Trivago - Expedia plant IPO - 500 Beiträge pro Seite

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...nachdem sich die Pläne nun zu konkretisieren scheinen, mache ich schon mal einen Thread auf;

bin gespannt, wann es soweit ist.

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Expedia picks bankers for Trivago IPO
Sep 16 2016, 09:07 ET | By: SA Eli Hoffmann,


Expedia (NASDAQ:EXPE) has picked JP Morgan, Goldman Sachs and Morgan Stanley as global coordinators for its planned IPO of Trivago, sources tell Reuters.

The IPO will likely take place this year or early 2017.Citi, Bank of America and Deutsche Bank are book runners.
C
EO Dara Khosrowshahi told investors in July that management and Trivago's founding team had agreed to an IPO to value Trivago as a stand-alone company.

Expedia also said that Trivago had generated revenue of more than $660M on a trailing 12-month basis and that revenue had grown sixfold since it acquired Trivago in 2012.

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Antwort auf Beitrag Nr.: 53.295.429 von R-BgO am 17.09.16 16:54:27

Skift, 29.7.2016:

Expedia and its Trivago unit agreed to explore a Trivago initial public offering and have the goal to complete it before the end of 2016, Expedia announced yesterday.

Dara Khosrowshahi, the CEO of Expedia Inc., which has a controlling stake in the Germany-based hotel-metasearch company, noted that Trivago’s revenue has been growing at a faster clip than when Expedia successfully spun off TripAdvisor in 2011.

Trivago increased its revenue 41 percent in the second quarter to more than $200 million. On a trailing 12-month basis, Trivago’s revenue was more than $600 million.

Expedia had an option to increase its stake in Trivago but the two companies agreed to pursue an IPO instead, officials said.


“Neither Expedia nor the Trivago founders exercised their option under the open put/call window this year and we have instead agreed to explore the feasibility of an IPO of Trivago shares with the preliminary and ambitious goal of completing the IPO before year end,” Khosrowshahi said. “An IPO would allow investors to value Trivago as a separate standalone company.”

“Note that this is an IPO and not a spinoff [like TripAdvisor was]. “Expedia does not plan to sell any of our shares in an IPO and there are no guarantees that an IPO will ultimately be pursued or be successful. The put/call window could reopen in March 2017 if an IPO is not completed by then.”

Trivago has been a growth engine for Expedia and now it intends to create greater shareholder value by executing an IPO.

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Antwort auf Beitrag Nr.: 53.295.429 von R-BgO am 17.09.16 16:54:27

bei der SEC finde ich noch nix

und im Segmentbericht bei Expedia steht nur der Umsatz drin (ein Drittel intern) und ein schwach schwarzes EBITDA...

[kainza]

Antwort auf Beitrag Nr.: 53.295.465 von R-BgO am 17.09.16 17:02:43

Ein IPO würde frisches Geld für Expedia bringen.
Was hat Expedia vor? Teilverkauf von Aktien
und neue Übernahmen?

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http://seekingalpha.com/article/4011507-trivago-ipo-attracti…

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http://www.gruenderszene.de/allgemein/trivago-boerse?ref=nl_…

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European metasearch giant Trivago filed its long awaited initial public offering (IPO) in the U.S. today as parent Expedia tries to further monetize a fast-growing marketing vehicle in a manner that has similarities of its spinoff of TripAdvisor several years ago.

Trivago will be listed on the NASDAQ under the ticker symbol TRVG, using a holding company named Travel BV. Expedia Inc. owns a large chunk of the company after buying into 63.5 percent of Trivago for $628 million in cash and stock in 2012. Expedia plans to retain its stake in Trivago following the IPO, which it has entrusted to banks J.P. Morgan, Goldman Sachs, and Morgan Stanley.

Trivago’s IPO filing shows that it is performing well, especially with respect to driving visitors to its site.

“In the twelve months ended September 30, 2016, we tracked approximately 1.4 billion visits to our websites and apps, resulting in 487 million qualified referrals, and offered access to approximately 1.3 million hotels in over 190 countries,” reads the filing. The company’s net loss was $57.8 million in the first nine months of 2016.

Expedia accounts for a significant amount of the company’s revenue, as well, to the point where it is essentially carrying Trivago along with it.

“In the years ended December 31, 2014 and 2015 and for the nine months ended September 30, 2015 and 2016, Expedia accounted for 32 percent, 39 percent, 39 percent and 35 percent of our revenue, respectively,” states the filing.


