We maintain our AUD 10 per share fair value estimate for narrow-moat SiteMinder. The company released fourth-quarter results last month, so the full-year result included limited new information. The shares screen as materially undervalued. The market does not seem to fully appreciate how the company’s scale-based advantages translate into the high winnability of a large market opportunity.
SiteMinder is the world’s largest e-commerce software provider for the global hotel industry, at twice the size of its nearest competitor.
SiteMinder’s end markets are highly cyclical.
|
Metric
|
SDR
|
MAR
|
BKNG
|
|---|---|---|---|
Price/Earnings (Normalized) | — | 24.54 | 29.04 |
Price/Book Value | 25.95 | — | — |
Price/Sales | 8.77 | 3.04 | 6.65 |
Price/Cash Flow | 122.08 | 23.40 | 23.01 |
|
Metric
|
SDR
|
MAR
|
BKNG
|
|---|---|---|---|
Quick Ratio | 0.90 | 0.39 | 1.11 |
Current Ratio | 1.10 | 0.42 | 1.17 |
Interest Coverage | −28.40 | 6.20 | 6.67 |
|
Metric
|
SDR
|
MAR
|
BKNG
|
|---|---|---|---|
Return on Assets (Normalized) | −19.73% | 11.86% | 22.12% |
Return on Equity (Normalized) | −34.29% | — | — |
Return on Invested Capital (Normalized) | −29.09% | 29.61% | 43.73% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
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United States