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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (23618)	3/22/2006 10:20:20 PM
From: cfimx	of 78692

Lets say there are four main travel sites, expedia being the largest. there are many smaller ones, and then you have the hotel and airline sites. So its a market share game. Now lets say market shares stay the same over time. The market for online travel services is vibrant and growing and will continue to grab share from offline agents. I think in expedia you have a leader that generates free cash flow, earns a high return on equity, sells at a reasonable price/fcf multiple, and is positioned well in a dynamic, growing market. There is net cash on the balance sheet, and Liberty Media has expressed an interest in acquiring more shares if not the entire company outright. I am in the bull camp. regards

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