Intrinsic value of Booking Holdings - BKNG

Previous Close

$1,840.68

  Intrinsic Value

$4,457

stock screener

  Rating & Target

str. buy

+142%

Previous close

$1,840.68

 
Intrinsic value

$4,457

 
Up/down potential

+142%

 
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 2017), $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 90.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  18.00
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
Revenue, $m
  14,964
  17,462
  20,174
  23,095
  26,220
  29,543
  33,062
  36,770
  40,667
  44,748
  49,014
  53,464
  58,100
  62,925
  67,943
  73,159
  78,579
  84,211
  90,065
  96,150
  102,477
  109,059
  115,908
  123,039
  130,466
  138,207
  146,279
  154,698
  163,486
  172,661
Variable operating expenses, $m
  2,276
  2,574
  2,897
  3,245
  3,618
  4,014
  4,434
  4,876
  5,341
  5,828
  5,845
  6,376
  6,928
  7,504
  8,102
  8,724
  9,370
  10,042
  10,740
  11,466
  12,220
  13,005
  13,822
  14,672
  15,558
  16,481
  17,444
  18,448
  19,496
  20,590
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
  8,688
  9,127
  9,594
  10,090
  10,613
  11,163
  11,740
  12,343
  12,972
  13,627
  13,816
  14,522
  15,253
  16,013
  16,798
  17,611
  18,453
  19,324
  20,227
  21,161
  22,129
  23,132
  24,171
  25,249
  26,368
  27,529
  28,735
  29,987
  31,289
  32,642
Operating income, $m
  6,276
  8,336
  10,580
  13,005
  15,606
  18,380
  21,321
  24,427
  27,694
  31,121
  35,198
  38,942
  42,846
  46,913
  51,145
  55,547
  60,126
  64,887
  69,838
  74,989
  80,348
  85,927
  91,737
  97,789
  104,099
  110,679
  117,544
  124,712
  132,197
  140,019
EBITDA, $m
  7,366
  9,526
  11,878
  14,420
  17,147
  20,053
  23,135
  26,389
  29,812
  33,403
  37,159
  41,081
  45,171
  49,430
  53,863
  58,474
  63,269
  68,255
  73,441
  78,835
  84,447
  90,289
  96,373
  102,711
  109,317
  116,207
  123,396
  130,900
  138,737
  146,926
Interest expense (income), $m
  0
  476
  607
  750
  906
  1,073
  1,253
  1,444
  1,645
  1,858
  2,082
  2,316
  2,561
  2,816
  3,083
  3,359
  3,647
  3,947
  4,258
  4,581
  4,917
  5,266
  5,629
  6,007
  6,400
  6,809
  7,236
  7,680
  8,143
  8,626
  9,131
Earnings before tax, $m
  5,800
  7,729
  9,830
  12,099
  14,533
  17,127
  19,878
  22,782
  25,836
  29,039
  32,882
  36,381
  40,030
  43,830
  47,786
  51,900
  56,179
  60,629
  65,257
  70,072
  75,082
  80,298
  85,729
  91,389
  97,289
  103,443
  109,864
  116,568
  123,571
  130,888
Tax expense, $m
  1,566
  2,087
  2,654
  3,267
  3,924
  4,624
  5,367
  6,151
  6,976
  7,841
  8,878
  9,823
  10,808
  11,834
  12,902
  14,013
  15,168
  16,370
  17,619
  18,919
  20,272
  21,680
  23,147
  24,675
  26,268
  27,930
  29,663
  31,473
  33,364
  35,340
Net income, $m
  4,234
  5,642
  7,176
  8,832
  10,609
  12,503
  14,511
  16,631
  18,860
  21,199
  24,004
  26,558
  29,222
  31,996
  34,883
  37,887
  41,011
  44,259
  47,638
  51,152
  54,810
  58,617
  62,582
  66,714
  71,021
  75,513
  80,201
  85,095
  90,207
  95,548

