Priceline Group Inc
Do Analyst Estimates Suggest that Priceline’s Margins Have Peaked?
Analyst estimates For 4Q15, analysts are estimating Priceline’s (PCLN) EBITDA (earnings before interest, tax, depreciation, and amortization) to grow by 5% to $749 million with an EBITDA margin of 38%. For fiscal 2015, its EBITDA is expected to grow by 7% to $3,695 million with an EBITDA margin of 40.3%, a decline as compared to 2014. […]
Expedia’s Valuation: What Is Priced In?
Expedia (EXPE) currently trades at a forward PE (price-to-earnings) multiple of 16.79x. This is significantly higher than its average valuation of 12.61x since November 2008.
Top Losers in the Consumer Sector August 7–11, 2017
Macy’s (M) reported its fiscal 2Q17 results on August 10, 2017. Its earnings fell 11.1% to $0.48 per share compared to $0.54 in fiscal 2Q16.
How Have Travel Stock Prices Reacted to Trump’s Win?
After initial jitters, the S&P 500 recovered by a wide margin, rising 1.1% at the close of trading on November 9, 2016.
Highlights of Priceline Group’s Performance in 4Q14
For 4Q14, Priceline Group recorded bookings of $10.7 billion—up 17% YoY. Room nights booked grew by 24% and rental car days grew by 16%.
Investors Digesting Analysts’ Optimism over Expedia
Out of the 28 analysts surveyed by Bloomberg who track Expedia (EXPE), 19 analysts have a “buy” recommendation on the stock, eight analysts have a “hold” rating, and one analyst has a “sell” rating.
What Analysts Recommend for Priceline after 3Q17 Results
Of the 31 analysts rating Priceline’s stock after the company’s 3Q17 earnings report, 19.4% (six analysts) have issued a “strong buy” rating and 58.1% (18 analysts) have issued a “buy” rating.
Why Are Reservations Ctrip’s Leading Revenue Generator?
CTrip’s Accommodation Reservation segment formed in 1999. It very quickly emerged as the company’s leading revenue generator.
Eton Park Capital opens new positions in FDO, STZ, BID, EQIX, Sells NLSN, PCLN – 13F Flash
In this six-part series, we will go through some of the main positions Eton Park Capital traded this past quarter Eton Park Capital Management is a multi-strategy hedge fund founded in November 2004 by former Goldman Sachs partner Eric Mindich. The firm started new positions in Family Dollar Stores (FDO) , Constellation Brands (STZ), […]
Appaloosa Management raises its stake in American Airlines Group
Appaloosa Management enhanced its position in American Airlines Group Inc. (AAL) last quarter that now accounts for 3.48% of Appaloosa’s total 1Q portfolio.
How Did the Market React to the Terror Attack in Brussels?
SPY closed almost flat on March 22. It recovered after an initial sell-off following the terror attack in Brussels. This is common after the uncertainty of an event.
Is Priceline’s Stock Too Expensive?
Priceline doesn’t offer any cash dividends on its common stock since it prefers to retain future earnings to finance the expansion of its business.
Have Heavy Investments Led to High Debt for Qunar?
Qunar (QUNR) has been investing heavily in order to drive business growth. However, this has resulted in operating losses.
TripAdvisor Better Do This to Reduce Its Leverage in 2H16
The total debt on TripAdvisor’s (TRIP) balance sheet has decreased from $288 million at the end of 2Q15 to $92 million at the end of 2Q16.
Must-know: Appaloosa Management’s positions in 1Q 2014
David Tepper’s Appaloosa Management initiated new positions and sold some existing positions in 1Q 2014. The $20 billion fund’s U.S. long portfolio increased from $7.97 billion in 4Q 2013 to $9.05 billion in 1Q 2014.
Morgan Stanley on Priceline: ‘Top-Line Addressable Market Is Expanding’
Priceline is currently trading at $1,804.00. Its 52-week high is $1,807.78, and its 52-week low is $1,148.06.
What Do Qunar’s Key Metrics Suggest about Future Growth Potential?
Unlike other online travel industry majors like Priceline (PCLN), Expedia (EXPE), and Ctrip (CTRP), Qunar Cayman Islands (QUNR) earns the highest revenue from flight reservations.
Will Market Share Gains Continue to Drive Priceline’s Revenue Growth in 2016?
For 3Q16, analysts are estimating Priceline’s revenues to grow by 16.6%, which would be higher than the 12% growth the company saw in the second quarter.
