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.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

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.