Intrinsic value of TripAdvisor - TRIP

Previous Close

$39.92

  Intrinsic Value

$31.65

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

-20%

Previous close

$39.92

 
Intrinsic value

$31.65

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

-20%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TRIP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.80
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  1,480
  1,564
  1,652
  1,744
  1,841
  1,941
  2,046
  2,156
  2,271
  2,391
  2,517
  2,650
  2,788
  2,933
  3,085
  3,244
  3,411
  3,586
  3,769
  3,961
  4,163
  4,375
  4,597
  4,830
  5,075
  5,331
  5,600
  5,883
  6,179
  6,491
  6,817
Variable operating expenses, $m
 
  1,296
  1,365
  1,436
  1,512
  1,590
  1,672
  1,758
  1,848
  1,942
  2,040
  2,070
  2,178
  2,291
  2,410
  2,534
  2,665
  2,801
  2,945
  3,095
  3,253
  3,418
  3,592
  3,774
  3,965
  4,165
  4,375
  4,596
  4,828
  5,071
  5,326
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,314
  1,296
  1,365
  1,436
  1,512
  1,590
  1,672
  1,758
  1,848
  1,942
  2,040
  2,070
  2,178
  2,291
  2,410
  2,534
  2,665
  2,801
  2,945
  3,095
  3,253
  3,418
  3,592
  3,774
  3,965
  4,165
  4,375
  4,596
  4,828
  5,071
  5,326
Operating income, $m
  166
  269
  288
  308
  329
  351
  374
  398
  423
  449
  477
  580
  610
  641
  675
  709
  746
  784
  824
  866
  911
  957
  1,006
  1,056
  1,110
  1,166
  1,225
  1,287
  1,352
  1,420
  1,491
EBITDA, $m
  267
  372
  393
  415
  438
  462
  487
  513
  540
  569
  599
  630
  663
  698
  734
  771
  811
  853
  896
  942
  990
  1,041
  1,093
  1,149
  1,207
  1,268
  1,332
  1,399
  1,470
  1,544
  1,621
Interest expense (income), $m
  10
  5
  7
  9
  11
  14
  16
  18
  21
  24
  27
  30
  33
  36
  40
  43
  47
  51
  55
  60
  64
  69
  74
  80
  85
  91
  97
  104
  110
  117
  125
Earnings before tax, $m
  151
  264
  281
  299
  318
  337
  358
  380
  402
  426
  450
  550
  577
  605
  635
  666
  699
  733
  769
  807
  846
  888
  931
  977
  1,025
  1,075
  1,128
  1,183
  1,241
  1,302
  1,366
Tax expense, $m
  31
  71
  76
  81
  86
  91
  97
  102
  109
  115
  122
  148
  156
  163
  171
  180
  189
  198
  208
  218
  228
  240
  251
  264
  277
  290
  305
  319
  335
  352
  369
Net income, $m
  120
  192
  205
  218
  232
  246
  261
  277
  293
  311
  329
  401
  421
  442
  464
  486
  510
  535
  561
  589
  618
  648
  680
  713
  748
  785
  823
  864
  906
  951
  997

