Intrinsic value of TripAdvisor - TRIP

Previous Close

$39.72

  Intrinsic Value

$36.72

stock screener

  Rating & Target

hold

-8%

  Value-price divergence*

+15%

Previous close

$39.72

 
Intrinsic value

$36.72

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence*

+15%

*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 5.3

 

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
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  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
Revenue, $m
  1,480
  1,604
  1,734
  1,868
  2,008
  2,153
  2,304
  2,461
  2,624
  2,793
  2,970
  3,153
  3,345
  3,544
  3,752
  3,969
  4,195
  4,431
  4,678
  4,936
  5,205
  5,487
  5,781
  6,090
  6,413
  6,751
  7,105
  7,476
  7,864
  8,271
  8,698
Variable operating expenses, $m
 
  1,327
  1,428
  1,533
  1,642
  1,756
  1,873
  1,996
  2,123
  2,256
  2,394
  2,464
  2,613
  2,769
  2,931
  3,101
  3,277
  3,462
  3,655
  3,856
  4,066
  4,287
  4,517
  4,758
  5,010
  5,274
  5,551
  5,840
  6,144
  6,462
  6,796
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
  1,327
  1,428
  1,533
  1,642
  1,756
  1,873
  1,996
  2,123
  2,256
  2,394
  2,464
  2,613
  2,769
  2,931
  3,101
  3,277
  3,462
  3,655
  3,856
  4,066
  4,287
  4,517
  4,758
  5,010
  5,274
  5,551
  5,840
  6,144
  6,462
  6,796
Operating income, $m
  166
  277
  306
  335
  366
  397
  430
  465
  500
  537
  576
  690
  732
  775
  821
  868
  918
  969
  1,023
  1,080
  1,138
  1,200
  1,265
  1,332
  1,403
  1,477
  1,554
  1,635
  1,720
  1,809
  1,903
EBITDA, $m
  267
  382
  412
  444
  478
  512
  548
  585
  624
  664
  706
  750
  796
  843
  892
  944
  998
  1,054
  1,113
  1,174
  1,238
  1,305
  1,375
  1,448
  1,525
  1,606
  1,690
  1,778
  1,870
  1,967
  2,069
Interest expense (income), $m
  10
  5
  8
  11
  14
  18
  21
  25
  28
  32
  36
  41
  45
  50
  54
  59
  65
  70
  76
  81
  88
  94
  101
  108
  115
  123
  131
  140
  148
  158
  168
Earnings before tax, $m
  151
  272
  298
  324
  351
  380
  409
  440
  472
  505
  540
  649
  687
  726
  766
  809
  853
  899
  948
  998
  1,051
  1,106
  1,164
  1,224
  1,287
  1,354
  1,423
  1,496
  1,572
  1,651
  1,735
Tax expense, $m
  31
  74
  80
  87
  95
  103
  111
  119
  127
  136
  146
  175
  185
  196
  207
  218
  230
  243
  256
  269
  284
  299
  314
  331
  348
  365
  384
  404
  424
  446
  468
Net income, $m
  120
  199
  217
  237
  256
  277
  299
  321
  344
  369
  394
  474
  501
  530
  559
  590
  623
  656
  692
  729
  767
  807
  850
  894
  940
  988
  1,039
  1,092
  1,147
  1,206
  1,267

