About this episode
Shawn O’Malley and Daniel Mahncke break down Booking Holdings (ticker: BKNG), the world’s largest travel company.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:24:07 - What are the subtle differences between Expedia, Booking, and Airbnb
00:26:18 - How Booking.com established a foothold in Europe despite Expedia’s dominance in North America
00:55:59 - What Alphabet could do to seriously disrupt Booking
01:01:14 - How Booking uses price parity to protect its value-add to customers
01:03:56 - Whether Booking can be disrupted by AI
01:09:50 - About the flawed approach the company has taken with its management comp
01:19:04 - Why the global travel industry should continue to outpace GDP growth
01:22:09 - How to think about modeling BKNG’s intrinsic value
01:23:53 - Whether Shawn and Daniel add BKNG to their Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: Sign up for the waitlist(!)
Sign up for The Intrinsic Value Newsletter to track our Portfolio.
Shawn & Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!
Our colleagues Clay Finck and Kyle Grieve’s discussion of BKNG on We Study Billionaires.
How Booking’s management thinks about stock-based comp.
Interview with Booking's CEO on the promise of AI in travel.
Booking’s CEO interview with Time Magazine.
Explore our previous Intrinsic Value breakdowns:
