Trip Advisor (TRIP) Equity Research Report

Table of Contents

Investment Summary (1)

Value of the Core Operating Business (2)

Viator: the largest experiences marketplace (2)

The search problem (3)

Valuation: Going Concern and Synergy Cases (3)

Base case DCF (3)

The Starboard cost-out case (4)

The strategic buyer case (5)

History of TRIP Corporate Actions (6)

From Liberty control to a single share class (6)

Starboard and the new board (6)

TheFork sale and the road to March 2027 (6)

Valuation Based on Historic Bids (6)

Cross-check: implied FCF multiple (7)

Net Cash and Working Capital Adjustments (7)

Summary and Fair Value (9)

Appendix A: History of TRIP Corporate Actions (10)

Appendix B: Q3 and Q4 Earnings Preview (13)

Appendix C: Other Notes (15)