Intrinsic value of Travelzoo - TZOO

Previous Close

$9.09

  Intrinsic Value

$26.70

stock screener

  Rating & Target

str. buy

+194%

Previous close

$9.09

 
Intrinsic value

$26.70

 
Up/down potential

+194%

 
Rating

str. buy

We calculate the intrinsic value of TZOO 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 0.1

 

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, %
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  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
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  232
  244
  257
  271
  285
  299
  315
  331
  348
  366
  385
  404
  425
  447
  469
  493
  518
Variable operating expenses, $m
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  57
  61
  64
  67
  71
  75
  78
  83
  87
  91
  96
  101
  106
  112
  117
  123
  130
  136
  143
  150
Fixed operating expenses, $m
  75
  76
  78
  80
  81
  83
  85
  87
  89
  91
  93
  95
  97
  99
  101
  103
  106
  108
  110
  113
  115
  118
  120
  123
  126
  129
  131
  134
  137
  140
Total operating expenses, $m
  108
  111
  115
  119
  122
  127
  131
  136
  141
  146
  150
  156
  161
  166
  172
  178
  184
  191
  197
  204
  211
  219
  226
  235
  243
  252
  261
  270
  280
  290
Operating income, $m
  6
  9
  13
  16
  20
  24
  28
  33
  38
  43
  48
  54
  59
  66
  72
  79
  86
  94
  102
  111
  120
  129
  140
  150
  161
  173
  186
  199
  213
  228
EBITDA, $m
  7
  10
  14
  18
  22
  26
  30
  35
  40
  45
  50
  56
  62
  68
  75
  82
  89
  97
  105
  114
  123
  133
  143
  154
  166
  178
  190
  204
  218
  233
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
Earnings before tax, $m
  6
  9
  12
  16
  20
  24
  28
  32
  37
  42
  47
  52
  58
  64
  70
  77
  84
  91
  99
  108
  116
  126
  136
  146
  157
  168
  181
  193
  207
  221
Tax expense, $m
  2
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  34
  37
  39
  42
  45
  49
  52
  56
  60
Net income, $m
  4
  7
  9
  12
  14
  17
  20
  23
  27
  30
  34
  38
  42
  47
  51
  56
  61
  67
  73
  79
  85
  92
  99
  107
  114
  123
  132
  141
  151
  162