Expedia Inc. and its affiliates accounted for a whopping 55 percent of total accounts receivable as of the end of 2015, while Priceline Group accounted for 21 percent.

Unsurprisingly, Trivago lists its explosive growth as a projected risk factor for investing in the company.

“Our failure to manage our growth effectively could negatively affect our corporate culture, harm our ability to attract and retain key personnel and adversely impact our results of operations and future growth” is the top risk factor listed, followed by “we may not be able to maintain our historical growth rates in future periods.” The document also reflects that Expedia’s ownership of 63.5 perent of Trivago will lead to Expedia controlling the company post-IPO.

Contrasting the placeholder pricing of Trivago’s IPO with previous travel industry public offerings is a bit surprising. Kayak went public in in 2012 at around a $1 billion valuation, and was purchased by Priceline Group for $2.1 billion the following year.

Expedia’s public spin off of TripAdvisor in 2011 is a model for what it hopes to accomplish with Trivago, which is known to spend more than two-thirds of its revenue on marketing to bolster its growth.

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http://seekingalpha.com/article/4027226-trivago-flies-wall-s…

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Terms scheinen festzustehen,

billig wird's nicht:

http://seekingalpha.com/article/4028641-trivago-sets-terms-4…

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https://skift.com/2016/12/07/inside-story-of-how-trivago-bui…

SKIFT TAKE

There’s little question that Trivago is going to get very big in coming years. Whether it can turn on a profitability gene, and whether its stock price tanks or zooms after it goes public will be up to the market to decide.

— Dennis Schaal

Now that Trivago’s co-founders and CFO are heading out on their IPO roadshow to sell the company’s merits to investors they are spilling secrets on how and why they built the brand the way they did.

It’s an interesting tale from the Dusseldorf, Germany-headquartered hotel metasearch site when you compare it to the construction of fellow European rival and partner Booking.com, especially as Trivago CEO Rolf Schrömgens said, “We don’t see a limitation right now” in the company’s potential growth and that Trivago aspires to be “the player” in hotel search.


TRYING TO CUT OUT GOOGLE

Founded in 2005 and having only taken about $1.2 million in external funding in its history [Expedia bought out pre-existing investors when it took a 63.5 percent stake in the company four years ago], Trivago decided in 2008 that it would try TV advertising to build its brand because relying on Google and other search engines to deliver traffic would be too risky.

“We soon realized we need to be the first contact to the customer,” Alex Hefer, Trivago’s CFO, said in a video posted with the company’s roadshow materials. “… The only way to do that was developing a brand.”

Unlike its neighbor in Amsterdam, Booking.com, which sold 432 million room nights last year by going heavy in digital marketing with some TV thrown in, Trivago relies much more heavily on television advertising.

There weren’t a lot of travel companies doing brand marketing in the 2008-2009 period [unlike the crowded and very competitive TV advertising market today] when Trivago developed its first TV campaign, CEO Schrömgens said.

Although TV isn’t considered “performance marketing” that can be measured relatively easily, Trivago’s strategy was not bereft of testing or analytics.

“We looked at what spot was aired and what was the reaction on our site,” Schrömgens said. “We kept on doing what worked and just stopped doing what didn’t work. That gives you enormous data and I think that’s what we did different than people before us.”

Like Booking.com, which gains great advantage in digital marketing because of its scale and efficiencies, Trivago ran successful TV advertising campaigns in home-country Germany and used the revenue windfall to expand in Europe, which is still its most-developed market, one country at a time.

“We were basicsally growing all over Europe, always taking money from one country that works and putting it into the next country and building the next market,” Schrömgens said.

When Trivago realized it could scale up profitably [more on that below] it got more aggressive, he said. “That gave us the chance to invest more and more money …. We took our money from Germany, which we were earning here and we are going into the next country.”

Trivago reported that its advertising costs in 2015 were a gargantuan 88 percent of total revenue. The costs by region were 88 percent of total revenue in the Americas, 131 percent in developed Europe and 114 percent in the rest of the world. The company’s return on advertising spend, however, was 113.4 percent in 2015.


BRAND AWARENESS

Trivago believes it is on the way to building a global brand, and cites figures showing it has the leading aided brand awareness over competitors in five of its top 7 markets, including 92 percent in Italy, 89 percent in Spain, 86 percent in Germany, 79 percent in France and 77 percent in Australia.

