Booking Holdings Inc.

“Booking Holdings combines a strong global accommodations marketplace, elite cash generation, disciplined buybacks, and a long runway in payments, loyalty, and connected-trip monetization. The main reason not to be more aggressive is that the stock looks only modestly undervalued and its moat still depends heavily on preserving traffic ownership against platforms, search intermediaries, and supplier direct channels. Even so, the probability of permanent capital impairment appears low relative to the business quality, so it remains worth owning for a long-term investor.”