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Booking Holdings Inc BKNG

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Morningstar’s Analysis

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Economic Moat




Travel Demand Temporarily Hindered, but Not Permanently Impaired, by Spread of COVID-19

Jaime M. Katz, CFA Senior Equity Analyst

Analyst Note

| Jaime M. Katz, CFA |

We believe now is an opportune time for investors to review opportunities within travel, given industry demand and share prices have been disproportionately impacted by the global spread of COVID-19, which we see as largely transitory. In fact, as of the week ending June 19, shares of our cruise line, hotel, online travel, global distribution system (GDS), and gaming coverage are down 38% on average year to date versus a 3.3% drop for the Morningstar Total U.S. Market Index. This has left investors questioning when demand may return for travel operators, and importantly, which firms have the financial health to weather the storm.

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Company Profile

Business Description

Booking is the world’s largest online travel agency by revenue, offering booking services for hotel and vacation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates a number of branded travel booking sites, including,, Agoda, OpenTable, and, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.

800 Connecticut Avenue
Norwalk, CT, 06854
T +1 203 299-8000
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 27,200