Amazon Enters the Online Travel Market with Amazon Destinations
The online travel market is consolidating. Expedia’s market share will rise to 75% with its acquisitions of Orbitz and Travelocity.
Analysts’ Mixed Recommendations for Qunar Cayman Islands
Qunar Cayman Islands (QUNR) is expected to report its fiscal 4Q15 earnings on March 21, 2016. Of the 12 analysts tracking Qunar, six analysts have a “buy” recommendation on the stock.
What Do Analysts Recommend for Priceline?
Priceline’s consensus 12-month target price is $1,479.55, which indicates an 11.5% return potential.
American Airlines gets significantly lower position in Appaloosa
Appaloosa Management significantly lowered its position in American Airlines (AAL) in the third quarter that ended in September 2014. The position accounts for 3.81% of the fund’s total third-quarter portfolio.
Why Did Amazon Shut Down Its Online Travel Business?
In April, Amazon had launched its new travel and hotel service, called Amazon Destinations.
How Has the Market Reacted to Priceline’s Acquisition of Momondo?
Year-to-date through February 23, 2017, Priceline (PCLN) stock has risen 11.7%, outperforming rivals Expedia and TripAdvisor (TRIP).
TripAdvisor’s Future: Key Risks that the Company Could Face
Online travel industry leaders like Priceline (PCLN) and Expedia (EXPE) have a mixed relationship. They’re partners as well as competitors.
Mutual Funds: A Comparative Analysis Using Jensen’s Alpha
Jensen’s alpha determines how much extra return a fund has earned above the expected return while considering the non-diversifiable risk of the market.
What Does High Bookings Growth Mean For Priceline’s Revenue Growth?
Priceline Group’s (PCLN) gross bookings grew by about 19% YoY (year-over-year) during 2Q16. These strong international bookings drove overall bookings.
Why Priceline and Expedia clash over “opaque” hotel offerings
Priceline earns the majority of its revenues from the agency model, under which third parties such as hotel suppliers set the rates while Priceline earns a commission on the transaction.
Comparing Orbitz Worldwide to its online travel peers like Expedia
We compared Orbitz Worldwide Inc. (OWW) with its peers Expedia (EXPE), The Priceline Group (PCLN), the China-based Ctrip.com International (CTRP), and TripAdvisor (TRIP) in the OTA (online travel agency) space.
Key Dates for Consumer Stocks this Week
Credit Suisse raised its price target for Brown-Forman stock to $61 from $55 with a “neutral” rating. Berenberg raised its target to $52 with a “hold.”
OTPP opens new position in Alibaba Group
OTPP added a new position in Alibaba Group Holding (BABA) during the third quarter that ended in September. The position accounted for 0.09% of the fund’s total portfolio.
Which Segment Is Ctrip’s Biggest Contributor to Growth?
Hotels make up a significant part of Ctrip’s revenues—39% of total revenues in 2Q16—similar to OTA peers Priceline, Expedia, and TripAdvisor.
Why Is TripAdvisor’s Stock in Free Fall after Its 3Q16 Earnings?
TripAdvisor (TRIP) reported its 3Q16 results on November 8, 2016. Although the company’s results missed analysts’ estimates on the revenue front, they slightly beat analysts’ earnings estimates.
Why you should know the key differences between job reports
Few economic releases elicit as much reaction from both the stock (IVV) and bond (BND) markets as the employment reports issued by Automatic Data Processing (ADP) and the Bureau of Labor Statistics (the BLS).
Did Expedia acquire Orbitz out of fear of Amazon?
Expedia (EXPE) announced its intention to buy Orbitz Worldwide (OWW) for a valuation of $1.8 billion. Just last month, Expedia acquired Travelocity.
Ctrip Stock Continues to Lose Value in November
On November 18, Ctrip.com’s (CTRP) stock price fell 5% to $42.02. The stock has had quite a volatile ride in 2016, though some of this was also expected.
Expedia rolls out ETP program to compete with agency model peers
During 2012, Expedia introduced the Expedia Traveler Preference (ETP) program in the U.S. that offers travelers the choice to either pay Expedia at the time of booking or pay the hotel at the time of stay.
Priceline Continues to Expand Using Acquisitions
Priceline (PCLN) and Expedia (EXPE) have been on an acquisition spree. They’ve spent more than $7.6 billion collectively on acquisitions over the last two years.
What Do the Key Metrics for TripAdvisor Suggest?
