Assessment Fairly Valued	Fair Value Estimate $2026 – $2346	Price $1919.55	Enterprise Value $93.3bn	Moat Category Reinvestment Moat
Consider Buy Price $1519 – $1760	Economic Moat Narrow	Stewardship Rating Exemplary	Market Cap $84.8bn	Moat Type Network Effect, Brand

What does it do

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 Priceline.com, Booking.com, Agoda, OpenTable, and Rentalcars.com, 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.

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