In the U.S., which Trivago entered a couple of years ago with the creepy, handsome or just effective Trivago guy, it claims a 63 percent aided brand awareness mark compared with Expedia (80 percent), TripAdvisor (69 percent) Priceline.com (68 percent), metasearch rival Kayak (62 percent) and Booking.com (39 percent).

[Side note: TripAdvisor has done no TV advertising in 2016 yet Trivago pegs TripAdvisor’s unaided brand awareness at 69 percent, which is impressive.]

Trivago is seeing big growth in the U.S., Schrömgens said. It is “foreseeable how we can get there” to be the leading player, he added.


NO BUSINESS MODEL CONFUSION

Another reason Trivago claims it has been able to grow so rapidly — 59 percent revenue growth in 2015 to $573.4 million — is that it gets virtually all of its revenue from the cost-per click model. When consumers click on a link, Trivago gets paid.

Co-founder Malte Siewert, managing director for marketplace, characterized the competitive-bidding model as lean and transparent because unlike some competitors [such as TripAdvisor, for example], Trivago doesn’t have to waste time negotiating commissions. “That meant we didn’t have to negotiate the rates all the time. The advertisers competed for traffic,” Siewert said.

In 2015, Trivago tweaked the business model to enable CPC bidding at the property level, enabling advertisers to fine-tune their bidding strategies by property rather than choosing among a pre-set selection of potential bidding choices.

Trivago on average shows rates from 10 advertisers from every property it lists and it always shows the lowest price first. The lowest prices averages about 19 percent lower than the highest price shown.


HOT-BUTTON ISSUES: MOBILE, OVER-DEPENDENCE AND PROFITABILITY

In their IPO video, Trivago officials addressed several hot-button issues that would undoubtably concern investors. Some of Trivago’s arguments carry more weight than others.

Many investors are concerned about the proliferation of mobile devices and how mobile monetizes less lucratively than desktop. TripAdvisor, for example, is struggling to resolve that puzzle with its move toward Instant Booking, or handling bookings on its own sites as an alternative to sending consumers to advertisers’ sites to complete their bookings.

Schrömgens claimed that the Trivago’s business model works even better on mobile, which now generates well over 50 percent of revenue, than on desktop because consumers are getting used to coming to Trivago first to see all of their hotel options in one place.

That talking point may fall flat, however. Trivago, which has a single price structure for bidding on desktop and mobile, concedes in its prospectus that it may choose to implement a dual pricing structure. Trivago states, though, that it doesn’t believe that change would have a material impact on revenue.

“… We believe that the current bids advertisers place on our CPC-based bidding system reflect the overall efficacy of the combined desktop and mobile prices they receive,” the company stated.

Another issue that raises investors’ concerns is Trivago’s dependence on the Priceline Group and parent company Expedia Inc. as advertising customers. The two online travel agencies — rivals of one another — accounted for 78 percent of Trivago’s revenue in the first nine months of 2016. Namely, the Priceline Group somewhat shockingly chipped in 43 percent and Expedia contributed 35 percent of Trivago’s revenue.

While not addressing the Expedia and Priceline issue head-on in the video, Schrömgens contended that Trivago’s bidding marketplace is so competitive and robust that even if a large advertiser drops out it would only “marginally” impact revenue.

If, in theory, the Priceline Group believed it could drop out of Trivago and shift all of that marketing spend to its Kayak unit [OK, it is not a realistic scenario in the immediate future], then Trivago would certainly feel some pain, though.

In its prospectus, Trivago cites “advertiser concentration” as among its risk factors in the future.

In the video, CFO Hefer acknowledges that there is a tradeoff between growth and profitability, adding that public companies are expected to show improved profitability.

Trivago currently maintains an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of zero percent because “from our perspective to aggressively improve profitability we would sacrifice growth,” Hefer said.

He added that Trivago is only in the early stages of “solving” the hotel search problem, and has much room to grow.

Growth should not only be viewed in terms of revenue, Hefer said, but also in the vast amounts of data Trivago can collect as it expands. The more data, the better, he adds.

Schrömgens concurred that data abet personalization in matching the right customer and an attractive hotel at an opportune time, and that is where real value creation takes place.


LOOK OUT, WORLD

Schrömgens said he envisions one company — ahem, Trivago presumably — “at the top of the funnel,” meaning dominating the earliest stages of hotel searching.