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  730
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,238
  1,595
  1,684
  1,778
  1,876
  1,979
  2,086
  2,198
  2,315
  2,438
  2,566
  2,701
  2,842
  2,990
  3,144
  3,307
  3,477
  3,655
  3,842
  4,038
  4,244
  4,460
  4,686
  4,924
  5,173
  5,434
  5,709
  5,997
  6,299
  6,616
  6,949
Adjusted assets (=assets-cash), $m
  1,508
  1,595
  1,684
  1,778
  1,876
  1,979
  2,086
  2,198
  2,315
  2,438
  2,566
  2,701
  2,842
  2,990
  3,144
  3,307
  3,477
  3,655
  3,842
  4,038
  4,244
  4,460
  4,686
  4,924
  5,173
  5,434
  5,709
  5,997
  6,299
  6,616
  6,949
Revenue / Adjusted assets
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
Average production assets, $m
  285
  302
  319
  337
  355
  375
  395
  416
  438
  462
  486
  511
  538
  566
  595
  626
  658
  692
  727
  765
  804
  844
  887
  932
  979
  1,029
  1,081
  1,135
  1,193
  1,253
  1,316
Working capital, $m
  527
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -298
  -313
  -329
  -346
  -363
  -382
  -401
  -421
  -442
  -465
  -488
  -513
  -539
  -566
Total debt, $m
  171
  129
  168
  209
  251
  296
  342
  391
  442
  495
  551
  610
  671
  735
  803
  873
  947
  1,025
  1,106
  1,192
  1,281
  1,375
  1,473
  1,577
  1,685
  1,799
  1,918
  2,044
  2,175
  2,313
  2,458
Total liabilities, $m
  736
  694
  733
  774
  816
  861
  907
  956
  1,007
  1,060
  1,116
  1,175
  1,236
  1,300
  1,368
  1,438
  1,512
  1,590
  1,671
  1,757
  1,846
  1,940
  2,038
  2,142
  2,250
  2,364
  2,483
  2,609
  2,740
  2,878
  3,023
Total equity, $m
  1,502
  901
  952
  1,005
  1,060
  1,118
  1,178
  1,242
  1,308
  1,377
  1,450
  1,526
  1,606
  1,689
  1,777
  1,868
  1,964
  2,065
  2,171
  2,282
  2,398
  2,520
  2,648
  2,782
  2,923
  3,070
  3,225
  3,388
  3,559
  3,738
  3,926
Total liabilities and equity, $m
  2,238
  1,595
  1,685
  1,779
  1,876
  1,979
  2,085
  2,198
  2,315
  2,437
  2,566
  2,701
  2,842
  2,989
  3,145
  3,306
  3,476
  3,655
  3,842
  4,039
  4,244
  4,460
  4,686
  4,924
  5,173
  5,434
  5,708
  5,997
  6,299
  6,616
  6,949
Debt-to-equity ratio
  0.114
  0.140
  0.180
  0.210
  0.240
  0.260
  0.290
  0.310
  0.340
  0.360
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.630
Adjusted equity ratio
  0.512
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  120
  192
  205
  218
  232
  246
  261
  277
  293
  311
  329
  401
  421
  442
  464
  486
  510
  535
  561
  589
  618
  648
  680
  713
  748
  785
  823
  864
  906
  951
  997
Depreciation, amort., depletion, $m
  101
  103
  105
  107
  109
  111
  113
  115
  117
  119
  122
  51
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
  112
  118
  124
  130
Funds from operations, $m
  346
  296
  310
  325
  341
  357
  374
  392
  410
  430
  450
  452
  474
  498
  522
  548
  575
  604
  633
  665
  697
  732
  768
  805
  845
  887
  930
  976
  1,024
  1,075
  1,128
Change in working capital, $m
  25
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
Cash from operations, $m
  321
  303
  318
  333
  349
  365
  383
  401
  420
  440
  461
  463
  486
  510
  535
  561
  589
  618
  649
  681
  714
  749
  786
  825
  865
  908
  953
  1,000
  1,049
  1,101
  1,155
Maintenance CAPEX, $m
  0
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
New CAPEX, $m
  -72
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
Cash from investing activities, $m
  -163
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -78
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -139
  -147
  -154
  -162
  -169
  -178
  -187
Free cash flow, $m
  158
  258
  271
  283
  297
  311
  325
  341
  357
  373
  391
  389
  409
  429
  450
  472
  495
  519
  545
  571
  599
  629
  660
  692
  726
  761
  799
  838
  879
  922
  968
Issuance/(repayment) of debt, $m
  -30
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  131
  138
  145
Issuance/(repurchase) of shares, $m
  -98
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -143
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  131
  138
  145
Total cash flow (excl. dividends), $m
  -2
  296
  310
  324
  339
  355
  372
  389
  408
  427
  447
  448
  470
  493
  517
  542
  569
  597
  626
  657
  689
  723
  758
  795
  834
  875
  918
  963
  1,011
  1,060
  1,113
Retained Cash Flow (-), $m
  -90
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
Prev. year cash balance distribution, $m
 
