Intrinsic value of Booking Holdings - BKNG

Previous Close

$1,888.87

  Intrinsic Value

$4,389

stock screener

  Rating & Target

str. buy

+132%

Previous close

$1,888.87

 
Intrinsic value

$4,389

 
Up/down potential

+132%

 
Rating

str. buy

We calculate the intrinsic value of BKNG 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 0001), $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 91.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  14,824
  17,153
  19,664
  22,353
  25,216
  28,249
  31,448
  34,810
  38,334
  42,018
  45,862
  49,868
  54,037
  58,374
  62,881
  67,566
  72,434
  77,493
  82,752
  88,220
  93,907
  99,826
  105,987
  112,404
  119,091
  126,063
  133,335
  140,925
  148,849
  157,125
Variable operating expenses, $m
  2,259
  2,537
  2,836
  3,157
  3,498
  3,860
  4,241
  4,642
  5,063
  5,502
  5,469
  5,947
  6,444
  6,961
  7,498
  8,057
  8,637
  9,241
  9,868
  10,520
  11,198
  11,904
  12,638
  13,404
  14,201
  15,032
  15,900
  16,805
  17,750
  18,737
Fixed operating expenses, $m
  6,412
  6,553
  6,697
  6,845
  6,995
  7,149
  7,306
  7,467
  7,631
  7,799
  7,971
  8,146
  8,325
  8,509
  8,696
  8,887
  9,083
  9,282
  9,487
  9,695
  9,909
  10,127
  10,349
  10,577
  10,810
  11,048
  11,291
  11,539
  11,793
  12,052
Total operating expenses, $m
  8,671
  9,090
  9,533
  10,002
  10,493
  11,009
  11,547
  12,109
  12,694
  13,301
  13,440
  14,093
  14,769
  15,470
  16,194
  16,944
  17,720
  18,523
  19,355
  20,215
  21,107
  22,031
  22,987
  23,981
  25,011
  26,080
  27,191
  28,344
  29,543
  30,789
Operating income, $m
  6,153
  8,063
  10,131
  12,352
  14,723
  17,240
  19,900
  22,701
  25,640
  28,717
  32,422
  35,775
  39,268
  42,904
  46,687
  50,622
  54,714
  58,970
  63,398
  68,005
  72,801
  77,795
  82,999
  88,423
  94,080
  99,983
  106,145
  112,581
  119,306
  126,337
EBITDA, $m
  6,873
  8,819
  10,925
  13,188
  15,603
  18,167
  20,877
  23,729
  26,723
  29,856
  33,130
  36,544
  40,102
  43,805
  47,657
  51,664
  55,832
  60,166
  64,675
  69,366
  74,250
  79,335
  84,634
  90,157
  95,918
  101,928
  108,202
  114,755
  121,603
  128,761
Interest expense (income), $m
  0
  514
  637
  770
  914
  1,069
  1,233
  1,407
  1,591
  1,783
  1,986
  2,197
  2,417
  2,647
  2,886
  3,135
  3,394
  3,663
  3,942
  4,232
  4,534
  4,848
  5,174
  5,513
  5,867
  6,235
  6,619
  7,019
  7,436
  7,871
  8,326
Earnings before tax, $m
  5,639
  7,426
  9,360
  11,437
  13,654
  16,007
  18,493
  21,110
  23,856
  26,731
  30,225
  33,358
  36,621
  40,018
  43,552
  47,228
  51,052
  55,028
  59,166
  63,471
  67,953
  72,621
  77,486
  82,556
  87,845
  93,364
  99,127
  105,145
  111,435
  118,011
Tax expense, $m
  1,522
  2,005
  2,527
  3,088
  3,687
  4,322
  4,993
  5,700
  6,441
  7,217
  8,161
  9,007
  9,888
  10,805
  11,759
  12,752
  13,784
  14,858
  15,975
  17,137
  18,347
  19,608
  20,921
  22,290
  23,718
  25,208
  26,764
  28,389
  30,087
  31,863
Net income, $m
  4,116
  5,421
  6,833
  8,349
  9,967
  11,685
  13,500
  15,410
  17,415
  19,514
  22,065
  24,351
  26,733
  29,213
  31,793
  34,477
  37,268
  40,171
  43,191
  46,334
  49,606
  53,014
  56,564
  60,266
  64,127
  68,156
  72,362
  76,756
  81,348
  86,148

