done banal ownership, options, aliases different derivatives. I wrote this article myself, and it expresses my ain opinions. I americium not receiving compensation for it (other than from Seeking Alpha). I person nary business narration pinch immoderate institution whose banal is mentioned successful this article.

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