For 3Q16, TRIP’s revenue per shopper fell 12%. This is slightly better than the 24% decline seen in 1Q16 and the 19% decline seen in 2Q16.
Analyzing Trivago’s Key Metrics
RQPR rose 2.1% in 2015 to 1.5 euros compared to 1.4 euros in 2014. For the nine months ended in September 2016, RQPR fell 6.0%.
Why Did Priceline Stock Rally after the 2Q16 Results?
Priceline (PCLN) beat analyst estimates for earnings, driven in particular by a strong increase in bookings. However, it missed analysts’ revenue estimates.
How Has International Growth Helped Priceline?
Despite the slowing domestic market growth, the strong growth in international demand for Priceline’s services has been the key driver of the company’s revenues.
Online travel giant Expedia’s must-know overview for investors
Expedia’s recent quarterly earnings beat Wall Street estimates, and it posted fiscal 2013 adjusted earnings of $3.22 per share on revenues of $4.8 billion.
Expedia’s trivago acquisition raises advertising revenue growth
Officially launched in 2005, Expedia’s trivago is a known travel brand in Europe and continues to operate independently, and grow revenue via global expansion.
A Bird’s-Eye View of Orbitz Worldwide’s Full Year Performance
In fiscal 2014, Orbitz posted double-digit revenue growth on the back of strong hotel bookings. It experienced a 10% year-over-year growth in total revenues to $932 million.
Priceline’s Valuation after 2Q16: What’s Priced In?
Priceline currently trades at a forward PE multiple of 19.5x. This is slightly lower than its average valuation of 19.9x since February 2006.
Valuation: Priceline Versus Its Peers
As of November 6, 2015, Priceline’s forward PE ratio stood at 21.8x, and its average valuation stands at 20x.
Eton Park Initiates a New Position in Priceline Group in 4Q14
In 4Q14, around 112 hedge funds created a new position in Priceline Group—including Eton Park. Its other top new positions were CDK Global, EQT, and KLX.
What Are Analysts’ Recommendations for Qunar Stock?
For 2016, analysts estimate Qunar’s sales will grow 9% to ~$6.9 billion compared to a 131% growth in 2015.
A Look at Trivago’s Journey toward Its IPO
In Expedia’s 2Q16 earnings call in July 2016, CEO Dara Khosrowshahi said it would work with Trivago to file a Trivago IPO before the end of 2016.
What Do Analysts Recommend for Expedia ahead of 4Q16 Earnings?
Of the 31 analysts tracking Expedia (EXPE) stock, 19.0% (six analysts) have given it a “strong buy” recommendation, and 61.0% (19 analysts) have given it a “buy.”
Will China’s Booming Travel Industry Help Qunar’s Revenues?
For 4Q15, Qunar’s (QUNR) revenues grew to $200 million, a 149% YoY growth compared to 4Q14 revenues of $174 million. Quarter-over-quarter, revenues were almost flat.
Endo International is one of Chilton Investment’s new positions
Chilton Investment has invested more than $18 million in Endo International (ENDP), which now represents 0.65% of the hedge fund’s total portfolio.
TripAdvisor’s Tough Road after Joining Instant Booking
Instant Booking is the biggest driver for TRIP’s hotel revenue, forming 80% of its revenues.
Expedia’s Valuation versus Peers after 3Q15
As of October 31, Expedia’s forward PE ratio was 24.5x—near its high of 29x in May 2015. Analysts haven’t changed their estimates significantly for 4Q15.
Huge Growth Marks Ctrip’s Transportation Ticketing Segment
Huge demand has led to a tremendous increase in air tickets for Ctrip (CTRP). Air tickets volume rose by an average of 25% from 2010 to 2013.
Will Priceline Start Paying Dividends in 2016?
In 1H16, Priceline had operating cash flow of $1.3 billion, or ~29.5% of gross profit. At the end of 2Q16, its total cash and equivalents were $2.7 billion.
Tiger Global Management starts new position in Alibaba
Alibaba is a Chinese e-commerce firm that operates in the online and mobile marketplace and connects retailers and wholesalers with prospective customers.
Expedia’s Valuation: What’s Priced In?
Current valuation Expedia (EXPE) currently trades at a forward PE (price-to-earnings) multiple of 17.26x. This is significantly higher than its average valuation multiple of 12.61x as of November 2008. It’s also higher than rival Priceline’s (PCLN) forward PE multiple of 15.06x and the industry median multiple of 16.89x. The market is expecting EXPE’s EBITDA (earnings […]
Expedia Likely to Continue Dividend Payouts
Expedia (EXPE) is the only online travel player to pay a dividend to its investors.
