TIVP047: Booking Holdings (BKNG): Does Booking.yeah = Value.yeah? w/ Shawn O’Malley & Daniel Mahncke

Shawn O’Malley and Daniel Mahncke break down Booking Holdings (ticker: BKNG), the world’s largest travel company.

IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:24:07 - What are the subtle differences between Expedia, Booking, and Airbnb 00:26:18 - How Booking.com established a foothold in Europe despite Expedia’s dominance in North America 00:55:59 - What Alphabet could do to seriously disrupt Booking 01:01:14 - How Booking uses price parity to protect its value-add to customers 01:03:56 - Whether Booking can be disrupted by AI 01:09:50 - About the flawed approach the company has taken with its management comp 01:19:04 - Why the global travel industry should continue to outpace GDP growth 01:22:09 - How to think about modeling BKNG’s intrinsic value 01:23:53 - Whether Shawn and Daniel add BKNG to their Intrinsic Value Portfolio

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

• The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠
• Sign up for ⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠ to track our Portfolio.
• Shawn & Daniel use ⁠⁠Fiscal.ai⁠⁠ for every company they research — use their ⁠⁠referral link⁠⁠ to get started with a 15% discount!
• Our colleagues Clay Finck and Kyle Grieve’s discussion of BKNG on ⁠⁠We Study Billionaires⁠⁠.
• How Booking’s management⁠⁠ thinks about stock-based comp⁠⁠.
• Interview with Booking's CEO on the ⁠⁠promise of AI in travel⁠⁠.
• Booking’s CEO interview with ⁠⁠Time Magazine⁠⁠.
• Explore our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