Expedia

2023年8月14日,

Skift把主要的酒店和旅行社公司本月公布强劲业绩,信号强劲的旅游需求尽管经济不确定性。现在公司最偏向亚洲提供最大的增长潜力和股价上涨。Pranavi Agarwal共享许多主要的酒店和在线旅行社报告今年上半年财务业绩。公共信息:对旅游的需求依然强劲,尽管有担心一个不确定的全球经济和经济衰退的恐惧。而美国领导全球旅行复苏的大流行,全球需求的力量现在已经转移到欧洲和亚洲。在欧洲,增加对国际旅行从美国旅行者的需求继续允许扩大价格,尽管亚洲受益于需求激增的第一波无限制的旅游地区。亚洲,这么长时间是在全球经济复苏落后,现在发布同比性能最强的地区。它很大程度上类似剧本后我们看到在美国和欧洲,消费者储蓄过剩和看到一个预订,价格激增的潜在需求巨大,特别是对休闲豪华度假村。公司最初由暴露在伤害亚洲现在收获回报。雅高集团(约三分之一的收入来自亚洲和近一半来自欧洲)是超越其他所有主要酒店和旅行社企业——发布近40%的收入增长和120%的息税前利润增长在2023年上半年,见下图。 Since 2019, the majority of the major hotel groups have grown both their top and bottom lines by double digits. Increased operational efficiencies through the pandemic are seen in expanding EBITDA margins at Hilton and Marriott in particular over the past four years. The OTAs too have grown their top line materially versus pre-pandemic levels, with Booking Holdings growing its revenue near 40% in the first half of 2023 vs the first half of 2019. However as a reflection of the increasing competitiveness of the online travel landscape, Booking’s EBITDA is still 20% below 2019 levels, with margins dropping from 43% in the first half of 2019 to just 26% in the first half of 2023, largely due to Booking’s expansion into the U.S. market through low-margin segments such as flights and the development of its connected trips vision through the lower take-rate generating merchant model. Expedia, being less exposed to the high pricing growth in Europe and the rapid recovery in Asia grew its top line less than its closest competitor Booking, with the majority of its revenue growth stemming from its B2B business rather than a growth in gross bookings in the first half of 2023. However unlike Booking, Expedia has expanded its EBITDA margins since 2019, largely due to stricter cost-cutting practices. Airbnb has grown its top line versus 2019 levels more than any company, largely aided by the surge in demand for short-term rentals through the pandemic. However, more impressive is its near 500% growth in EBITDA, with the company going from being unprofitable in the first half of 2019 to leading its OTA peers on EBITDA margin in the first half of 2023. Tripadvisor, like Booking, also had EBITDA below 2019 levels in the first half of 2023. Though its top line is aided by its rapidly expanding tours and activities (Viator) brand, Viator is still unprofitable and its core metasearch business continues to struggle against its main competitor Google. Share Price Performance Despite the cautionary headlines depicting dark clouds of macro-economic challenges stifling consumer discretionary spending and pent-up demand for travel fading, nearly all of the major hotel and OTA companies have outperformed the S&P 500 since the start of the year, as shown in the chart below. In line with financial reporting, the companies most skewed to the opportunistic areas of the global recovery such as Asia have seen the greatest gains in share price – such as Accor, Hyatt and Booking. Accor’s share price is still 20% below pre-Covid levels and offers a rare re-opening trade for investors, with its skew to non-U.S. regions expected to see further re-rating in 2023 and 2024. Interestingly, companies like Hilton and Marriott, which saw a surge in share price on the back of the U.S. based recovery in 2021, have also risen 20-40% since the start of the year, despite flattening growth in its main U.S. market – going to show that even the most recovered travel stocks can ride the rising tide which lifts all boats. insights Get Skift Research Skift Research products provide deep analysis, data, and expert research on the companies and trends that are shaping the future of travel.