Expedia Group, Inc.

“Expedia trades at ~13% FCF yield with a collapsing share count, making it superficially cheap, but the discount reflects legitimate structural risk: Google and agentic AI are systematically eroding the consumer OTA funnel, returns on capital barely clear the cost of capital, management has a poor M&A track record, and Diller's super-voting control creates a permanent governance discount. The B2B segment is the most defensible asset and the real option worth monitoring. At current prices, the margin of safety is not wide enough relative to the terminal risk to warrant a confident BUY — this is a stock to track for a better entry or clearer evidence that B2B scale is outrunning consumer attrition.”