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Booking.com thoughts on regulation headlines

CONSUMER CYCLICALS

Booking.com (BKNG; A3/A-; S) has generally screened wide to us in Euro markets - it trades in line on 28/29's to 2-notch lower Amadeus (AMSSM; Baa2/BBB; S) as a example. We don't change that view on this morning's headlines but do keep an eye on mgmt's response and any issues for close comp's with regulation in larger markets.

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Booking.com (BKNG; A3/A-; S) has generally screened wide to us in Euro markets - it trades in line on 28/29's to 2-notch lower Amadeus (AMSSM; Baa2/BBB; S) as a example. We don't change that view on this morning's headlines but do keep an eye on mgmt's response and any issues for close comp's with regulation in larger markets.