Booking Holdings Inc (BKNG) is undervalued and Trip.com Group Ltd ADR (TCOM) is undervalued.
Against our estimates of intrinsic value, TCOM trades at the wider discount: a margin of safety of +57%, against +39% for BKNG.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $268.01; the price of $164.22 is 39% below that value, and 75% of that value comes from beyond year five.
Leak Score 97/100 on 8 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $94.77; the price of $40.85 is 57% below that value, and 79% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | BKNG | TCOM |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $164.22 | $40.85 |
| Intrinsic value | $268.01 | $94.77 |
| Margin of safety | +39% | +57% |
| Leak Score | 97/100 (8/12) | 100/100 (3/12) |
| Market cap | $123.4B | $26.5B |
| Revenue growth, 5 years | 31.7% | 26.8% |
| Operating margin | 35.2% | 15.9% |
| Net margin | 25.5% | 36.1% |
| Return on equity | — | 15.3% |
| Debt to equity | — | 0.17 |
| P/E | 18.2x | 8.5x |
| Forward P/E | 13.3x | 10.2x |
| P/B | — | 1.2x |
| Dividend yield | 0.9% | 0.2% |