Expedia Group, Inc. (EXPE)

Industry: Travel Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
BKNG	1	Booking Holdings I	26,039	34.66	26.81	19.22	15.07	12.62	12.49
TUI.L	2	TUI AG	25,498	7.39	7.79	2.94	2.66	-	3.15
MMB.PA	3	Lagardere S.A.	20,893	10.49	14.25	4.11	3.65	3.02	2.51
JET2.L	4	Jet2 plc	19,211	2.73	1.51	1.45	0.87	0.89	1.55
RCL	5	Royal Caribbean Cr	17,437	21.62	21.62	16.08	16.08	15.95	23.60
EXPE	6	Expedia Group, Inc	14,370	19.05	19.05	9.19	9.19	6.19	15.39
ABNB	7	Airbnb, Inc.	11,943	28.69	28.69	23.71	23.71	10.80	25.95
0I50.L	8	Trip.com Group Lim	8,481	11.24	11.24	8.68	2.27	14.49	20.79
VIK	9	Viking Holdings Lt	6,127	24.83	24.83	16.67	16.67	11.09	19.56
8MI.SG	10	Minor Internationa	5,038	12.91	12.91	6.70	4.94	21.48	24.74
TNL	11	Travel + Leisure C	3,967	9.57	9.57	7.85	5.88	8.47	5.70
SABR	12	Sabre Corporation	2,894	-	-	13.00	13.00	11.42	12.46
0780.HK	13	Tongcheng Travel H	2,594	16.61	11.50	8.88	6.56	11.99	8.58
TRZ.TO	14	Transat A.T. Inc.	2,477	0.34	0.34	1.85	1.85	13.29	17.35
TRIP	15	Tripadvisor, Inc.	1,891	23.88	23.88	4.62	4.62	3.89	8.14
9726.T	16	KNT-CT Holdings Co	1,841	5.38	5.38	4.07	4.07	8.56	4.99

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.87	11.37	6.70	4.62	10.95	8.58
Full Range Median Multiple	12.08	12.20	7.85	4.94	11.26	12.46
Industry Multiple	15.02	14.31	9.32	8.13	10.57	12.77
Market Implied Multiple	25.41	25.41	12.36	12.36	8.32	20.69
Company (EXPE) Multiple	19.05	19.05	9.19	9.19	6.19	15.39
(*) Net Income / EBITDA / Revenue	1,388	1,388	2,791	2,791	4,144	1,667
Winsorized Enterprise Value	N/A	N/A	18,701	12,893	45,365	14,309
Full Range Median Enterprise Value	N/A	N/A	21,912	13,778	46,647	20,770
(-) Net Debt	-784	-784	-784	-784	-784	-784
Winsorized Equity Value	15,082	15,782	19,485	13,677	46,149	15,093
Full Range Median Equity Value	16,761	16,939	22,696	14,562	47,431	21,554
(/) Shares Outstanding	124	124	124	124	124	124
Winsorized Fair Value	$121.92	$127.59	$157.52	$110.56	$373.07	$122.02
Full Range Median Fair Value	$135.50	$136.94	$183.47	$117.72	$383.44	$174.24
Current Price	$285.11	$285.11	$285.11	$285.11	$285.11	$285.11
Upside / Downside	-57.24%	-55.25%	-44.75%	-61.22%	30.85%	-57.20%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$85.35	$89.31	$110.26	$77.39	$261.15	$85.41
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy