The Intrinsic Value Podcast - The Investor’s Podcast Network TIVP047: Booking Holdings (BKNG): Does Booking.yeah = Value.yeah? w/ Shawn O’Malley & Daniel Mahncke
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Nov 23, 2025 Exploring the vast landscape of Booking Holdings, the hosts delve into its strategic foothold in Europe amidst Expedia's North American dominance. They dissect the differences between Booking, Expedia, and Airbnb, highlighting unique business models and market strengths. Insights into AI's potential disruption and the company's reliance on Google draw attention to future risks. Coupled with discussions on executive compensation and intrinsic value modeling, they ponder whether now is the right time to invest in Booking.
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Acquisition Transformed Priceline Into A Giant
- Booking's evolution from Priceline's "name your price" to Booking.com reshaped the company into the dominant global OTA.
- The 2004 acquisition and focus on being a digital travel agent drove most of its current value.
Supply Structure Differentiates Airbnb And Booking
- Airbnb focuses on unique, often single-owner listings while Booking serves primarily commercial hotels and property managers.
- That structural supply difference creates distinct customer experiences and supplier dependence.
Europe's Fragmentation Fueled Booking's Moat
- Booking dominates Europe where hotels are fragmented and prefer OTA distribution, while Expedia leads in North America.
- Market structure differences explain Booking's superior profitability versus Expedia.