“We don’t see limitations right now” in how big Trivago can get, he added.

Schrömgens said that Trivago’s corporate culture, including an emphasis on learning and a very diverse employee base, will be a real competitive advantage.

He described Trivago as “a company with so much focus on learning that whatever happens in the future we will always be able to adapt.”

Talk about forward-looking statements; that certainly is one.

Interestingly, Trivago officials didn’t address the sharing economy in their roadshow video, although the company cites Airbnb and HomeAway as competitors in its written prospectus, and will undoubtably be questioned by investors about the topic.

Said Schrömgens: “We want to be the player in one of the most important markets [hotel search] in the world.”

The next step in that vision, as ambitious as it is, will be when you can start checking Trivago’s stock price under symbol TRVG on Nasdaq.

At this juncture — and this is subject to change — Trivago is planning to raise $428 million at a $5 billion valuation.

It all would pay for plenty of new TV ads.

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http://seekingalpha.com/article/4030741-trivago-let-ipo-trav…

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SKIFT TAKE

Rectifying the difficulties in shopping for hotels online is a tremendously complex problem given travelers’ fickle nature — a business trip today, a romantic escapade tomorrow — and varying quality levels from property to property even within a given brand. Trivago at least recognizes what one of the main problems is in matching a traveler’s hotel preferences with the right hotel and hopes to address it with a heftier bank account after conducting its IPO.

— Dennis Schaal

https://skift.com/2016/12/19/trivago-ceo-says-no-company-has…

The problem with hotel search these days has little to do with showing more content, including photos, video or virtual reality, or even in improving the mobile experience, according to Rolf Schrömgens, the CEO of newly public company Trivago.

In a CNBC interview Friday, the day Trivago’s stock debuted on Nasdaq, Schrömgens said the key problem — one that can be solved by software — is matching consumers with the ideal hotel, and that means gaining a better understanding about each individual property and what individual travelers expect.

“I think there is a major problem unsolved and that is getting really you into the ideal hotel,” Schrömgens said. “I don’t think that is happening right now. So I think there is nobody is delivering on that right now. There is a huge value that can be unlocked.”

Does that mean displaying more images and videos as a solution?

“No, it is not about showing content,” Schrömgens said. “It is really about understanding a hotel, understanding what’s good in a hotel, what’s bad in a hotel, understanding also about you. What are you expecting as a customer?”

And that’s where the engineers would have to get busy.

“And then matching both together,” Schrömgens said. “I think that nobody is really doing that and that’s a software problem that we want to solve.”


THERE’S CONTENT AND THEN THERE’S CONTENT

Showing more content, though, in terms of more hotel inventory is key for hotel metasearch and booking sites. They are obsessed with signing and wiring up additional hotels in order to be more comprehensive and give consumers the widest choices. In general, when online travel sites add more hotels in a given market, they see traction increase.

But Schrömgens is not downplaying the need for additional hotels and this type of content: Trivago claims to access to more 1.3 million hotels [although a chunk of these may be duplicate listings] in more than 190 countries.

So Trivago clearly believes that adding hotel inventory is important but the solution isn’t about content in terms of adding additional types of photos or videos about specific hotels.

Instead, Schrömgens believes matching traveler intent and preferences when travelers have varied likes and dislikes based on trip type or even whim with the proverbial “ideal” hotel is the issue that needs to be overcome.

And that’s a tremendously complex “software” problem, as he says.

Improving the mobile experience isn’t the issue, either, Schrömgens adds. He said Trivago made the mobile transition over the last three years and now more than 50 percent of its revenue comes from clicks and bookings on mobile devices.

Trivago, which trades on Nasdaq under stock symbol TRVG under the name Travel B.V., made its Nasdaq debut Friday and closed up 7.73 percent at $11.85 per share. The company had hoped to price at $15 per share and would have raised a lot more in net proceeds than the $184 million that it raised.

Tags: ceos, hotels, ipos, search, trivago

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Antwort auf Beitrag Nr.: 53.845.877 von R-BgO am 07.12.16 14:41:05

Ansichtsstücke geholt

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Antwort auf Beitrag Nr.: 53.915.792 von R-BgO am 19.12.16 13:51:25

Why Trivago’s IPO might be undervalued
Dec 19.2016

https://www.tnooz.com/article/Trivago-value/

Last week Trivago filed for IPO. Leading up to that, a lot of details on its performance was made public, and people in the financial and travel industries scrutinized that information to gauge the company’s value.

