EXPE – Market expectations are for Uniform ROA to expand, but management may have concerns about pandemic, their offerings, and their loyalty program

March 25, 2022

  • Expedia Group (EXPE) currently trades at a premium relative to Uniform assets, with a 6.7x Uniform P/B (V/A’).

  • At these levels, markets are pricing in expectations for Uniform ROA to expand to 27%, accompanied by 7% Uniform asset growth.

  • Meanwhile, analysts expect Uniform ROA to also improve to 27% in 2023, accompanied by 17% Uniform asset growth.

  • If sustained going forward, these levels would imply a stock price closer to $288, representing significant potential equity upside for the firm.

  • That said, the firm’s most recent earnings call suggests management may have concerns about the pandemic, their offerings, and their loyalty program.

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