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
  48
  51
  54
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  115
  122
  128
  134
  141
  149
  156
  164
  173
  181
  191
  200
  210
  221
Adjusted assets (=assets-cash), $m
  48
  51
  54
  58
  61
  65
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  115
  122
  128
  134
  141
  149
  156
  164
  173
  181
  191
  200
  210
  221
Revenue / Adjusted assets
  2.354
  2.353
  2.352
  2.328
  2.344
  2.323
  2.353
  2.347
  2.342
  2.350
  2.329
  2.348
  2.340
  2.343
  2.346
  2.336
  2.357
  2.336
  2.336
  2.351
  2.348
  2.336
  2.346
  2.348
  2.335
  2.348
  2.340
  2.345
  2.348
  2.344
Average production assets, $m
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
Working capital, $m
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
Total debt, $m
  2
  4
  6
  9
  11
  13
  16
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  54
  59
  63
  68
  74
  79
  85
  91
  97
  104
  110
  118
  125
Total liabilities, $m
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  112
  117
  123
  130
  136
  143
  150
  158
Total equity, $m
  14
  15
  16
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
  45
  47
  49
  52
  55
  57
  60
  63
Total liabilities and equity, $m
  49
  52
  55
  57
  61
  64
  69
  72
  76
  80
  84
  90
  94
  99
  104
  109
  115
  122
  128
  134
  141
  149
  157
  164
  172
  182
  191
  200
  210
  221
Debt-to-equity ratio
  0.140
  0.280
  0.400
  0.520
  0.630
  0.730
  0.830
  0.910
  1.000
  1.080
  1.150
  1.220
  1.280
  1.350
  1.400
  1.460
  1.510
  1.560
  1.600
  1.650
  1.690
  1.730
  1.770
  1.800
  1.840
  1.870
  1.900
  1.930
  1.960
  1.980
Adjusted equity ratio
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  7
  9
  12
  14
  17
  20
  23
  27
  30
  34
  38
  42
  47
  51
  56
  61
  67
  73
  79
  85
  92
  99
  107
  114
  123
  132
  141
  151
  162
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
Funds from operations, $m
  5
  8
  10
  13
  16
  19
  22
  25
  29
  32
  36
  40
  44
  49
  54
  59
  64
  70
  76
  82
  88
  95
  103
  111
  119
  127
  136
  146
  156
  167
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from operations, $m
  6
  9
  11
  14
  17
  20
  23
  27
  30
  34
  38
  42
  46
  51
  56
  61
  66
  72
  78
  84
  91
  98
  106
  113
  122
  131
  140
  150
  160
  171
Maintenance CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Free cash flow, $m
  5
  7
  10
  12
  15
  18
  21
  24
  28
  31
  35
  39
  43
  48
  53
  58
  63
  68
  74
  80
  87
  94
  101
  109
  117
  125
  134
  144
  154
  164
Issuance/(repayment) of debt, $m
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
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
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Total cash flow (excl. dividends), $m
  7
  9
  12
  15
  18
  21
  24
  27
  31
  34
  38
  43
  47
  51
  56
  62
  67
  73
  79
  85
  92
  99
  106
  114
  123
  132
  141
  151
  161
  172
Retained Cash Flow (-), $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Prev. year cash balance distribution, $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 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
  6
  9
  11
  14
  17
  20
  23
  26
  30
  33
  37
  41
  46
  50
  55
  60
  65
  71
  77
  83
  90
  97
  104
  112
  120
  129
  138
  148
  158
  169
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
  6
  8
  10
  11
  13
  14
  15
  16
  17
  17
  18
  18
  17
  17
  16
  15
  14
  13
  12
  11
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
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

Travelzoo, formerly Travelzoo Inc., is a media commerce company. The Company informs over 28 million members in Asia Pacific, Europe and North America, as well as various Website users, about the travel and entertainment deals available from a range of companies. The Company operates through three segments: Asia Pacific, Europe and North America. The Asia Pacific segment consists of the Company's operations in Australia, China, Hong Kong, Japan, Taiwan and Southeast Asia. The Europe segment consists of the Company's operations in France, Germany, Spain and the United Kingdom. The North America segment consists of Travelzoo's operations in Canada and the United States. Its publications and products include the Travelzoo Websites, the Travelzoo Top 20 e-mail newsletter, the Newsflash e-mail alert service, the SuperSearch pay-per-click travel search tool, and the Travelzoo Network, a network of third-party Websites that list travel deals published by Travelzoo.

FINANCIAL RATIOS  of  Travelzoo (TZOO)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 0.9
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 15.3
Growth Rates
Sales Growth Rate -9.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -30.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 31.1%
Ret/ On T. Cap. - 3 Yr. Avg. 34.6%
Return On Equity 35.9%
Return On Equity - 3 Yr. Avg. 37.8%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 88.4%
Gross Margin - 3 Yr. Avg. 87.5%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 8.5%
Pre-Tax Margin - 3 Yr. Avg. 8.2%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. -6.4%
Payout Ratio 0%

TZOO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TZOO stock intrinsic value calculation we used $106.524 million for the last fiscal year's total revenue generated by Travelzoo. The default revenue input number comes from 0001 income statement of Travelzoo. 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 TZOO stock valuation model: a) initial revenue growth rate of 6.3% 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 TZOO is calculated based on our internal credit rating of Travelzoo, 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 Travelzoo.
    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 TZOO stock the variable cost ratio is equal to 29%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $73 million in the base year in the intrinsic value calculation for TZOO 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 Travelzoo.

Corporate tax rate of 27% is the nominal tax rate for Travelzoo. 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 TZOO 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 TZOO are equal to 5.2%.