NB: This is a guest viewpoint by William Beckler, CTO of AllTheRooms.

Some travel branding experts took public swipes at Trivago’s brand strength figures, which might have contributed to a lower-than-expected share price of $11 versus the $13-$15 target — though the price of TRVG rose about 7 percent on Friday.

The key figures in question, Trivago’s “aided awareness data”, showed surprisingly high awareness of the Trivago brand in the U.S. (63%) and even higher in Europe (79%-92%), their home territory.

As others have pointed out, these figures appeared to contradict publicly available Google Trends data that appear to show Trivago trailing well behind brands like Expedia, Kayak and TripAdvisor, despite Trivago’s brand awareness data that puts them all about even.

One swipe against Trivago is that their aided awareness stats are not well defined.

However, aided brand awareness is not a hard statistic to understand and it is widely used; it is determined by a written or telephone survey in which people are asked the question whether they have heard of a given travel brand. They are not being asked to name travel brands they have heard of.

A company that is spending a hundred million dollars a year on TV advertising, is not going to monkey around with this kind of data; it’s most likely one of their key metrics.

In fact, their data makes complete sense and agrees with the Google Trends data.

Google Trends data is incredibly useful marketing data and we as marketers and travel experts use it all the time for a variety of strategic purposes. However, it is measuring something completely different.

Google Trends measures brand navigation, which is only a small part of how people click around on the internet. A massive number of people find sites like Booking.com and Trivago by searching, or by seeing them, on other metasearch sites or on travel marketing sites.

When you have a strong aided brand awareness, you see it in your click-through rates in every pay-per-click channel you’re working in.

Those click-through rates often grant lower cost-per-clicks for the same amount of traffic that your competitors, who have less brand recognition, are paying.

This is because most pay-per-click channels, especially Google, reward advertisers who have good aided brand awareness.

This means that you can make money off of TV commercials even if people don’t recall your name when they sit down at a computer to start their travel research … because they will recognize your name when they see it come up among a list of options later on in the travel research funnel.

What about Trivago’s relatively weak brand navigation in the Google Trends stats versus Kayak and Expedia?

Trivago might seem like a minor player; but in reality, it’s important to understand how much traffic Kayak and Expedia get for flights, even though they both make most of their money on hotels.

People fly more frequently than they book hotel trips. The number of people who are typing in Expedia or Kayak for a hotel could be 20% or less of the people who navigate to those brands’ sites. This low-profitability flight-related traffic makes it impossible to compare Kayak with Trivago on an overall traffic level.

Circling back to their pre-IPO and valuation: their unaided brand awareness is, in fact, already pretty massive, both in the U.S. and globally. On top of that, like Booking.com, Trivago could be killing it without ever showing up on Google Trends because of their savvy efforts in pay-per-click advertising.

Imagine if Booking.com were judged entirely on brand recall and Google Trends data. If Trivago’s weak IPO showing was influenced by these misunderstood statistics, it’s a good buy.

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dieser

Thread: Trivago - top oder flop ?

ist wenigstens mit der WKN verheiratet

[cancoon]

Hallo,

bin hier auch seit kurzem drin. Die Erwartung von Morgan Stanley (https://sportsperspectives.com/2017/01/11/trivago-nv-ads-trv… die kommenden (12-24) Monate liegt bei 17$ andere Analysten gehen von 14$ aus. Bei einem Ausgangskurs von 11$ sind 25-50%. Nicht schlecht. Die Reiseportale legen weiter im Umsatz zu. Zb: Tripadvisor mit ca. 1,5MRD $ und 200 Mio (2015) Gewinn und einem Kurs bei ums die 50$. Die Aktie hat allerdings im Jahr 2016 ca. 40 % verloren und konnte erst zum Dezember einigen Boden gut machen. Das liegt wohl auch an Trivago. Trivago wird in 2017 sicherlich die Milliarde knacken (2016:grösser 700 Mio, per 09/16 585 Mio). Trivago schreibt zwar noch Verluste (-60 Mio 2016), hier muss man aber wohl sagen, das ca.90%! des Umsatzes in die Werbung gehen. Beispiel: Eine Reduzierung der Werbung um 10% und das Unternehmen ist in der Gewinnzone. Hier sehe ich doch grosses Potential auf lange (3-5 Jahre) Sicht. Nur meine persönliche Meinung.