Booking Holdings Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $9.0B normalized FCF base (32% FCF margin on $28.24B TTM revenue, in line with historical 30-33% margins); 10% annual FCF growth years 1-5, 6% years 6-10; 9% discount rate; 3% terminal growth; -$3.7B net debt; 751.38M shares outstanding.

Reasoning: Booking Holdings is a mature, asset-light online travel platform with a long history of stable high-margin free cash flow, making a standard multi-stage FCF DCF the most appropriate method; growth assumptions reflect continued double-digit travel demand and AI-driven booking growth moderating to GDP-plus rates over the decade.