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Expedia Group Inc EXPE

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Expedia’s Q2 Sees Demand Improvement; We Expect Further Rebound in 2021 Despite the Delta Variant

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We don’t plan a material change to our $151 Expedia fair value estimate, as the company’s 2021 second-quarter demand and forward commentary tracks with our forecast. We see Expedia shares as fully valued despite the mid-single-digit drop after hours. We find shares of narrow-moat peer Booking relatively more attractive, especially after its stronger second-quarter recovery.

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Company Profile

Business Description

Expedia is the world's largest online travel agency by bookings, offering services for lodging (78% of total 2020 sales), air tickets (2%), rental cars, cruises, in-destination, and other (12%), and advertising revenue (8%). Expedia operates a number of branded travel booking sites, including Expedia.com, Hotels.com, Travelocity, Orbitz, Wotif, AirAsia, Egencia, and Vrbo. It has also expanded into travel media with the acquisition of Trivago. Transaction fees for online bookings account for the bulk of sales and profits.

Contact
1111 Expedia Group Way W
Seattle, WA, 98119
T +1 206 481-7200
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 19,100

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