"BofA's upgrade centers on a sum-of-the-parts argument: Viator and TheFork together could be worth more than $2.5 billion - roughly twice TripAdvisor's current $1.3 billion enterprise value. That gap is the core of the thesis."
"Both marketplace segments have delivered consistent margin expansion. Viator posted $294 million in Q3 2025 revenue, up 9% year-over-year, with adjusted EBITDA margin expanding to 16.8% from 11.3% a year earlier."
"TheFork grew Q3 2025 revenue 28% year-over-year to $63 million, with EBITDA margin surging to 21.9% from 11.2%. For full-year 2025, TheFork generated $221 million in revenue, up 22%."
"TripAdvisor formally launched a strategic alternatives process for TheFork on February 12, 2026, a move CEO Matt Goldberg framed as a potential path to 'creating additional capacity for meaningful capital return to shareholders.'"
Bank of America upgraded TripAdvisor to Buy from Neutral, raising the price target to $15. The upgrade is based on the potential value of Viator and TheFork, estimated at over $2.5 billion, compared to TripAdvisor's current enterprise value of $1.3 billion. Starboard Value's increased board presence enhances the pressure to unlock this value. Viator and TheFork have shown strong revenue growth and margin expansion, with TheFork being a significant player in the European dining marketplace. A strategic review for TheFork aims to enhance shareholder returns.
Read at 24/7 Wall St.
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