Added to YB: 2026-09-29
Pitch date: 2026-09-24
EXPE [bearish]
Expedia Group, Inc.
-11.34%
current return
Author Info
Platform Aeronaut has spent over 16 years as an investor at Altimeter Capital focused on leisure, gaming, and internet marketplace businesses across both the public and private markets. This is a collection of my thoughts and analysis on businesses with network effects ranging from online travel agencies to airlines to video game platforms, to ridesharing and food delivery. Sign up for the newsletter.
Company Info
Expedia Group, Inc. operates as an online travel company in the United States and internationally. The company operates through B2C, B2B, and trivago segments.
Market Cap
$31.7B
Pitch Price
$262.15
Price Target
N/A
Dividend
0.73%
EV/EBITDA
10.60
P/E
16.42
EV/Sales
2.01
Sector
Hotels, Restaurants and Leisure
Category
N/A
Agents Coming for the Middlemen: Will Muse Kill the OTA or Just Change the Landlord?
EXPE (update): Expedia is the OTA most exposed to AI-agent disintermediation after metasearch, given its heavier chain and air mix, mid-60% direct traffic and greater than 5% performance-marketing exposure. If one in six OTA bookings shifts directly to hotels over five years, consensus roomnight growth of 5% falls to roughly flat. The counterweight is B2B, now 40% of roomnights and growing 19%, as agents currently route mostly through OTAs.
Read full article (8 min)