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CONSUMER CYCLICALS: Booking.com; FV

CONSUMER CYCLICALS

(BKNG; A3/A-)

Coming off a strong year (equities outperformed the index and all major peers; +40% YTD). FY guidance is for revenue growth just below 10% and EBITDA +13-14% - which consensus has taken. It should leave it ~2x gross levered to end the year and ~$16b in cash leaves it with ~negligible net debt.

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(BKNG; A3/A-)

Coming off a strong year (equities outperformed the index and all major peers; +40% YTD). FY guidance is for revenue growth just below 10% and EBITDA +13-14% - which consensus has taken. It should leave it ~2x gross levered to end the year and ~$16b in cash leaves it with ~negligible net debt.

Keep reading...Show less