NXP Semiconductors is Appaloosa Management’s new position
Appaloosa Management initiated a new position in NXP Semiconductors NV (NXPI) in the third quarter that ended in September 2014. The position accounts for 2.55% of the fund’s total third-quarter portfolio.
Whirlpool’s position upped in Appaloosa Management
Appaloosa Management upped its position in Whirlpool Corporation (WHR) in the third quarter that ended in September 2014. The position accounts for 4.29% of the fund’s total third-quarter portfolio.
Appaloosa Management starts new position in Lorillard
Appaloosa Management initiated a new position in Lorillard Inc. (LO) in the third quarter that ended in September 2014. The position accounts for 1.25% of the fund’s total third-quarter portfolio.
OTPP adds new position in Grupo Aval
OTPP added a new position in AVAL during the third quarter that ended in September. The position accounted for 0.11% of the fund’s total portfolio.
OTPP establishes new position in United Technologies
OTPP added a new position in United Technologies Corp. (UTX) during the third quarter that ended in September. The position accounted for 0.13% of the fund’s total portfolio.
OTPP opens new position in XPO Logistics
OTPP added a new position in XPO Logistics Inc. (XPO) during the third quarter that ended in September. The position accounted for 0.46% of the fund’s total portfolio.
OTPP adds new position in The Priceline Group
OTPP added a new position in The Priceline Group Inc. (PCLN) during the third quarter that ended in September. The position accounted for 0.50% of the fund’s total portfolio.
Highlights of OTPP’s third quarter 13F filing
OTPP is an independent organization. It invests in pension fund assets. It administers the pensions for 307,000 active and retired teachers in Ontario.
Luxor Capital adds new position in Orbitz Worldwide
Orbitz net revenue rose 10% year-over-year to $248.1 million in 2Q14 as a result of higher hotel, vacation package, car, and air transaction volume.
Why Bridgewater starts new position in Bed, Bath and Beyond
Bridgewater Associates disclosed a new position in Bed, Bath & Beyond (BBBY). It accounted for 0.11% of the fund’s total portfolio.
Why Bridgewater Associates decreased its position in Cisco
Bridgewater Associates decreased its position in Cisco from 0.20% in the 1Q portfolio to 0.09% in the fund’s 2Q portfolio.
Appaloosa exits position in Expedia
Appaloosa Management exited a position in Expedia, Inc (EXPE) in the third quarter that ended in September 2014. The position accounted for 0.99% of the fund’s total portfolio in the second quarter.
Eton Park Capital opens new positions in FDO, STZ, BID, EQIX, Sells NLSN, PCLN – 13F Flash
In this six-part series, we will go through some of the main positions Eton Park Capital traded this past quarter Eton Park Capital Management is a multi-strategy hedge fund founded in November 2004 by former Goldman Sachs partner Eric Mindich. The firm started new positions in Family Dollar Stores (FDO) , Constellation Brands (STZ), Sotheby’s (BID), […]
TripAdvisor Stock Continues Its Declining Trend
Year-to-date through November 10, 2017, TripAdvisor stock has fallen 31.9%.
TripAdvisor Valuation: What Is Priced In?
Currently, TripAdvisor’s (TRIP) forward price-to-earnings ratio stands at 28.0x, which is lower than the 35.6x average valuation seen since its initial stock listing in 2011.
Revenue Weakness Impacts TripAdvisor’s Profitability
TripAdvisor’s (TRIP) 3Q17 adjusted EBITDA declined 17.0% YoY to $95.0 million.
How Can TripAdvisor Overcome Weakness in Hotel Bookings?
In 3Q17, TripAdvisor’s revenues grew 4.3% year-over-year to $439.0 million.
What Analysts Estimate for Priceline in 4Q17
After Priceline (PCLN) released its 3Q17 results, analysts’ estimates for 2017 and 2018 were revised downwards. For the fourth quarter of 2017, sales are expected to grow 14.8% year-over-year or YoY to $2.7 billion.
Priceline’s Increasing Leverage: What You Need to Know
A large part of Priceline’s (PCLN) growth in the past has come from acquiring smaller companies all over the world. It had to raise debt to finance some of these acquisitions.