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
  1,635
  1,767
  1,904
  2,047
  2,195
  2,348
  2,508
  2,674
  2,847
  3,027
  3,214
  3,409
  3,613
  3,825
  4,046
  4,276
  4,517
  4,768
  5,031
  5,306
  5,593
  5,893
  6,208
  6,537
  6,882
  7,242
  7,620
  8,016
  8,432
  8,867
Adjusted assets (=assets-cash), $m
  1,508
  1,635
  1,767
  1,904
  2,047
  2,195
  2,348
  2,508
  2,674
  2,847
  3,027
  3,214
  3,409
  3,613
  3,825
  4,046
  4,276
  4,517
  4,768
  5,031
  5,306
  5,593
  5,893
  6,208
  6,537
  6,882
  7,242
  7,620
  8,016
  8,432
  8,867
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
  310
  335
  361
  387
  416
  445
  475
  506
  539
  573
  609
  646
  684
  724
  766
  810
  855
  903
  953
  1,005
  1,059
  1,116
  1,175
  1,238
  1,303
  1,371
  1,443
  1,518
  1,596
  1,679
Working capital, $m
  527
  -133
  -144
  -155
  -167
  -179
  -191
  -204
  -218
  -232
  -246
  -262
  -278
  -294
  -311
  -329
  -348
  -368
  -388
  -410
  -432
  -455
  -480
  -505
  -532
  -560
  -590
  -620
  -653
  -687
  -722
Total debt, $m
  171
  146
  204
  263
  325
  390
  457
  526
  598
  674
  752
  833
  918
  1,007
  1,099
  1,195
  1,295
  1,400
  1,509
  1,624
  1,743
  1,868
  1,999
  2,135
  2,279
  2,428
  2,585
  2,750
  2,922
  3,103
  3,292
Total liabilities, $m
  736
  711
  769
  828
  890
  955
  1,022
  1,091
  1,163
  1,239
  1,317
  1,398
  1,483
  1,572
  1,664
  1,760
  1,860
  1,965
  2,074
  2,189
  2,308
  2,433
  2,564
  2,700
  2,844
  2,993
  3,150
  3,315
  3,487
  3,668
  3,857
Total equity, $m
  1,502
  924
  998
  1,076
  1,156
  1,240
  1,327
  1,417
  1,511
  1,609
  1,710
  1,816
  1,926
  2,041
  2,161
  2,286
  2,416
  2,552
  2,694
  2,843
  2,998
  3,160
  3,330
  3,507
  3,693
  3,888
  4,092
  4,306
  4,529
  4,764
  5,010
Total liabilities and equity, $m
  2,238
  1,635
  1,767
  1,904
  2,046
  2,195
  2,349
  2,508
  2,674
  2,848
  3,027
  3,214
  3,409
  3,613
  3,825
  4,046
  4,276
  4,517
  4,768
  5,032
  5,306
  5,593
  5,894
  6,207
  6,537
  6,881
  7,242
  7,621
  8,016
  8,432
  8,867
Debt-to-equity ratio
  0.114
  0.160
  0.200
  0.240
  0.280
  0.310
  0.340
  0.370
  0.400
  0.420
  0.440
  0.460
  0.480
  0.490
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
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
  199
  217
  237
  256
  277
  299
  321
  344
  369
  394
  474
  501
  530
  559
  590
  623
  656
  692
  729
  767
  807
  850
  894
  940
  988
  1,039
  1,092
  1,147
  1,206
  1,267
Depreciation, amort., depletion, $m
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  150
  158
  166
Funds from operations, $m
  346
  303
  324
  346
  368
  392
  416
  442
  468
  496
  524
  534
  565
  597
  631
  666
  703
  741
  781
  823
  867
  912
  960
  1,010
  1,062
  1,117
  1,174
  1,235
  1,298
  1,364
  1,433
Change in working capital, $m
  25
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
Cash from operations, $m
  321
  313
  335
  357
  380
  404
  429
  455
  482
  510
  539
  549
  581
  614
  648
  684
  722
  761
  802
  844
  889
  936
  984
  1,036
  1,089
  1,145
  1,204
  1,265
  1,330
  1,397
  1,468
Maintenance CAPEX, $m
  0
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -150
  -158
New CAPEX, $m
  -72
  -25
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -82
Cash from investing activities, $m
  -163
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -139
  -146
  -153
  -162
  -170
  -178
  -188
  -197
  -208
  -218
  -229
  -240
Free cash flow, $m
  158
  261
  279
  298
  317
  338
  359
  381
  403
  427
  451
  457
  484
  512
  541
  571
  602
  635
  669
  705
  743
  782
  823
  866
  910
  957
  1,007
  1,058
  1,112
  1,169
  1,228
Issuance/(repayment) of debt, $m
  -30
  55
  57
  60
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  181
  189
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
  55
  57
  60
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  181
  189
Total cash flow (excl. dividends), $m
  -2
  316
  336
  358
  379
  402
  426
  450
  476
  502
  530
  539
  569
  600
  633
  667
  702
  740
  779
  819
  862
  907
  953
  1,002
  1,054
  1,107
  1,164
  1,222
  1,284
  1,349
  1,417
Retained Cash Flow (-), $m
  -90
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
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
 
  894
  262
  280
  299
  318
  339
  360
  382
  404
  428
  433
  458
  485
  513
  542
  572
  604
  637
  671
  707
  744
  784
  825
  868
  913
  960
  1,009
  1,060
  1,115
  1,171
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
 
