LEXEA

Liberty Expedia Holdings Inc

TMT


Presented:11/22/2016
Price:44.41
Cap:$2.49B
Current Price:no data
Cap:no data

Presented

Date11/22/2016
Price44.41
Market Cap$2.49B
Ent ValueN/A
P/E RatioN/A
Book ValueN/A
Div Yield0%
Shares O/S54.10M
Ave Daily Vol670,009
Short IntN/A

Current

Priceno data
Market Capno data
Liberty Expedia Holdings, Inc. operates an online travel company in the United States and internationally. The company, through its technology with the tools and information, empowers corporate and leisure travelers to research, plan, book, and experience travel. It also provides media and advertising services to travel and non-travel advertisers. In addition, the company operates Bodybuilding.com that sells sports, fitness, and nutritional supplements, as well as hosts an online health-and-fitness publication, which offers fitness content, workout programs, video trainers, recipes, health advice, and motivational stories. Liberty Expedia Holdings, Inc. was incorporated in 2016 and is based in Englewood, Colorado.

Public companies mentioned herein: Liberty Expedia (LEXEA), Liberty Ventures (LVNTA), Expedia (EXPE), Liberty Broadband (LBRDA), TripAdvisor (TRIP) and Ctrip (CTRP).

Highlights

Liberty Expedia recently split off from Liberty Ventures, creating two separate entities: core Liberty Ventures (LVNTA), which is approximately 70% comprised of Charter Communications (albeit indirectly as a tracking stock); and Liberty Expedia, a standalone C-corporation that is 95% comprised of a 15% economic/ 55% control position in Expedia (EXPE). When the split occurred, Liberty Expedia came out at an approximate 20% discount to NAV. That gap since narrowed to roughly the mid teens, and the presenter is long the stock on the expectation that the spread will eventually narrow to zero or even a slight premium to NAV - based on the fact that companies over which John Malone exerts control eventually trade at a premium to NAV. Ultimately he believes the investment represents a relatively straightforward 12 month arbitrage opportunity, with the potential for LEXEA to eventually be taken out over that period.

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