Booking Holdings Inc.

BKNG

4920.00 (-0.97%) 47.95

162.84(B)

Consumer Discretionary

Hotels Restaurants and Leisure

Booking Holdings Inc. together with its subsidiaries provides online and traditional travel and restaurant reservations and related services in the United States the Netherlands and internationally. The company operates Booking.com which offers online accommodation reservations; and Priceline which provides online travel reservation services as well as consumers hotel flight activity rental car reservation vacation packages cruises and hotel distribution services. It also operates Agoda that offers online accommodation reservation flight ground transportation and activities reservation services. In addition the company operates KAYAK an online meta-search service that allows consumers to search and compare travel itineraries and prices; OpenTable for booking online restaurant reservations as well as reservation management services to restaurants; and Rentalcars.com. Further it offers travel-related insurance products and restaurant management services to consumers travel service providers and restaurants; and advertising services. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. Booking Holdings Inc. was founded in 1997 and is headquartered in Norwalk Connecticut.

Holdings:

Cost basis:

Booking Holdings Inc. (BKNG) price target and intrinsic value estimate

BKNG's fair price estimate is $5500.6

This valuation is based on a fair P/E of 25.1 and EPS estimates of $219.52

The median analyst price target for BKNG is $5250.0.

Analyst price targets range from $3996.3 to $6300.0

Is BKNG overvalued or undervalued?

BKNG is currently trading at $4920

BKNG is undervalued by 11% using the pevaluation method.

BKNG is undervalued by 6% compared to median analyst price targets.

Do you agree with this valuation?

Valuation

PEvaluation

Low $4125.5

Median $5500.6

High $6875.8

Fair P/E

Margin of safety

Analyst valuation

Low $3996.3

Median $5250.0

High $6300.0

Strong Buy6

Buy20

Hold12

Sell0

Strong Sell1

Discounted cash-flow

TTM FCFFCF est.Growth FCFTerminal FCF

Discount rate:

10%

Terminal rate:

Growth phase length:

Growth phase rate:

10%

Economic moat: Wide

Overview

Market data

Market cap:$162.84(B)

Enterprise value:$158.62(B)

Total Equity:$-3.65(B)

Shares outstanding:33.10(M)

Div. yield:0.53%

P/S:7.26

P/E:33.25

P/FCF:19.20

P/B:N/A

EPS:$147.9

FCF per share:$256.2

Dividend per share:$26.3

Income (TTM)

Revenue$23.05(B)

Gross profit$19.52(B)

EBITDA$7.18(B)

Net income$5.04(B)

Gross margin84.7%

Net margin21.9%

Balance sheet

Total assets$27.98(B)

Total liabilities$31.63(B)

Cash & Short-term inv.$15.78(B)

Long-term debt$13.79(B)

Debt issued$2.96(B)

Debt repaid$-1.11(B)

Cash flow (TTM)

FCF$8.50(B)

CapEx$-447.00(M)

Dividends paid$-885.00(M)

Stock issued$23.00(M)

Stock repurchased$-7.77(B)

Stock-based comp.$593.00(M)

Future Growth

Revenue

CAGR: 8.6%

FY+1$23.44(B)

FY+2$25.45(B)

FY+3$27.75(B)

FY+4$30.11(B)

FY+5$32.60(B)

Net Income

CAGR: 12.1%

FY+1$6.23(B)

FY+2$6.86(B)

FY+3$7.70(B)

FY+4$8.64(B)

FY+5$9.85(B)

EPS

CAGR: 16.6%

FY+1$183

FY+2$210

FY+3$243

FY+4$284

FY+5$338

FCF per share

CAGR: 19.8%

FY+1$227

FY+2$282

FY+3$326

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Historical Financials

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YearlyQuarterly

Income

RevenueNet IncomeCOGSGross ProfitTotal OpEx.R&DSG&AOperating IncomeInterest ExpenseInterest IncomePre-tax incomeIncome tax

Cash flow

FCFCFONet IncomeD&AStock-based Comp.CFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures

Balance sheet

Total AssetsTotal LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EGoodwillCurrent liabilitiesAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity

Shares outstanding

Shares (Basic)Shares (Diluted)

Per share data

EPS (Basic)EPS (Diluted)FCF/ShareDividend/ShareBook value/Share

Ratios

P/EP/FCFP/BP/SEV/EarningsEV/FCFDebt/EquityPayout ratio

Margins

Net Income MarginOperating MarginGross MarginEBITDA MarginFCF Margin

Returns

ROICROAROCEROE

Market Cap.