2025-06-12-Jefferies-与美国酒店需求和营销策略专家的电话会议邀请_8页_122kb

Summary of the Document: Invite Call with Expert on U.S. Hotel Demand and Marketing Strategy

Event Details

• Date and Time: Tuesday, June 17th, at 3:00 PM ET / 12:00 PM PT
• Host: John Colantuoni, Jefferies Internet Analyst
• Speaker: Patrick Norton, Chief Marketing Officer at Brittain Resorts & Hotels
• Registration Link: Register Here

Topics of Discussion

The call will focus on the following key areas:

• Outlook for U.S. leisure travel
• Competitive positioning of online travel agencies (OTAs) including BKNG, EXPE, and others
• Trajectory of average daily rate (ADR) and occupancy
• Consumer demand for travel in an uncertain macroeconomy
• Impact of changes to Google search and emerging AI search channels

Speaker Biography

• Patrick Norton has over 20 years of experience in the hospitality industry, holding senior roles in marketing, sales, revenue management, and market development.
• He oversees Brittain Resorts & Hotels, which operates approximately 30 resorts and 5,000+ vacation lodging units across the U.S.

Investment Recommendations and Price Targets

The document provides investment ratings and price targets for the following companies:

Key Investment Considerations

• Airbnb (ABNB): Buy rating based on EV/EBITDA multiple. Upside risks include stronger-than-expected travel demand and expansion of non-lodging verticals. Downside risks include moderating demand, competition, and decline in direct traffic.
• Booking Holdings (BKNG): Hold rating based on discounted cash flow analysis. Upside risks include stronger demand and margin improvements. Downside risks include competition, new events, and algorithm changes.
• Expedia Group (EXPE): Hold rating based on discounted cash flow. Upside risks include stronger demand, margin improvements, and B2B growth. Downside risks include competition, new events, and algorithm changes.
• TripAdvisor (TRIP): Underperform rating based on peer-based SOTP analysis. Upside risks include corporate activity, stronger macro, and easing competition. Downside risks include new events and algorithm changes.

Rating Definitions

• Buy: Expected total return of 15% or more within 12 months.
• Hold: Expected total return between +15% and -10% within 12 months.
• Underperform: Expected total return of -10% or less within 12 months.
• NR: Rating and price target temporarily suspended.
• CS: Coverage suspended.
• NC: Not covered.
• Restricted: Conflicts of interest may affect objectivity.
• Monitor: No financial projections or investment opinions are provided.

Valuation Methodology

Jefferies uses various methodologies to determine price targets, including:

• Discounted cash flow (DCF)
• EV/EBITDA
• P/E
• Sum of the parts
• Net asset value
• Dividend returns
• Return on equity (ROE)

Risk Factors

• Macroeconomic uncertainty may impact travel demand.
• Competition from other OTAs, search engines, and metasearch sites.
• Changes in search algorithms (including Google and AI search channels).
• Currency fluctuations may affect returns for non-US investors.
• New events could disrupt the travel industry.

Disclosure and Legal Information

• The report is not tailored to individual investors and should be considered only as one of many factors.
• Jefferies may have conflicts of interest due to its business relationships with covered companies.
• The report is not an offer to buy or sell securities and does not constitute investment advice.
• It is intended for professional or institutional investors in certain jurisdictions.
• Jefferies does not guarantee the accuracy or completeness of the information provided.

Other Important Disclosures

• The report may include forward-looking statements subject to risks and uncertainties.
• No equity research personnel have authority to represent the issuer(s).
• Third-party content is not guaranteed and cannot be reproduced without permission.
• Jefferies assumes no liability for any use of the report or its content.

Distribution of Ratings

Analyst Certification

All analysts involved in the report have certified that the views expressed reflect their personal opinions and are not influenced by compensation.

Legal Jurisdiction and Regulatory Information

• United States: Distributed by Jefferies LLC, an SEC registered broker-dealer.
• Canada: Intended for professional or institutional investors only.
• United Kingdom: Issued by Jefferies International Limited, authorized by the Financial Conduct Authority.
• Germany: Distributed by Jefferies GmbH, regulated by BaFin.
• Hong Kong: Issued by Jefferies Hong Kong Limited, for professional investors.
• Singapore: Distributed by Jefferies Singapore Limited, regulated by MAS.
• Japan: Distributed by Jefferies (Japan) Limited, for institutional investors.
• India: Distributed by Jefferies India Private Limited, with SEBI registration.
• Australia: Distributed by Jefferies (Australia) Pty Ltd, with AFSL license.
• Dubai: Issued by Jefferies International Limited, Dubai branch, for professional clients only.

Final Notes

• The report is for informational purposes only and not tailored to any individual.
• No investment adviser duty is assumed by Jefferies or its affiliates.
• Investors are advised to consult with their own financial advisors before making any investment decisions.