Nomura Securities Initiates Coverage on Online Travel Companies
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Price: $30.60 -1.07%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 5
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 5
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Nomura Securities initiates coverage on online travel companies by Brian Nowak
Nowak said, "Priceline.com (Nasdaq: PCLN) Initiated with a Reduce rating and a $450 tgt px. PCLN has been the strongest operator in our Online Travel Agency universe, and the Street continues to have lofty expectations. We struggle to find areas of the globe to generate substantial upside to our numbers. Our FY’11 and FY’12 revenue / EBITDA / EPS ests are $4.3bn/$1.5bn/$22.54 and $5.2bn/$1.8bn/$28.00, respectively."
"EXPEDIA (Nasdaq: EXPE) intiated with a Neutral rating and a $32 tgt px. High US exposure in an increasingly challenging market and uncertainty in Europe offer limited upside drivers. Our FY’11 and FY’12 revenue / EBITDA / EPS ests are $4.0bn/$1.0bn/$1.96 and $4.5bn/$1.2bn/$2.36, respectively."
"Orbitz (NYSE: OWW) worldwide started with with a Neutral rating and a $2.75 tgt px. OWW has the least-preferred asset mix of our OTA coverage with a heavy skew toward domestic and air. Our FY’11 and FY’12 revenue / EBITDA / EPS ests are $764mn/$124mn/$0.10 and $796mn/$125mn/$0.09, respectively."
Nowak said, "Priceline.com (Nasdaq: PCLN) Initiated with a Reduce rating and a $450 tgt px. PCLN has been the strongest operator in our Online Travel Agency universe, and the Street continues to have lofty expectations. We struggle to find areas of the globe to generate substantial upside to our numbers. Our FY’11 and FY’12 revenue / EBITDA / EPS ests are $4.3bn/$1.5bn/$22.54 and $5.2bn/$1.8bn/$28.00, respectively."
"EXPEDIA (Nasdaq: EXPE) intiated with a Neutral rating and a $32 tgt px. High US exposure in an increasingly challenging market and uncertainty in Europe offer limited upside drivers. Our FY’11 and FY’12 revenue / EBITDA / EPS ests are $4.0bn/$1.0bn/$1.96 and $4.5bn/$1.2bn/$2.36, respectively."
"Orbitz (NYSE: OWW) worldwide started with with a Neutral rating and a $2.75 tgt px. OWW has the least-preferred asset mix of our OTA coverage with a heavy skew toward domestic and air. Our FY’11 and FY’12 revenue / EBITDA / EPS ests are $764mn/$124mn/$0.10 and $796mn/$125mn/$0.09, respectively."
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