Opinions Andy Nasr
Liberty Expedia HoldingsLEXEATOP PICKOct 19, 2017
Andy NasrOwned
$56.51
Stock price when the opinion was issued
$50.42
As of Jul 26, 2019. Market Open.
0
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A $3 billion company that owns a significant stake in Expedia (EXPE-Q) and Bodybuilding.com. The vast majority of the NAV is its ownership stake in Expedia. Trades at about a 25%-30% discount to the value of its Expedia holdings. It owns some of the common stock and all of the B voting shares. They’ve given the B voting shares and proxies to Mr. Diller, chairman of Expedia. In the event Mr. Diller dies or leaves the company, they get the voting shares back, at which point that NAV could get crystallized with a very significant uplift. He really likes Expedia and Priceline, as only about 35% of bookings are still done online, so there is going to be a tremendous amount of growth. (Analysts’ price target is $59.82.)