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  24,342
  28,166
  32,289
  36,705
  41,406
  46,386
  51,638
  57,159
  62,945
  68,995
  75,307
  81,885
  88,731
  95,851
  103,253
  110,946
  118,940
  127,247
  135,882
  144,861
  154,199
  163,917
  174,034
  184,571
  195,552
  207,000
  218,942
  231,404
  244,415
  258,006
Adjusted assets (=assets-cash), $m
  24,342
  28,166
  32,289
  36,705
  41,406
  46,386
  51,638
  57,159
  62,945
  68,995
  75,307
  81,885
  88,731
  95,851
  103,253
  110,946
  118,940
  127,247
  135,882
  144,861
  154,199
  163,917
  174,034
  184,571
  195,552
  207,000
  218,942
  231,404
  244,415
  258,006
Revenue / Adjusted assets
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
  0.609
Average production assets, $m
  3,202
  3,705
  4,247
  4,828
  5,447
  6,102
  6,793
  7,519
  8,280
  9,076
  9,906
  10,771
  11,672
  12,609
  13,582
  14,594
  15,646
  16,739
  17,874
  19,056
  20,284
  21,562
  22,893
  24,279
  25,724
  27,230
  28,800
  30,440
  32,151
  33,939
Working capital, $m
  -1,349
  -1,561
  -1,789
  -2,034
  -2,295
  -2,571
  -2,862
  -3,168
  -3,488
  -3,824
  -4,173
  -4,538
  -4,917
  -5,312
  -5,722
  -6,149
  -6,592
  -7,052
  -7,530
  -8,028
  -8,546
  -9,084
  -9,645
  -10,229
  -10,837
  -11,472
  -12,134
  -12,824
  -13,545
  -14,298
Total debt, $m
  11,793
  14,267
  16,935
  19,792
  22,833
  26,055
  29,454
  33,026
  36,770
  40,683
  44,768
  49,023
  53,453
  58,060
  62,849
  67,826
  72,998
  78,373
  83,960
  89,769
  95,811
  102,098
  108,644
  115,462
  122,566
  129,973
  137,699
  145,762
  154,180
  162,974
Total liabilities, $m
  15,749
  18,223
  20,891
  23,748
  26,790
  30,011
  33,410
  36,982
  40,726
  44,639
  48,724
  52,979
  57,409
  62,016
  66,805
  71,782
  76,954
  82,329
  87,916
  93,725
  99,767
  106,054
  112,600
  119,418
  126,522
  133,929
  141,655
  149,718
  158,137
  166,930
Total equity, $m
  8,593
  9,943
  11,398
  12,957
  14,616
  16,374
  18,228
  20,177
  22,220
  24,355
  26,583
  28,905
  31,322
  33,836
  36,448
  39,164
  41,986
  44,918
  47,966
  51,136
  54,432
  57,863
  61,434
  65,154
  69,030
  73,071
  77,286
  81,685
  86,278
  91,076
Total liabilities and equity, $m
  24,342
  28,166
  32,289
  36,705
  41,406
  46,385
  51,638
  57,159
  62,946
  68,994
  75,307
  81,884
  88,731
  95,852
  103,253
  110,946
  118,940
  127,247
  135,882
  144,861
  154,199
  163,917
  174,034
  184,572
  195,552
  207,000
  218,941
  231,403
  244,415
  258,006
Debt-to-equity ratio
  1.370
  1.430
  1.490
  1.530
  1.560
  1.590
  1.620
  1.640
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.720
  1.730
  1.740
  1.740
  1.750
  1.760
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.780
  1.780
  1.790
  1.790
Adjusted equity ratio
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,116
  5,421
  6,833
  8,349
  9,967
  11,685
  13,500
  15,410
  17,415
  19,514
  22,065
  24,351
  26,733
  29,213
  31,793
  34,477
  37,268
  40,171
  43,191
  46,334
  49,606
  53,014
  56,564
  60,266
  64,127
  68,156
  72,362
  76,756
  81,348
  86,148
Depreciation, amort., depletion, $m
  720
  756
  795
  836
  880
  927
  977
  1,029
  1,083
  1,140
  708
  769
  834
  901
  970
  1,042
  1,118
  1,196
  1,277
  1,361
  1,449
  1,540
  1,635
  1,734
  1,837
  1,945
  2,057
  2,174
  2,297
  2,424
Funds from operations, $m
  4,836
  6,177
  7,628
  9,185
  10,848
  12,612
  14,476
  16,439
  18,498
  20,653
  22,772
  25,120
  27,567
  30,114
  32,763
  35,519
  38,385
  41,366
  44,468
  47,695
  51,055
  54,554
  58,200