  857
  240
  244
  246
  247
  246
  243
  239
  232
  224
  206
  196
  184
  172
  159
  145
  131
  117
  103
  90
  77
  65
  54
  44
  36
  28
  22
  16
  12
  9
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. owns and operates a portfolio of online travel brands. TripAdvisor, the Company's brand, is a travel site. The Company operates through two segments: Hotel and Non-Hotel. The Company's Hotel segment includes click-based advertising and transaction; display-based and subscription-based advertising, and other hotel operations. The Non-Hotel segment includes Attractions, Restaurants and Vacation Rentals businesses. The Company's platform also enables users to compare real-time pricing and availability for these experiences, as well as to book hotels, flights, cruises, vacation rentals, tours, activities and attractions, and restaurants, on either a TripAdvisor site or application, or a travel partner site or application. As of December 31, 2016, the Company's TripAdvisor-branded Websites included tripadvisor.com in the United States and localized versions of the TripAdvisor Website in 48 markets and 28 languages around the world.

FINANCIAL RATIOS  of  TripAdvisor (TRIP)

Valuation Ratios
P/E Ratio 47.7
Price to Sales 3.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow 23
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 8.4% 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 133.509 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 $5.3 billion.

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COMPANY NEWS

▶ 3 Stocks for Future Millionaires   [Oct-12-17 09:38PM  Motley Fool]
▶ TripAdvisor reveals the top 10 eateries in both U.S. and the whole world   [Oct-11-17 03:30PM  American City Business Journals]
▶ How Airbnb plans to use AI to make travel more personalized for you   [Oct-09-17 10:31AM  Yahoo Finance Video]
▶ TripAdvisor, Inc. Slides 5%   [Oct-06-17 04:44PM  Motley Fool]
▶ 3 Stocks That Look Just Like Facebook in 2012   [Oct-05-17 07:53AM  Motley Fool]
▶ Fall Getaway Travel Deals and Beachfront Bargains   [Oct-04-17 06:00AM  PR Newswire]
▶ TripAdvisor: Watch Out!   [Oct-03-17 09:35AM  Barrons.com]
▶ Navient: S&P 500s Top Loser on September 28   [Oct-02-17 09:11AM  Market Realist]
▶ TripAdvisor's Stumbles and Strengths in 4 Charts   [Sep-29-17 07:09PM  Motley Fool]
▶ Could TripAdvisor Inc. Be a Millionaire-Making Stock?   [Sep-27-17 12:26PM  Motley Fool]
▶ The Best Cities for Families in 2017   [Sep-26-17 05:35AM  PR Newswire]
▶ Why Facebook, Sprint, and TripAdvisor Slumped Today   [Sep-25-17 04:30PM  Motley Fool]
▶ Why TripAdvisor Inc. Stock Tumbled Today   [12:46PM  Motley Fool]
▶ Analyzing Chegg Inc.s Competitive Advantages   [Sep-22-17 06:46PM  Motley Fool]
▶ [$$] Priceline May Be Slipping Away   [Sep-14-17 11:15AM  Barrons.com]
▶ Unusual activity in a biotech and a travel stock   [Sep-07-17 01:53PM  CNBC Videos]
▶ The Hot Stock: TripAdvisor Jumps 4.2%   [Sep-05-17 04:20PM  Barrons.com]
▶ TripAdvisor's Most Attractive Business Isn't Hotels   [Sep-04-17 07:29AM  Motley Fool]
▶ ETFs with exposure to TripAdvisor, Inc. : August 25, 2017   [Aug-25-17 05:47PM  Capital Cube]
▶ TripAdvisor's Smoother Path to a Takeover   [Aug-23-17 01:26PM  Bloomberg]
▶ Morningstar Runs the Numbers   [Aug-19-17 06:00AM  Morningstar]
▶ Consumer Sector Post-Earnings Coverage for August 711, 2017   [Aug-14-17 03:36PM  Market Realist]
▶ The Hot Stock: TripAdvisor Jumps 6.2%   [Aug-11-17 04:56PM  Barrons.com]
▶ Why TripAdvisor Stock Surged Today   [03:43PM  Motley Fool]
▶ Why TripAdvisors Margin May Fall in 2017   [10:37AM  Market Realist]
▶ Could TripAdvisors Leverage Rise in 2017?   [05:05PM  Market Realist]
▶ [$$] 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]
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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