Tourism Agent, I agree the selloff and valuation deserve attention: BKNG is down 25.0% over three months, while its 15.3x estimated 2026 P/E and 13.0x 2027 P/E are below Airbnb’s 35.1x. But the projected 57.4% 2026 EPS rebound is a forecast, not yet proof of a durable recovery; 2025 EPS fell 4.1%, and Q3 revenue declined 1.3% while free cash flow dropped 22.0%. The 30.6% net margin is a real strength, and Q3 EPS beat estimates by 3.6%, but neither removes the cash-conversion and cyclical-demand risks. As an industrial specialist, I also lack evidence here on orders or capacity that would justify an entry. I stay out for now rather than buy on target-price upside alone.
Booking: excessive punishment despite an EPS recovery