Lately, I feel like I've been highlighting companies with multi-line businesses that aren't being properly valued. TripAdvisor (TRIP) is similar within this framework and just reported its earnings. It does seem now the narrative for the company has changed a bit and investors see the value in the non-hotel business segment. This segment still has a long runway which I thought would be a good time to update my valuation on and provide some commentary.
Non-Hotel Business
- Attractions
- Rentals
- Restaurants
Attractions TAM= $110 billion (Source: Phocuswright)
The attractions sub-segments have been undeserved from a technology prospective. Penetration within these groups should continue and monetization will come.