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
  25,405
  29,648
  34,252
  39,211
  44,516
  50,159
  56,132
  62,429
  69,044
  75,973
  83,215
  90,771
  98,642
  106,834
  115,353
  124,208
  133,411
  142,973
  152,912
  163,243
  173,985
  185,159
  196,787
  208,894
  221,505
  234,648
  248,351
  262,646
  277,565
  293,143
Adjusted assets (=assets-cash), $m
  25,405
  29,648
  34,252
  39,211
  44,516
  50,159
  56,132
  62,429
  69,044
  75,973
  83,215
  90,771
  98,642
  106,834
  115,353
  124,208
  133,411
  142,973
  152,912
  163,243
  173,985
  185,159
  196,787
  208,894
  221,505
  234,648
  248,351
  262,646
  277,565
  293,143
Revenue / Adjusted assets
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
Average production assets, $m
  5,985
  6,985
  8,070
  9,238
  10,488
  11,817
  13,225
  14,708
  16,267
  17,899
  19,606
  21,386
  23,240
  25,170
  27,177
  29,263
  31,432
  33,685
  36,026
  38,460
  40,991
  43,623
  46,363
  49,215
  52,187
  55,283
  58,511
  61,879
  65,394
  69,064
Working capital, $m
  -793
  -926
  -1,069
  -1,224
  -1,390
  -1,566
  -1,752
  -1,949
  -2,155
  -2,372
  -2,598
  -2,834
  -3,079
  -3,335
  -3,601
  -3,877
  -4,165
  -4,463
  -4,773
  -5,096
  -5,431
  -5,780
  -6,143
  -6,521
  -6,915
  -7,325
  -7,753
  -8,199
  -8,665
  -9,151
Total debt, $m
  11,237
  13,893
  16,775
  19,879
  23,200
  26,733
  30,472
  34,414
  38,555
  42,893
  47,426
  52,156
  57,083
  62,211
  67,544
  73,088
  78,848
  84,835
  91,056
  97,523
  104,248
  111,243
  118,522
  126,101
  133,996
  142,223
  150,801
  159,750
  169,089
  178,841
Total liabilities, $m
  15,904
  18,559
  21,442
  24,546
  27,867
  31,399
  35,138
  39,080
  43,221
  47,559
  52,093
  56,823
  61,750
  66,878
  72,211
  77,754
  83,515
  89,501
  95,723
  102,190
  108,915
  115,910
  123,189
  130,768
  138,662
  146,889
  155,468
  164,416
  173,756
  183,507
Total equity, $m
  9,501
  11,088
  12,810
  14,665
  16,649
  18,759
  20,993
  23,348
  25,822
  28,414
  31,123
  33,948
  36,892
  39,956
  43,142
  46,454
  49,896
  53,472
  57,189
  61,053
  65,070
  69,249
  73,599
  78,126
  82,843
  87,758
  92,883
  98,230
  103,809
  109,635
Total liabilities and equity, $m
  25,405
  29,647
  34,252
  39,211
  44,516
  50,158
  56,131
  62,428
  69,043
  75,973
  83,216
  90,771
  98,642
  106,834
  115,353
  124,208
  133,411
  142,973
  152,912
  163,243
  173,985
  185,159
  196,788
  208,894
  221,505
  234,647
  248,351
  262,646
  277,565
  293,142
Debt-to-equity ratio
  1.180
  1.250
  1.310
  1.360
  1.390
  1.430
  1.450
  1.470
  1.490
  1.510
  1.520
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.590
  1.590
  1.600
  1.600
  1.610
  1.610
  1.610
  1.620
  1.620
  1.620
  1.630
  1.630
  1.630
Adjusted equity ratio
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,234
  5,642
  7,176
  8,832
  10,609
  12,503
  14,511
  16,631
  18,860
  21,199
  24,004
  26,558
  29,222
  31,996
  34,883
  37,887
  41,011
  44,259
  47,638
  51,152
  54,810
  58,617
  62,582
  66,714
  71,021
  75,513
  80,201
  85,095
  90,207
  95,548
Depreciation, amort., depletion, $m
  1,090
  1,190
  1,298
  1,415
  1,540
  1,673
  1,814
  1,962
  2,118
  2,281
  1,961
  2,139
  2,324
  2,517
  2,718
  2,926
  3,143
  3,368
  3,603
  3,846
  4,099
  4,362
  4,636
  4,922
  5,219
  5,528
  5,851
  6,188
  6,539
  6,906
Funds from operations, $m
  5,324
  6,832
  8,474
  10,248
  12,149
  14,176
  16,325
  18,593
  20,978
  23,480
  25,964
  28,697
  31,546
  34,513
  37,601
  40,813
  44,154
  47,628
  51,240
  54,998
  58,909
  62,980
  67,219
  71,636
  76,240
  81,042
  86,052
  91,283
  96,746
  102,455
Change in working capital, $m
  -121
  -132
  -144
  -155
  -166
  -176
  -186
  -197
  -206
  -216
  -226
  -236
  -246
  -256
  -266
  -276
  -287
  -299
  -310
  -322
  -335
  -349
  -363
