Back to BKNG Overview
NMS · Valuation Lab
BKNG
Booking Holdings Inc.
Last$207.02
Market cap160.4B
EV/EBITDA14.7x
Intrinsic value
$304.07
MoS +31.9% · Undervalued
Assuming 25.6% FCF margin and 16.2% Y1–5 growth.
Upside to price
EV (DCF)238.8B
Terminal share62%
Expected IV$316.88
Probability weights
Projected free cash flows
Stage FCF path with present values · terminal 62% of EV
PV of stage FCFs90.8B
PV of terminal value148B
Enterprise value238.8B
Net cash / (debt)-3.2B
Equity value235.6B
Intrinsic value / share$304.07
| Year | Revenue | FCF | PV | DF |
|---|---|---|---|---|
| Y1 | 32.2B | 8.2B | 7.6B | 91.8% |
| Y2 | 37.4B | 9.6B | 8.1B | 84.2% |
| Y3 | 43.4B | 11.1B | 8.6B | 77.2% |
| Y4 | 50.5B | 12.9B | 9.2B | 70.9% |
| Y5 | 58.7B | 15B | 9.8B | 65.0% |
| Y6 | 63.4B | 16.2B | 9.7B | 59.7% |
| Y7 | 68.5B | 17.5B | 9.6B | 54.7% |
| Y8 | 74.1B | 19B | 9.5B | 50.2% |
| Y9 | 80.1B | 20.5B | 9.4B | 46.1% |
| Y10 | 86.6B | 22.2B | 9.4B | 42.3% |
| Terminal | — | — | 148B | — |
Educational DCF model only — not financial advice. Terminal value and assumptions dominate results; verify filings and run your own diligence.