BKNG undervalued, but shows no signs of losing its moat. Great time to buy.

Assessment Undervalued	Fair Value Estimate $2026 – $2346	Price  $1692.90	Enterprise Value $80.8bn
Consider Buy $1519 – $1760	Economic Moat Narrow	Stewardship Rating Exemplary	Market Cap $78.4bn

Recommendation

At $1,692, Booking Holdings is undervalued and a BUY. The company is expected to continue being a significant participant in the growth of online gross bookings. Building on an extensive network and a unique business model, BKNG is likely to grow revenue between 9-11% over the next 10 years, maintaining a 35% EBIT margin. Given its uncertainty profile, a 25% margin-of-safety is recommended.

Management’s cautious outlook for the second half of 2018 has caused share price to drop. That said, the company has a history of overly conservative guidance reports. Accordingly, such a pull back presents a great buying opportunity.

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