  650
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  897
  259
  271
  284
  297
  311
  326
  341
  357
  374
  372
  390
  409
  430
  451
  473
  496
  520
  546
  573
  601
  630
  661
  693
  727
  763
  801
  840
  881
  924
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  860
  237
  236
  234
  231
  226
  220
  213
  205
  196
  177
  167
  156
  144
  132
  120
  108
  96
  84
  73
  62
  52
  43
  35
  28
  22
  17
  13
  10
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

TripAdvisor, Inc. operates as an online travel company. The company operates through two segments, Hotel and Non-Hotel. Its travel platform aggregates reviews and opinions of members about destinations, accommodations, activities and attractions, and restaurants, which enables users to research and plan their travel experiences, as well as book hotels, flights, cruises, vacation rentals, activities and attractions, and restaurant reservations. The company operates TripAdvisor-branded Websites, including tripadvisor.com in the United States; and localized versions of the Website in 48 markets and 28 languages. It also manages and operates 23 other media brands that provide travel planning resources across the travel sector, such as airfarewatchdog.com, bookingbuddy.com, citymaps.com, cruisecritic.com, familyvacationcritic.com, flipkey.com, gateguru.com, holidaylettings.co.uk, holidaywatchdog.com, housetrip.com, independenttraveler.com, jetsetter.com, thefork.com, niumba.com, onetime.com, oyster.com, seatguru.com, smartertravel.com, tingo.com, travelpod.com, tripbod.com, vacationhomerentals.com, and viator.com. The company’s Websites feature 465 million reviews and opinions on 7 million places comprising 1,060,000 hotels and accommodations; 835,000 vacation rentals; 4.3 million restaurants; and 760,000 activities and attractions worldwide. TripAdvisor, Inc. was founded in 2000 and is headquartered in Needham, Massachusetts.

FINANCIAL RATIOS  of  TripAdvisor (TRIP)

Valuation Ratios
P/E Ratio 47.9
Price to Sales 3.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 23.1
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.9%
Cap. Spend. - 3 Yr. Gr. Rate 5.5%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 6.1%
Total Debt to Equity 11.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 95.2%
Gross Margin - 3 Yr. Avg. 96%
EBITDA Margin 17.7%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 18.5%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 13.2%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.5%
Payout Ratio 0%

TRIP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRIP stock intrinsic value calculation we used $1480 million for the last fiscal year's total revenue generated by TripAdvisor. The default revenue input number comes from 2016 income statement of TripAdvisor. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TRIP stock valuation model: a) initial revenue growth rate of 5.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TRIP is calculated based on our internal credit rating of TripAdvisor, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of TripAdvisor.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TRIP stock the variable cost ratio is equal to 83.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TRIP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for TripAdvisor.

Corporate tax rate of 27% is the nominal tax rate for TripAdvisor. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TRIP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TRIP are equal to 19.3%.

Life of production assets of 10.1 years is the average useful life of capital assets used in TripAdvisor operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TRIP is equal to -8.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1502 million for TripAdvisor - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 139.619 million for TripAdvisor is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of TripAdvisor at the current share price and the inputted number of shares is $5.6 billion.