  -378
  -394
  -410
  -428
  -446
  -466
  -486
Cash from operations, $m
  5,445
  6,964
  8,618
  10,402
  12,315
  14,352
  16,511
  18,789
  21,185
  23,696
  26,191
  28,933
  31,792
  34,769
  37,867
  41,090
  44,441
  47,926
  51,551
  55,321
  59,244
  63,328
  67,582
  72,014
  76,633
  81,452
  86,480
  91,729
  97,212
  102,941
Maintenance CAPEX, $m
  -507
  -599
  -698
  -807
  -924
  -1,049
  -1,182
  -1,322
  -1,471
  -1,627
  -1,790
  -1,961
  -2,139
  -2,324
  -2,517
  -2,718
  -2,926
  -3,143
  -3,368
  -3,603
  -3,846
  -4,099
  -4,362
  -4,636
  -4,922
  -5,219
  -5,528
  -5,851
  -6,188
  -6,539
New CAPEX, $m
  -919
  -1,000
  -1,085
  -1,168
  -1,250
  -1,329
  -1,407
  -1,484
  -1,558
  -1,633
  -1,706
  -1,780
  -1,854
  -1,930
  -2,007
  -2,086
  -2,168
  -2,253
  -2,341
  -2,434
  -2,531
  -2,633
  -2,740
  -2,852
  -2,971
  -3,096
  -3,228
  -3,368
  -3,515
  -3,670
Cash from investing activities, $m
  -1,426
  -1,599
  -1,783
  -1,975
  -2,174
  -2,378
  -2,589
  -2,806
  -3,029
  -3,260
  -3,496
  -3,741
  -3,993
  -4,254
  -4,524
  -4,804
  -5,094
  -5,396
  -5,709
  -6,037
  -6,377
  -6,732
  -7,102
  -7,488
  -7,893
  -8,315
  -8,756
  -9,219
  -9,703
  -10,209
Free cash flow, $m
  4,019
  5,366
  6,835
  8,427
  10,141
  11,974
  13,922
  15,983
  18,156
  20,437
  22,694
  25,192
  27,799
  30,515
  33,343
  36,286
  39,347
  42,530
  45,841
  49,284
  52,867
  56,597
  60,480
  64,525
  68,741
  73,137
  77,723
  82,510
  87,509
  92,732
Issuance/(repayment) of debt, $m
  2,424
  2,656
  2,882
  3,104
  3,321
  3,532
  3,739
  3,942
  4,141
  4,338
  4,534
  4,730
  4,927
  5,128
  5,333
  5,543
  5,761
  5,986
  6,221
  6,467
  6,725
  6,995
  7,279
  7,579
  7,894
  8,227
  8,578
  8,949
  9,339
  9,752
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  
  2,424
  2,656
  2,882
  3,104
  3,321
  3,532
  3,739
  3,942
  4,141
  4,338
  4,534
  4,730
  4,927
  5,128
  5,333
  5,543
  5,761
  5,986
  6,221
  6,467
  6,725
  6,995
  7,279
  7,579
  7,894
  8,227
  8,578
  8,949
  9,339
  9,752
Total cash flow (excl. dividends), $m
  6,443
  8,022
  9,717
  11,531
  13,462
  15,506
  17,661
  19,925
  22,297
  24,775
  27,228
  29,922
  32,726
  35,643
  38,676
  41,829
  45,107
  48,516
  52,062
  55,752
  59,592
  63,592
  67,759
  72,104
  76,635
  81,364
  86,301
  91,459
  96,848
  102,483
Retained Cash Flow (-), $m
  -1,433
  -1,587
  -1,722
  -1,855
  -1,984
  -2,110
  -2,234
  -2,355
  -2,474
  -2,592
  -2,709
  -2,826
  -2,944
  -3,064
  -3,186
  -3,312
  -3,442
  -3,577
  -3,717
  -3,864
  -4,018
  -4,179
  -4,349
  -4,528
  -4,716
  -4,915
  -5,125
  -5,346
  -5,580
  -5,826
Prev. year cash balance distribution, $m
  3,193
  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
  266
  314
  367
  424
  485
  551
  620
  694
  772
  854
  940
  1,029
  1,123
  1,220
  1,321
  1,427
  1,536
  1,650
  1,768
  1,891
  2,019
  2,152
  2,290
  2,434
  2,584
  2,740
  2,902
  3,072
  3,249
  3,433
Cash available for distribution, $m
  8,203
  6,435
  7,995
  9,677
  11,478
  13,396
  15,427
  17,570
  19,823
  22,183
  24,519
  27,096
  29,782
  32,579
  35,490
  38,517
  41,666
  44,940
  48,345
  51,888
  55,574
  59,413
  63,410
  67,576
  71,919
  76,449
  81,176
  86,112
  91,269
  96,657
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
  7,865
  5,891
  6,958
  7,968
  8,897
  9,722
  10,422
  10,982
  11,387
  11,630
  11,644
  11,563
  11,324
  10,937
  10,419
  9,788
  9,066
  8,276
  7,444
  6,593
  5,748
  4,930
  4,156
  3,442
  2,798
  2,230
  1,742
  1,332
  996
  728
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 million for the last fiscal year's total revenue generated by Booking Holdings. The default revenue input number comes from 2017 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 18% 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 2.1%.