  62,000
  65,964
  70,101
  74,420
  78,930
  83,644
  88,572
Change in working capital, $m
  -195
  -212
  -229
  -245
  -261
  -276
  -291
  -306
  -321
  -335
  -350
  -365
  -379
  -395
  -410
  -426
  -443
  -460
  -479
  -498
  -518
  -539
  -561
  -584
  -609
  -634
  -662
  -691
  -721
  -753
Cash from operations, $m
  5,031
  6,389
  7,856
  9,430
  11,108
  12,888
  14,768
  16,745
  18,819
  20,989
  23,122
  25,485
  27,946
  30,508
  33,173
  35,945
  38,828
  41,827
  44,946
  48,193
  51,572
  55,092
  58,760
  62,584
  66,573
  70,735
  75,081
  79,621
  84,365
  89,325
Maintenance CAPEX, $m
  -196
  -229
  -265
  -303
  -345
  -389
  -436
  -485
  -537
  -591
  -648
  -708
  -769
  -834
  -901
  -970
  -1,042
  -1,118
  -1,196
  -1,277
  -1,361
  -1,449
  -1,540
  -1,635
  -1,734
  -1,837
  -1,945
  -2,057
  -2,174
  -2,297
New CAPEX, $m
  -462
  -503
  -542
  -581
  -618
  -655
  -691
  -726
  -761
  -796
  -830
  -865
  -901
  -937
  -974
  -1,012
  -1,052
  -1,093
  -1,136
  -1,181
  -1,228
  -1,278
  -1,331
  -1,386
  -1,444
  -1,506
  -1,571
  -1,639
  -1,712
  -1,788
Cash from investing activities, $m
  -658
  -732
  -807
  -884
  -963
  -1,044
  -1,127
  -1,211
  -1,298
  -1,387
  -1,478
  -1,573
  -1,670
  -1,771
  -1,875
  -1,982
  -2,094
  -2,211
  -2,332
  -2,458
  -2,589
  -2,727
  -2,871
  -3,021
  -3,178
  -3,343
  -3,516
  -3,696
  -3,886
  -4,085
Free cash flow, $m
  4,374
  5,657
  7,049
  8,546
  10,145
  11,844
  13,641
  15,533
  17,520
  19,601
  21,643
  23,912
  26,276
  28,738
  31,299
  33,963
  36,734
  39,616
  42,615
  45,735
  48,983
  52,365
  55,889
  59,563
  63,394
  67,392
  71,566
  75,925
  80,479
  85,241
Issuance/(repayment) of debt, $m
  2,269
  2,474
  2,668
  2,857
  3,042
  3,222
  3,399
  3,572
  3,744
  3,914
  4,084
  4,256
  4,430
  4,607
  4,789
  4,977
  5,172
  5,375
  5,587
  5,809
  6,042
  6,287
  6,546
  6,818
  7,104
  7,407
  7,726
  8,063
  8,418
  8,793
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  2,269
  2,474
  2,668
  2,857
  3,042
  3,222
  3,399
  3,572
  3,744
  3,914
  4,084
  4,256
  4,430
  4,607
  4,789
  4,977
  5,172
  5,375
  5,587
  5,809
  6,042
  6,287
  6,546
  6,818
  7,104
  7,407
  7,726
  8,063
  8,418
  8,793
Total cash flow (excl. dividends), $m
  6,643
  8,132
  9,717
  11,403
  13,187
  15,066
  17,039
  19,105
  21,264
  23,515
  25,728
  28,168
  30,706
  33,345
  36,088
  38,940
  41,906
  44,991
  48,202
  51,544
  55,025
  58,653
  62,435
  66,381
  70,499
  74,799
  79,292
  83,988
  88,898
  94,034
Retained Cash Flow (-), $m
  -1,236
  -1,350
  -1,455
  -1,559
  -1,659
  -1,758
  -1,854
  -1,949
  -2,042
  -2,135
  -2,228
  -2,322
  -2,417
  -2,514
  -2,613
  -2,715
  -2,822
  -2,933
  -3,048
  -3,169
  -3,297
  -3,430
  -3,571
  -3,720
  -3,876
  -4,041
  -4,215
  -4,399
  -4,593
  -4,798
Prev. year cash balance distribution, $m
  3,904
  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
  9,311
  6,782
  8,261
  9,844
  11,527
  13,308
  15,185
  17,157
  19,222
  21,380
  23,499
  25,846
  28,289
  30,831
  33,475
  36,225
  39,084
  42,059
  45,153
  48,374
  51,728
  55,222
  58,864
  62,661
  66,623
  70,758
  75,076
  79,588
  84,305
  89,237
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
  8,927
  6,208
  7,190
  8,106
  8,935
  9,658
  10,259
  10,723
  11,042
  11,209
  11,159
  11,029
  10,756
  10,351
  9,828
  9,206
  8,504
  7,746
  6,952
  6,147
  5,350
  4,582
  3,858
  3,191
  2,592
  2,064
  1,611
  1,231
  920
  672
Current shareholders' claim on cash, %
  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

