Booking Holdings Inc.
BKNG 7Price and target zones价格与目标区间
What the company does公司做什么
Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally. The company operates Booking.com, which offers online accommodation reservations; and Priceline, which provides discount travel reservations services, as well as online accommodation, flight, rental car reservation services, vacation packages, cruises, activity, and affiliate programs.
It also operates Agoda that offers online accommodation reservation, flight, ground transportation, and attractions.
In addition, the company operates KAYAK, an online meta-search service that allows consumers to search and compare travel itineraries and prices; and OpenTable for booking online restaurant reservations, as well as reservation management services to restaurants.
Further, it offers travel-related insurance products, payment facilitation, and restaurant management services to consumers, travel service providers, and restaurants; and advertising services.
The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018.
Read the full description查看完整介绍
Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally. The company operates Booking.com, which offers online accommodation reservations; and Priceline, which provides discount travel reservations services, as well as online accommodation, flight, rental car reservation services, vacation packages, cruises, activity, and affiliate programs. It also operates Agoda that offers online accommodation reservation, flight, ground transportation, and attractions. In addition, the company operates KAYAK, an online meta-search service that allows consumers to search and compare travel itineraries and prices; and OpenTable for booking online restaurant reservations, as well as reservation management services to restaurants. Further, it offers travel-related insurance products, payment facilitation, and restaurant management services to consumers, travel service providers, and restaurants; and advertising services. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. Booking Holdings Inc. was founded in 1997 and is headquartered in Norwalk, Connecticut.
Company facts公司资料
- Founded成立时间
- 1997
- Headquarters总部
- Norwalk, Connecticut
- Employees员工人数
- 25,550
- Industry行业
- Travel Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Red flags
- Google is both its ~30-40% acquisition channel and a nascent AI-agent booking rival (<1% of room-nights today)
Would upgrade on
- ANALYZED 9/10 — ACCUMULATE, IN ZONE. OTA duopoly, ROIC 49→53%, FCF-funded buybacks (−6.6%/yr). Spot in the $150-180 entry, below FV $195-245. Trim 24x fwd.
🟢 9/10 分析——增持，处于入场区间内。 在线旅行社双寡头之一，ROIC 从 49% 升至 53%，自由现金流支撑的回购（股本每年 −6.6%）。 现价处于 $150-180 入场区间，低于公允价值 $195-245。 减持 24x fwd。 🚩 谷歌既是其约 30-40% 的获客渠道，也是一个刚起步的 AI 代理预订竞争对手（目前占间夜量不到 1%）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Revenue growth营收增长
- +8%
- Dividend yield股息率
- 1.02%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- OTA duopoly, ROIC 49→53%, FCF-funded buybacks (−6.6%/yr).
- Moat & Competitive Advantage Quantitative base.
- ROIC 49% and rising, operating margin expanding, gross margin 87% — all consistent with a real, currently-intact moat, not stagnant/margin-eroding legacy economics.
- This is a moat- strengthening shift: it gives BKNG the payment data and customer relationship that an agency-model OTA cedes to the hotel or the payment processor.
- BKNG's Genius) — the OTA "duopoly" (Booking + Expedia ≈ 42% of global OTA share) is a live rivalry, not a truce; Expedia has been picking up relative speed. 4.