Priceline’s 3Q17 Revenue Defies Tough Conditions
For the third quarter of 2017, Priceline’s (PCLN) revenue rose 20.2% YoY or year-over-year to $4.4 billion, driven by strong gross bookings growth of 19% YoY.
Priceline’s Key Metric Growth Is Slowing Down
Hotel accommodations have historically driven Priceline’s growth. During the third quarter of the year, Priceline’s global accommodation business booked 178 million room nights.
Why Priceline Stock Fell 14% after 3Q17 Earnings
The Priceline Group (PCLN) reported its third-quarter financial results after market hours on November 6. PCLN beat analyst estimates for both revenues and earnings.
How Investors Can Assess Priceline’s Increasing Leverage
At the end of 2Q17, Priceline (PCLN) had $6.4 billion cash on its balance sheet.
Priceline’s Valuation: What Is Priced In?
Priceline (PCLN) trades at a forward PE (price-to-earnings) multiple of 25.2x.
How the Meituan–Dianping Investment Could Help Priceline
On October 19, Priceline (PCLN) announced its $450.0 million investment in China-based Meituan–Dianping.
Why Priceline’s Margin Is on a Downtrend
For 3Q17, Priceline’s management expects its gross profit to increase 15.5%–20.5%.
Assessing Priceline’s Revenue Growth in 2017
Analysts expect Priceline’s fiscal 2017 revenues to grow 16.7% YoY to $12.5 billion, which is slightly lower than the 16.5% YoY growth seen in 2016.
Chart in Focus: Priceline’s Booking Guidance for 3Q17
In 2Q17, Priceline’s (PCLN) gross bookings grew 16.4% year-over-year to $20.8 billion.
Dara Khosrowshahi Left Expedia for Uber
After a 12-year stint at Expedia (EXPE), Dara Khosrowshahi resigned as the CEO to join Uber. Uber’s search for a new CEO started in June 2017.
How Did Expedia’s Stock Price React to This Change?
On the day that Dara Khosrowshahi’s departure was announced, Expedia (EXPE) stock fell as much as 4.5%. Investors weren’t certain about Expedia’s future.
Mark Okerstrom Is Expedia’s New CEO
When former CEO Dara Khosrowshahi left Expedia to join Uber, Mark Okerstrom seemed like the obvious choice for the vacant CEO position.
Wall Street’s Ratings for TripAdvisor after 2Q16 Earnings
Of the 24 analysts rating TripAdvisor (TRIP) stock after 2Q17, 8.3% (two analysts) have issued a “buy” rating, and 70.8% (17 analysts) have issued a “hold.”
What Do Analysts Estimate for TripAdvisor in 2017?
For 3Q17, TRIP’s EBITDA is expected to fall 14.0% YoY to $98.0 million. For 4Q17, EBITDA is expected to fall 1.9% YoY to $56.9 million.
Why TripAdvisor’s Margin May Fall in 2017
TripAdvisor’s (TRIP) 2Q17 adjusted EBITDA rose from $73.0 million in 2Q16 to $101.0 million in 2Q17, a 6.0% rise YoY.
TripAdvisor’s Revenue Aided by Non-Hotel Segment
For the second quarter of 2017, TripAdvisor’s (TRIP) revenue rose 8.4% YoY (year-over-year) to $424.0 million.
TripAdvisor’s Valuation: What It Means for Investors
Currently, TripAdvisor’s (TRIP) forward PE ratio is 34.5x, which is mid-level to its all-time high of 50.69x in July 2014 and its all-time low of 17.4 in October 2012.
What Do TripAdvisor’s Key Metric Trends Suggest?
TripAdvisor’s (TRIP) average monthly unique visitors in 2Q17 rose 18.0% YoY (year-over-year) to 414.0 million users compared to 2Q16.
Could Marriott’s Partnership with Alibaba Be a Game Changer?
Marriott (MAR) has entered into a joint venture agreement with China’s Alibaba Group (BABA) with an aim to provide a seamless travel experience in China.
Analysts’ Recommendations for Priceline ahead of 2Q17 Earnings
According to a Reuters consensus, of the 31 analysts tracking Priceline Group (PCLN), 23.3%, or seven analysts, have a “strong buy” rating for the stock.
Priceline Valuation: What’s Priced In?
Currently, Priceline (PCLN) trades at a forward PE (price-to-earnings) multiple of 27.3x. That’s higher than its average valuation of 22.0x since November 2008.