COMPANY RESEARCH · TRAVEL & LEISURE
Strategy, Economics & Valuation
Assetreal conducts independent research into how Travel & Leisure businesses create, sustain and lose economic value.
We question conventional assumptions, reconstruct business economics and competitive advantages, and examine the consequences of alternative strategic and operating outcomes.
Our independent publications demonstrate this analytical approach. Our Research Services apply the same methods to questions and decisions defined by clients.
LATEST RESEARCH
Booking Holdings
How Much Return Duration Does the Current Valuation Require?
Booking’s superior economics reconcile the current valuation relatively quickly, raising an important distinction between economic durability and valuation sufficiency.
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Expedia Group
Can International Growth Extend Return Durability?
Expedia is investing across international markets, B2B distribution and technology while accepting weaker near-term economics in parts of the business.
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OUR APPROACH
How we research companies
Our research starts with the underlying business. We examine how a company makes money, the drivers of its business economics and growth, the competitive position it occupies, the capital required to sustain and grow it, the returns generated on that capital and what those economics imply for valuation.
Business Model &
Economics
How the company makes money, its revenue model, margins, cash flow and the operating resources required to sustain the business.
Competitive Position & Durability
Industry structure, differentiation, competitive advantage and the durability of the company’s economic position.
Value Drivers & Capital Allocation
The operating and financial variables that drive growth and returns, including reinvestment, acquisitions, distributions and balance-sheet decisions.
Scenarios &
Valuation
Operating scenarios, market expectations and valuation under explicitly stated assumptions.
RESEARCH SERVICES
Bespoke Research
Assetreal undertakes bespoke research around companies, industries and strategic questions defined by the client.
Assignments may concern the client’s own business, another public or private company, a potential acquisition, an industry or a specific strategic question.
The work applies the same analytical discipline used in Assetreal’s independent research, with particular focus on business economics, capital allocation and valuation.
ABOUT ASSETREAL
Assetreal is an independent company-research firm focused on Travel & Leisure. Its work combines business-model analysis, competitive position, business economics, capital allocation and valuation.
Assetreal is led by its Founder and Principal, whose background spans valuation and advisory work across multiple markets, senior corporate-strategy and international network-development roles, university research and teaching, peer-reviewed publications, and doctoral research in tourism-asset valuation.