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 40%.

Life of production assets of 10 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 -5.3%. 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 - $11261 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 49 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 $90.2 billion.

COMPANY NEWS

▶ 3 Largest Public Travel Companies By Market Share   [Aug-16-18 11:20AM  Benzinga]
▶ Why Cant Europe Do Tech?   [12:01AM  Bloomberg]
▶ The 3 Stocks on the MFM Team's Radar   [Aug-14-18 03:34PM  Motley Fool]
▶ Avoid Checking Into Booking Holdings   [09:35AM  TheStreet.com]
▶ [$$] Booking Holdings Shares Fall on Lower Outlook, Earnings Delay   [Aug-09-18 07:44PM  The Wall Street Journal]
▶ Why Booking Holdings Stock Dropped Today   [01:23PM  Motley Fool]
▶ How Booking Holdings Makes Money   [10:11AM  Investopedia]
▶ [$$] Booking Holdings Shares Fall on Lower Outlook   [09:44AM  The Wall Street Journal]
▶ Booking Holdings: 2Q Earnings Snapshot   [08:07AM  Associated Press]
▶ 5 Stocks That Should Start Paying Dividends   [Aug-06-18 09:37PM  Kiplinger]
▶ Cramer reviews Expedia's breakout quarter   [06:57PM  CNBC Videos]
▶ [$$] William Shatner Reveals His Best and Worst Personal Investments   [Aug-05-18 10:10PM  The Wall Street Journal]
▶ The Headwind Isnt a Cyclical One for TRIP Stock   [Aug-04-18 09:31PM  InvestorPlace]
▶ David Gardner on FANG/FAANG/FAAMNG/ETC.   [Aug-02-18 04:42PM  Motley Fool]
▶ Open Table: Triad eatery is among best Southern restaurants in U.S.   [Aug-01-18 01:30PM  American City Business Journals]
▶ Two Charlotte spots named among 'best Southern restaurants in America'   [Jul-31-18 02:52PM  American City Business Journals]
▶ A handy cheat sheet for booking hotels   [01:33PM  Yahoo Finance]
▶ Marijuana Stocks Betting on "Cannabis-Tourism"   [Jul-24-18 12:40PM  ACCESSWIRE]
▶ How Booking Holdings Just Boosted Uber's Archrival   [Jul-21-18 09:10AM  Motley Fool]
▶ 5 Stocks to Hold Until the Next World Cup   [Jul-17-18 03:26PM  Motley Fool]
▶ Why Booking Holdings Inc. Has Risen 17% So Far in 2018   [Jul-12-18 04:21PM  Motley Fool]
▶ Priceline Could Be the Top Contender to Buy Groupon   [Jul-09-18 01:50PM  TheStreet.com]
▶ Local spot listed among best restaurants in US for outdoor dining   [07:30AM  American City Business Journals]
▶ Five World Cup-Inspired Stock Picks   [Jul-05-18 06:55AM  Motley Fool]
▶ 9 Growth Stocks With Lots of Firepower   [08:00AM  Investopedia]
▶ KAYAK Knows That Group Travel Planning is No Vacation   [Jun-21-18 08:58AM  PR Newswire]
▶ 4 Hot Penny Stocks That Could See Outsized Gains   [Jun-19-18 09:29AM  InvestorPlace]
▶ OpenTable Exemplifies The Power Of The Rare Ascending Base Pattern   [Jun-15-18 02:00PM  Investor's Business Daily]
▶ 3 Stocks to Buy On Overdone Euro Worries   [Jun-13-18 09:58AM  InvestorPlace]
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