TripAdvisor's Non-Hotel business is absolutely on fire. Revenue growth accelerated to 38% last quarter.
Given my Base case valuation of the Non-Hotel business, the Hotel business has an implied value in the market of about $1.3 billion, which is insanely cheap.
Given my Base case valuations of both segments, TRIP is worth at least $76 per share, a 47% premium to the current stock price.
I'm not a catalyst-driven investor, but two things this year could get investors excited.
TripAdvisor (TRIP) reported their fourth-quarter earnings a couple weeks ago. It was a good quarter characterized by accelerating growth in the Non-Hotel business, which grew 37.7% in the quarter, and surging profits in