Life of production assets of 2.7 years is the average useful life of capital assets used in Travelzoo 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 TZOO is equal to -15.5%. 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 - $13.078 million for Travelzoo - 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 12.284 million for Travelzoo 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 Travelzoo at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Travelzoo Appoints James Clarke as General Manager, UK   [Nov-13-18 12:36PM  PR Newswire]
▶ Travelzoo: 3Q Earnings Snapshot   [08:22AM  Associated Press]
▶ Travelzoo Reports Third Quarter 2018 Results   [08:00AM  GlobeNewswire]
▶ Nancy Faure Joins Travelzoo as General Manager, France   [Oct-15-18 02:00AM  PR Newswire]
▶ What You Must Know About Travelzoos (NASDAQ:TZOO) ROE   [Oct-08-18 01:44PM  Simply Wall St.]
▶ Travelzoo Launches New Vacation Offering in Germany   [Sep-19-18 11:49AM  PR Newswire]
▶ Travelzoo Named Best Travel Deals Provider of 2018 in Spain   [Jul-25-18 03:15PM  Business Wire]
▶ Travelzoo: 2Q Earnings Snapshot   [08:11AM  Associated Press]
▶ Earnings Preview For Travelzoo   [Jul-24-18 03:17PM  Benzinga]
▶ Travelzoo: 1Q Earnings Snapshot   [08:11AM  Associated Press]
▶ Travelzoo Reports First Quarter 2018 Results   [08:00AM  Business Wire]
▶ Travelzoo Announces Share Repurchase Program   [Mar-05-18 03:02PM  Business Wire]
▶ Travelzoo posts 4Q profit   [09:25AM  Associated Press]
▶ Travelzoo Wins 2017 National Tourism Award in China   [Dec-01-17 04:58AM  PR Newswire]
▶ Travelzoo Wins 2017 Service-Champion Award in Germany   [Nov-28-17 01:29PM  PR Newswire]
▶ Travelzoo Wins 2017 Engage Award in the UK   [Nov-27-17 10:29AM  PR Newswire]
▶ ETFs with exposure to Travelzoo Inc. : November 17, 2017   [Nov-17-17 01:11PM  Capital Cube]
▶ ETFs with exposure to Travelzoo Inc. : November 7, 2017   [Nov-07-17 10:49AM  Capital Cube]
▶ Travelzoo reports 3Q loss   [Oct-26-17 08:13AM  Associated Press]
▶ Travelzoo Reports Third Quarter 2017 Results   [08:00AM  Business Wire]
▶ ETFs with exposure to Travelzoo Inc. : September 14, 2017   [Sep-13-17 09:23PM  Capital Cube]
▶ Travelzoo: We Are Where We Holiday   [Aug-17-17 10:19AM  PR Newswire]
▶ Travelzoo posts 2Q profit   [Jul-27-17 02:54PM  Associated Press]
▶ How To Sell Stocks Like A Pro: Watch The Sharp Cut Of The 50-Day Line   [Jul-13-17 07:36PM  Investor's Business Daily]
▶ ETFs with exposure to Travelzoo Inc. : June 6, 2017   [Jun-06-17 11:49AM  Capital Cube]
▶ Kevin Shui Joins Travelzoo as General Manager, Hong Kong   [May-31-17 05:38AM  Business Wire]
▶ Travelzoo among Top 10 Travel Websites in Germany   [May-25-17 12:11PM  PR Newswire]
▶ ETFs with exposure to Travelzoo Inc. : May 23, 2017   [May-23-17 01:10PM  Capital Cube]
▶ Carrie Liqun Liu to Join Travelzoos Board of Directors   [May-10-17 06:46PM  Business Wire]
▶ Travelzoo posts 1Q profit   [Apr-27-17 09:34AM  Associated Press]
▶ Travelzoo Reports First Quarter 2017 Results   [08:00AM  Business Wire]
▶ ETFs with exposure to Travelzoo Inc. : March 27, 2017   [Mar-27-17 04:08PM  Capital Cube]
▶ Travelzoo Announces Share Repurchase Program   [Feb-15-17 05:25PM  Business Wire]

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