Added to YB: 2026-10-06
Pitch date: 2026-09-29
BKNG [neutral]
Booking Holdings Inc.
+1.94%
current return
Author Info
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Company Info
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.
Market Cap
$119.0B
Pitch Price
$162.65
Price Target
N/A
Dividend
1.06%
EV/EBITDA
11.49
P/E
17.51
EV/Sales
4.34
Sector
Hotels, Restaurants and Leisure
Category
value
Another Return of the Travel Series: Is it now time to buy Booking at 15x NTM P/E ?
BKNG (monitor): Booking trades at ~15x NTM earnings versus ~25x historically outside Covid. Merchant bookings rose from 20% in 2018/19 to 73% in first-half 2026, creating negative working capital and supporting cash generation and buybacks. However, whether AI agents bypass Booking or continue using its inventory remains unclear, making the stock hard to underwrite despite its quality. No position was established, with a potential revisit at a lower valuation.
Read full article (5 min)