Nomura Securities Maintains a 'Neutral' on Expedia (EXPE); Raising Esitmates on Q2 Results
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Price: $332.69 +1.33%
Rating Summary:
22 Buy, 37 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 37 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on Expedia (NASDAQ: EXPE) price target of $54.00.
Analyst, Brian Nowak, said, "Last night, Expedia reported 2Q:12 revenue of $1bn, (7.5% ahead of us and 5% ahead of the Street) and adjusted EBITDA of $223mn (20% above us and 16% above the Street). ~63% ($24mn) of the EBITDA beat vs. us was driven by stronger core results, while the remaining 37% was driven in-organically (VIA Travel acquisition and local tax accrual reversal). 2Q room night growth came in at 22% as EXPE added 5.5mn room nights in the quarter (a new company record), beating our estimate of 4.6mn and above the 4.5mn added in 1Q. This growth was driven by strong domestic (+16% YoY) and international (+34% YoY) results. RevPAR (-5% YoY) also came in better than we expected, declining only -5% (vs. us at -10%). EXPE raised its 2012E EBITDA guidance, now expecting adjusted EBITDA growth in the high-single to low double-digits (vs. previously guiding to mid-single digit growth).
FY12E EPS from $2.79 to $3.01, FY13E EPS from $3.52 to $3.84.
For an analyst ratings summary and ratings history on Expedia click here. For more ratings news on Expedia click here.
Shares of Expedia closed at $45.71 yesterday.
Analyst, Brian Nowak, said, "Last night, Expedia reported 2Q:12 revenue of $1bn, (7.5% ahead of us and 5% ahead of the Street) and adjusted EBITDA of $223mn (20% above us and 16% above the Street). ~63% ($24mn) of the EBITDA beat vs. us was driven by stronger core results, while the remaining 37% was driven in-organically (VIA Travel acquisition and local tax accrual reversal). 2Q room night growth came in at 22% as EXPE added 5.5mn room nights in the quarter (a new company record), beating our estimate of 4.6mn and above the 4.5mn added in 1Q. This growth was driven by strong domestic (+16% YoY) and international (+34% YoY) results. RevPAR (-5% YoY) also came in better than we expected, declining only -5% (vs. us at -10%). EXPE raised its 2012E EBITDA guidance, now expecting adjusted EBITDA growth in the high-single to low double-digits (vs. previously guiding to mid-single digit growth).
FY12E EPS from $2.79 to $3.01, FY13E EPS from $3.52 to $3.84.
For an analyst ratings summary and ratings history on Expedia click here. For more ratings news on Expedia click here.
Shares of Expedia closed at $45.71 yesterday.
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