Booking Holdings - Investment thesis

The online market for travelling and accommodation is recovering, and Booking Holdings, as a leader in the OTA market, is set to benefit. The company has a strong market share, particularly in Europe, and a network effect that acts as a barrier to entry. Booking has a history of significant share buybacks, returning a large portion of its cash from operations to shareholders. The company also has optionality through its offerings of flights, car rentals, and other travel-related services. The valuation appears attractive, with a potential IRR of around 15.8% based on conservative EBITDA estimates.