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Asset Light, Free-Cash-Flow Generating Powerhouse Bookings Holding (Priceline) Remains One of Our Favorite Ideas

publication date: Nov 12, 2019
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Image shown: Booking Holdings' equity has been a strong performer the past few years.

Booking Holdings fills an important void in our Best Ideas Newsletter portfolio as it provides exposure to the broader global economy, while albeit cyclical, continues to hold up despite myriad threats. Bookings Holdings’ asset-light business model translates to tremendous free cash flow generation, and its balance sheet is net-cash rich, two considerations that provide a very strong foundation for our estimate of its intrinsic value, which stands at ~$2,150 (shares are trading at ~$1,900 at the time of this writing). The company does not pay a dividend.

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