Added to YB: 2026-07-13
Pitch date: 2026-07-09
BKNG [neutral]
Booking Holdings Inc.
+1.46%
current return
Author Info
Origo Research seeks to provide actionable, well-researched ideas stemming from practical experience at some of the most reputable buy side institutions. Sign up for the newsletter.
Company Info
Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally.
Market Cap
$138.2B
Pitch Price
$175.83
Price Target
N/A
Dividend
0.94%
EV/EBITDA
13.27
P/E
23.42
EV/Sales
5.09
Sector
Hotels, Restaurants and Leisure
Category
growth
BKNG: Re-routing $7B of Paid Search in the Agentic Era
BKNG (overview): Thesis on agentic commerce disruption. Spends $7B+/yr on paid search (45% of bookings via low-margin indirect channel, ~60c to Google per $1 net rev). AI agents kill click-based ads; BKNG could win as query-layer + Merchant of Record. Pro-forma EBITDA +40-60%. ~14x EBITDA, no position yet.
Read full article (6 min)