Here’s Why Fiduciary Management Bets on Booking Holdings (BKNG), The Largest Online Travel Agency

In its first-quarter 2026 capitalist letter, FMI highlighted stocks similar Booking Holdings Inc. (NASDAQ:BKNG). Headquartered successful Norwalk, Connecticut, Booking Holdings Inc. (NASDAQ:BKNG) is simply a starring online question booking platform. On April 23, 2026, Booking Holdings Inc. (NASDAQ:BKNG) closed astatine $176.75 per share. One-month instrumentality of Booking Holdings Inc. (NASDAQ:BKNG) was 8.78%, and its shares mislaid 8.67% implicit the past 52 weeks. Booking Holdings Inc. (NASDAQ:BKNG) has a marketplace capitalization of $137.54 billion.

FMI stated the pursuing regarding Booking Holdings Inc. (NASDAQ:BKNG) successful its Q1 2026 capitalist letter:

"Booking Holdings Inc. (NASDAQ:BKNG) – Booking is the largest online question bureau successful the world. This is simply a web effect concern model, wherever Booking acts arsenic an aggregator of proviso (independent hotels) connected 1 broadside and request (leisure travelers) connected the other. This aggregation of fragmented proviso and request allows them to complaint a steadfast committee erstwhile a idiosyncratic books a room, which successful crook allows them to outspend each different players connected lawsuit acquisition portion inactive earning bully returns. Booking is best-in-class astatine integer marketing, earning the highest returns connected acquired postulation of each the online question agencies. Booking has tremendous standard and an asset-light concern model, generating precise precocious returns connected superior and escaped currency flow. Most of their gross is generated from autarkic hotels that beryllium connected Booking not conscionable to present incremental guests, but besides for cross-currency payments, merchandising, and lawsuit service. Recently, shares person travel nether unit implicit fears that AI volition displace online question agencies. We judge these concerns are overblown. AI is improbable to recreate Booking’s planetary web of hotels fixed the utmost fragmentation of proviso and Booking’s on-the-ground income force. Booking’s payments and lawsuit work capabilities are besides hard to replicate, further protecting the concern against caller entrants. In our view, caller AI tools are much apt to integrate Booking’s existing inventory and capabilities into their models, alternatively than recreating these features themselves. If question probe shifts from accepted hunt to LLMs, Booking’s humanities expertise successful integer selling makes them well-positioned to triumph this traffic. Furthermore, AI should boost Booking’s margins done efficiencies successful lawsuit work and marketing. At a mid-teens guardant net multiple, we judge Booking shares are charismatic connected some a comparative and implicit basis."