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COMPANY NEWS

▶ Morningstar Runs the Numbers   [Aug-19-17 06:00AM  Morningstar]
▶ Consumer Sector Post-Earnings Coverage for August 711, 2017   [Aug-14-17 03:36PM  Market Realist]
▶ The Hot Stock: TripAdvisor Jumps 6.2%   [Aug-11-17 04:56PM  Barrons.com]
▶ Why TripAdvisor Stock Surged Today   [03:43PM  Motley Fool]
▶ Why TripAdvisors Margin May Fall in 2017   [10:37AM  Market Realist]
▶ Could TripAdvisors Leverage Rise in 2017?   [05:05PM  Market Realist]
▶ [$$] TripAdvisor Can Fly Higher   [03:02PM  Barrons.com]
▶ Company News For August 10, 2017   [10:02AM  Zacks]
▶ TripAdvisor is Going on a Stay-Cation   [02:53PM  TheStreet.com]
▶ Big movers in the blitz   [01:49PM  CNBC Videos]
▶ Why TripAdvisor Inc Stock Slumped Today   [01:45PM  Motley Fool]
▶ TripAdvisor tops Street 2Q forecasts   [04:33PM  Associated Press]
▶ TripAdvisor beats bottom line   [04:32PM  CNBC Videos]
▶ TripAdvisor Inc. Earnings: What to Watch   [08:06AM  Motley Fool]
▶ 3 Things to Watch in the Stock Market This Week   [Aug-06-17 11:01AM  Motley Fool]
▶ Why Pricelines Second-Quarter Margin Is Expected to Fall   [Aug-04-17 09:09AM  Market Realist]
▶ What I'll Be Watching When TripAdvisor Reports Earnings   [Jul-28-17 10:31AM  Motley Fool]
▶ 3 Stocks That Could Be Life-Changers   [Jul-25-17 10:08AM  Motley Fool]
▶ Earnings movers in the blitz   [Jul-19-17 02:31PM  CNBC Videos]
▶ Get bullish on these three stocks   [01:55PM  CNBC Videos]
▶ Expedia History: Everything Investors Need to Know   [Jul-11-17 05:33PM  Motley Fool]
▶ Stocks That Fell to 3-Year Lows in the Week of July 7   [Jul-09-17 06:11PM  GuruFocus.com]
▶ Why TripAdvisor Stock Has Dropped 20% So Far This Year   [Jul-06-17 08:24PM  Motley Fool]
▶ 31 Undervalued Stocks   [06:00AM  Morningstar]
▶ Priceline, Expedia Global Travel Empire Still Faces Hurdles, Threats   [Jun-30-17 06:15AM  Investor's Business Daily]
▶ Consumer Cyclical: Amazon Reshapes Retail in Real Time   [Jun-29-17 07:00AM  Morningstar]
▶ TripAdvisor delves into where locals and visitors eat in Chicago   [Jun-27-17 04:15PM  American City Business Journals]
▶ Corrections & Amplifications   [Jun-26-17 08:48PM  The Wall Street Journal]
▶ How TripAdvisor Is Fixing Its Instant Booking Problem   [Jun-21-17 02:21PM  Motley Fool]
▶ [$$] TripAdvisor Might Not Come Back   [10:56AM  Barrons.com]
▶ TripAdvisor Gets A Negative Review   [Jun-19-17 05:17PM  Barrons.com]
▶ Morningstar Runs the Numbers   [Jun-17-17 06:00AM  Morningstar]
▶ 3 Stocks That Look Just Like Google in 2004   [Jun-16-17 10:44AM  Motley Fool]
▶ The Best Amusement Parks for Families in 2017   [Jun-14-17 10:14AM  PR Newswire]
▶ 3 Growth Stocks for Thrifty Investors   [Jun-11-17 01:09PM  Motley Fool]
▶ Morningstar Runs the Numbers   [Jun-10-17 06:00AM  Morningstar]
▶ 3 Value Stocks for Enterprising Investors   [Jun-09-17 03:00PM  Motley Fool]
▶ Tracking value monster IAC's success   [Jun-08-17 06:47PM  CNBC Videos]
Stock chart of TRIP Financial statements of TRIP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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