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Priceline - Company Profile Product Image

Priceline - Company Profile

  • Published: February 2013
  • 31 pages
  • Indigo Equity Research

Excellent 2012 Q3 results - Strong execution, but concerns on Europe

- Q1 Revenue rose 28%. However, Gross Profit is a better metric to measure sales growth.
- Q1 Gross Profit rose $0.2 bn (+47%), to $0.7 bn; in-line with Gross Bookings growth.
- Merchant Gross Profit rose $0.1 bn (+34%), to $0.2 bn.
- Agency Gross Profit rose $0.2 bn (+53%), to $0.5 bn.
- Gross Bookings rose 2.0 bn (+44%), to 6.7 bn, slightly slower than the previous Q.
- Merchant Bookings rose 34%, to 1.2 bn. Agency Bookings rose 46%, to 5.5 bn.
- USA Bookings rose 12%, to 1.3 bn. International Bookings rose 54%, to 5.5 bn.
- Growth was driven by hotel rooms sold (up 47%), while ADRs rose only slightly.
- EBIT rose $115 m (61%), to $0.3 bn. EBIT Margin § rose 2.4% to 41.9%. (Note: EBIT Margin § = EBIT / Gross Profit ).
- Net Income rose $0.1 bn (+74%), to $0.2 bn. helped by a lower tax rate (down -5%, to 21%).
- GAAP EPS rose $1.50 (+73%), to $3.54.
- $254m was spent repurchasing 0.2m shares.
- FCF fell $0.1 bn (-37%), to $0.2 bn, due to increased working capital requirements.

Note: Comparisons READ MORE >

Investment Thesis & SWOT Analysis
News Flow - Significant Recent Events

Industry & Company Analysis
Overview of the Online Travel Industry
Company Overview
Management, Compensation, Board & Balance Sheet
Description of Revenues (Gross Profits)
Business Model - Snapshot of the last 12 Months
SWOT Analysis
Current Key Investment Issues

Financial Results Analysis
Profit & Loss Summary
Revenue, Gross Profit & Bookings
Bookings & Gross Profit by Region
Operational Analysis
Expenses & Productivity Analysis
Cash Flow Analysis
Balance Sheet Analysis
Return Analysis
Unusual Items

Valuation
Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Priceline
DCF Valuation & Sensitivity Analysis

Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Operational Data

Explanations and Definitions
Legal and Important Information

List of Tables
Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Operational Data

List of Figures
Financial Results Analysis
Profit & Loss Summary
Revenue, Gross Profit & Bookings
Bookings & Gross Profit by Region
Operational Analysis
Expenses & Productivity Analysis
Cash Flow Analysis
Balance Sheet Analysis
Return Analysis
Unusual Items

Valuation
Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Priceline
DCF Valuation & Sensitivity Analysis

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