BKNG – Market expectations are for Uniform ROA compression, but management is confident about their investments, bookings, and customer experience

• Booking Holdings Inc. (BKNG:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) Earnings, with a 15.4x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their investments, gross bookings, and customer experience
  
  

• Specifically, management is confident that they will continue to increase their investments in merchandising capability and improve their marketing efficiency. In addition, they are confident that gross bookings processed on their platform grew to over 15% in 2019, that they are partnering with third parties to offer the best customer experience possible, and that they are working on initiatives to realize their vision of a connected trip