Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Equity Bottom-Up

<ul><li>Hotel chains are pushing direct bookings in order to improve economics and customer relationships,  reduce dependence on the OTA channel, and take advantage of the attractive online lodging market. Hotel direct booking traction will remain limited due to: <a href="https://www.smartkarma.com/entities/15704" target="_blank" data-smartkarma-citation="entities:15704:1">Priceline Group Inc/The (PCLN US)</a> and <a href="https://www.smartkarma.com/entities/6669" target="_blank" data-smartkarma-citation="entities:6669:1">Expedia Inc (EXPE US)</a>’s network, marketing, and technology scale; the cost that sustained discounting of rooms has on hotel financials and brand (key sources of moats in the lodging industry); Priceline's and Expedia's ability to participate in direct bookings of hoteliers; and the higher fragmentation of hotels relative to airlines.</li><li>Hotel direct campaigns present a manageable impact on booking rates of Priceline, Expedia, and <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a>. Priceline and Expedia’s narrow moats, driven by network advantage, are intact, and both companies are well positioned to benefit from the high-single-digit annual online booking growth we forecast over the next decade. We maintain our respective $1,790 and $145 fair value estimates on Priceline and Expedia, and we view shares of both as attractive.</li></ul>Analyst: Dan Wasiolek

Hotel chains are pushing direct bookings in order to improve economics and customer relationships,  reduce dependence on the OTA channel, and take advantage of the attractive online lodging market. Hotel direct booking traction will remain limited due to: Priceline Group Inc/The (PCLN US) and Expedia Inc (EXPE US)’s network, marketing, and technology scale; the cost that sustained discounting of rooms has on hotel financials and brand (key sources of moats in the lodging industry); Priceline's and Expedia's ability to participate in direct bookings of hoteliers; and the higher fragmentation of hotels relative to airlines.Hotel direct campaigns present a manageable impact on booking rates of Priceline, Expedia, and Ctrip.com International (ADR) (CTRP US). Priceline and Expedia’s narrow moats, driven by network advantage, are intact, and both companies are well positioned to benefit from the high-single-digit annual online booking growth we forecast over the next decade. We maintain our respective $1,790 and $145 fair value estimates on Priceline and Expedia, and we view shares of both as attractive.Analyst: Dan Wasiolek 

Priceline과 Expedia의 네트워크 우위, 지속적인 경쟁 위협에 굴복하지 못하다

Booking Holdings

Priceline과 Expedia의 네트워크 우위, 지속적인 경쟁 위협에 굴복하지 못하다