Booking Holdings: Wide-Moat OTA in Healthy Coopetition with Google

Sean Stannard-Stockton of Ensemble Capital Management presented his in-depth investment thesis on Booking Holdings (US: BKNG) at Best Ideas 2020.

Thesis summary:

Booking Holdings is an online travel agent (OTA) and one of the top performing stocks of recent times, having generated annualized returns over the past 10-15 years of between 25%-35%. However, over the last two years the stock has been flat even as earnings per share have risen 30+%, bringing the stock’s valuation down to levels rarely seen outside of the depths of the financial crisis.

In this presentation Sean Stannard-Stockton dug into why Booking is a fundamentally different and far more competitively advantaged business than other online travel companies. He also illustrated why Google and Booking have evolved into a mutually beneficial relationship in which Google is not the threat to Booking that many investors perceive.

Read a related article by Sean.

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About the instructor:

Sean Stannard-Stockton, CFA is the president and chief investment officer of Ensemble Capital Management, and portfolio manager of the Ensemble Fund. In addition to advising the Ensemble Fund, Ensemble Capital manages $900+ million in separate accounts on behalf of high net worth families and institutions. Prior to working at Ensemble Capital, Sean worked at Scudder Investments. He holds a BA in Economics from the University of California, Davis and the Chartered Financial Analyst designation.