Expedia Group, Inc. (EXPE)

In the Bull case, operational leverage accelerates across the unified travel technology platform. Rapid adoption of B2B enterprise distribution drives double-digit partner revenue growth beyond 12% annually, while two-thirds direct consumer traffic insulates B2C from search marketing inflation. Vrbo captures market share from Airbnb in domestic vacation rentals through loyalty incentives and optimized checkout conversion. Operating margins expand beyond 175 bps toward 16.5% due to strict overhead discipline, while aggressive share buybacks accelerate per-share earnings growth toward outer-year upper consensus of $30.89.

• Revenue growth accelerating to 12.0% in early years led by B2B distribution expansion
• Operating margin expanding toward 16.50% on fixed overhead leverage
• FY2027 diluted EPS tracking toward upper consensus estimate of $30.89
• Terminal exit P/E multiple expanding to 15.5x