FINANCIAL RATIOS  of  Booking Holdings (BKNG)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BKNG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKNG stock intrinsic value calculation we used $12681.082 million for the last fiscal year's total revenue generated by Booking Holdings. The default revenue input number comes from 0001 income statement of Booking Holdings. 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 BKNG stock valuation model: a) initial revenue growth rate of 16.9% 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 BKNG is calculated based on our internal credit rating of Booking Holdings, 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 Booking Holdings.
    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 BKNG stock the variable cost ratio is equal to 15.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6274 million in the base year in the intrinsic value calculation for BKNG 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 Booking Holdings.

Corporate tax rate of 27% is the nominal tax rate for Booking Holdings. 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 BKNG 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 BKNG are equal to 21.6%.

Life of production assets of 14 years is the average useful life of capital assets used in Booking Holdings 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 BKNG is equal to -9.1%. 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 - $11260.598 million for Booking Holdings - 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 48.175 million for Booking Holdings 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 Booking Holdings at the current share price and the inputted number of shares is $91.0 billion.

COMPANY NEWS

▶ Travel app raises $3 million to plan your trips for you   [Nov-16-18 11:12AM  Yahoo Finance]
▶ Booking CEO says travel sites are flying higher   [Nov-14-18 03:13PM  CNBC Videos]
▶ Why Tripadvisor Inc Stock Slipped Today   [Nov-09-18 06:20PM  Motley Fool]
▶ Asian markets rise pending US midterm election results   [Nov-06-18 10:23PM  Associated Press]
▶ What Happened in the Stock Market Today   [04:50PM  Motley Fool]
▶ 3 Stocks Move Tuesday on Financial Results   [03:44PM  GuruFocus.com]
▶ Booking Holdings Flies Higher   [09:19AM  Motley Fool]
▶ Booking Earnings miss, Revenue beats In Q3   [06:22PM  Investing.com]
▶ Booking Holdings: 3Q Earnings Snapshot   [04:30PM  Associated Press]
▶ David Carlson Buys 3, Sells 2 in 3rd Quarter   [12:40PM  GuruFocus.com]
▶ What to watch in the markets: Week of Nov. 5   [Nov-02-18 05:05PM  Yahoo Finance Video]
▶ Birmingham restaurant among nation's top 100 for wine   [Oct-29-18 03:33PM  American City Business Journals]
▶ Trivago Seeks to Lower Ad Spending as Sales Drop   [Oct-26-18 04:10AM  The Wall Street Journal]
▶ 5 Underperforming Stocks in Gurus' Portfolios   [Oct-17-18 05:22PM  GuruFocus.com]
▶ Points International Poised for 72% Reward   [Oct-16-18 04:31PM  Barrons.com]
▶ David Rolfe Comments on Booking Holdings   [Oct-12-18 05:11PM  GuruFocus.com]
▶ WEX Stock Still Has Room to Grow   [Oct-08-18 02:24PM  InvestorPlace]
▶ Predicting Airfare Is a $750 Million Business   [Oct-03-18 06:00AM  Bloomberg]
▶ 4 Hot Penny Stocks That Could See Outsized Gains   [Sep-28-18 03:20PM  InvestorPlace]
▶ 3 Growth Stocks to Buy and Hold for 25 Years   [Sep-21-18 05:00PM  Motley Fool]
▶ 3 High-Growth Stocks That Could Soar   [03:00PM  Motley Fool]
▶ Houston restaurants touted as best in country for wine   [08:30AM  American City Business Journals]
▶ Game-Changers Ahead of Us, Earnings Behind Us   [Sep-12-18 02:19PM  Motley Fool]
▶ Betting on Unicorns   [03:30AM  Bloomberg]
▶ Spotlight: The Next Billion   [03:16AM  Bloomberg]
▶ Zeke Ashton's Top 3 Buys in 2nd Quarter   [Aug-21-18 05:52PM  GuruFocus.com]

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