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[@evantindell](/creator/twitter/evantindell)
"KNT-CT apparently started an Onigiri store in the US Did this actually happen"  
[X Link](https://x.com/evantindell/status/1979225305517642227) [@evantindell](/creator/x/evantindell) 2025-10-17T16:37Z 11.2K followers, 1269 engagements


"Then there's $TRVG Trivago. metasearch company Currently just $100m EV on $500m of sales but their margins have gotten absolutely NUKED by $EXPE and $BKNG driving more traffic direct EBITDA from $70m in 2022 to estimated $10m in 2025"  
[X Link](https://x.com/evantindell/status/1979261874496528776) [@evantindell](/creator/x/evantindell) 2025-10-17T19:02Z 11.2K followers, 1076 engagements


"TUI AG $TUI.GR is one of the largest integrated travel agencies + tour operators. - German business doing 24b EUR of revenue - Stock down XX% vs pre-COVID - Market cap of 3.7b EUR - They own hotels and cruise ships and spend almost 1b EUR on capex each year Valuation looks pretty damn cheap at 5x PE 4.5x EBIT and 0.3x revenue"  
[X Link](https://x.com/evantindell/status/1979198807498985475) [@evantindell](/creator/x/evantindell) 2025-10-17T14:52Z 11.2K followers, 1213 engagements


"Ok a few more. Lastminute $LMN.SW -European OTA focused on last minute bundles -Based in Italian speaking part of Switzerland -170m CHF market cap on 350m sales 43m EBITDA and 15m net income. So trades at around 10x PE and some small multiple of EBITDA -business is flat vs 2019 but growing now XX% sales growth expected for 2025 and X% for 2026. The last time it had the current level of sales the market cap was 2.5x higher (2019) -volume in the stock is tiny so good luck if you're trying to buy it -interesting that they call out TikTok as a key funnel for their business. Perhaps due to the"  
[X Link](https://x.com/evantindell/status/1979234549352767857) [@evantindell](/creator/x/evantindell) 2025-10-17T17:14Z 11.2K followers, 1213 engagements


"I used to own a Cogeco and so was broadly aware that $CABO seemed richly valued. Never shorted it but in hindsight should have considered it. Stock is down XX% from the peak 😲😲😲"  
[X Link](https://x.com/evantindell/status/1978441239822213276) [@evantindell](/creator/x/evantindell) 2025-10-15T12:42Z 11.2K followers, 1518 engagements


"$TCOM -Chinese OTA used to be called "Ctrip" -Growing much faster than BKNG or EXPE -- XX% in 2025e and revenue has nearly doubled vs pre-COVID -$45b USD market cap on $8b sales and $2b of EBIT -trades at 17x PE and 15x EBIT - in RMB revenues have grown from RMB 105m in 2002 to RMB XX BILLION in 2025e -stock is up 35x since YE 2003 vs 8x for the S&P XXX this a XXXX% CAGR for XX years 🤑🤑🤑"  
[X Link](https://x.com/evantindell/status/1979211644073836905) [@evantindell](/creator/x/evantindell) 2025-10-17T15:43Z 11.2K followers, 1162 engagements


"Travel industry thread ✈🧑✈🛏🛎🧳🌎 Feel free to add any stocks in the comments that I miss. First thought: who will emerge with the equity of Sabre Corp after the likely restructuring $SABR is a technology provider to airlines travel agents one of the largest GDS providers worldwide and was spun off from American Airlines in 2000. They were purchased by Silverlake and re-IPO'd in 2014 with too much debt (IMO). The pandemic crushed them and now EBIT Interest expense"  
[X Link](https://x.com/evantindell/status/1979193168600916355) [@evantindell](/creator/x/evantindell) 2025-10-17T14:29Z 11.2K followers, 6785 engagements


"3 moar: eDreams -1b EUR market cap co trying to switch from traditional OTA to subscription-based model -Strong in European flights -6x EBITDA 10x PE Despegar $DESP -Leading OTA in Latin America and Brazil specifically -negative IRR over its life and bought by Prosus for 10x adjusted EBITDA earlier this year MakeMyTrip $MMYT -Dominant Indian OTA - Trip(dot) com is major shareholder (12% per BBG) -Market cap of $9b vs revenue of $1b. -trades at like 40x forward earnings -set to grow XX% in 2025 and similar in 2026e -gross bookings of around $10b -valuation seems high relative to $TCOM -I"  
[X Link](https://x.com/evantindell/status/1979249611907682307) [@evantindell](/creator/x/evantindell) 2025-10-17T18:14Z 11.2K followers, 1565 engagements


"JET2 has some similarities integrating a package holiday business with aircraft ownership. This business has recently gone viral on TikTok via the sound of one of their commercials. -owns a UK airline and sells UK-start travel packages -7b GBP of revenue and 2.7b market cap -XX% of revenue from holiday packages rather than single airline fares -grown from 1b revenue in 2014 to 7b today -also trades cheap at 6x PE Enterprise value metrics for these businesses are strange because of pre-paid holiday packages showing up as cash on the balance sheet so make sure to remove that stuff from any"  
[X Link](https://x.com/evantindell/status/1979201411440116076) [@evantindell](/creator/x/evantindell) 2025-10-17T15:02Z 11.2K followers, 4021 engagements


"Other travel agents / tour operators Flight Centre -- $FLT.AU Multi-brand network of travel agency groups founded in Australia in 1982 -stock down XX% vs preCOVID -2.6b AUD mcap on 2.9b sales and 500m EBITDA -trades at around 10-11x PE and 5-6x EBITDA -business has been basically stagnant since 2018 -set to grow revenue X% in 2025e Hotelbeds / HBX Group-- $HBX.SM -B2B travel wholesaler and "bed bank" -negotiates discounted rates on 250k hotels worldwide -API distribution to major partners -Carved out of TUI in 2016 for private equity -set to grow single digits in 2025e -IPO'd in Feb 2025 at"  
[X Link](https://x.com/evantindell/status/1979223559030427839) [@evantindell](/creator/x/evantindell) 2025-10-17T16:30Z 11.2K followers, XXX engagements


"Interestingly a key competitor of $SABR Amadeus $AMS.SM is doing just fine. Revenue is up 15-20% vs 2019 and EBITDA is up too. The company trades at 20x PE and 12x EBITDA so market valuation is quite healthy. Amadeus apparently has a much more diverse business with key non-GDS software products for airlines and airports that allowed it to survive COVID and emerge healthy rather than on death's door like Sabre. For example I guess they are running Gatwick's Biometrics software now"  
[X Link](https://x.com/evantindell/status/1979195189676634458) [@evantindell](/creator/x/evantindell) 2025-10-17T14:37Z 11.2K followers, 1151 engagements


"Also. Amex spun off its corporate travel agent brand I had never heard of this one $GBTG -2020 era Apollo SPAC invested in GBTG in 2022 stock is still down from $XX SPAC price -$4b market cap $5b EV - pre-COVID they grew EBITDA from $138m to $428m in five years and didn't reach that level again until 2025 -interesting to note Apollo's reason for the transaction (attached). They include "strategic shareholder base" of $AXP $EXPE $ZM and $SABR. -2023 results dramatically underperformed the de-SPAC projections. Had called for 30.8b GMV $2.4b revenue and $527m adjusted EBITDA. Actual 2023 adj"  
[X Link](https://x.com/evantindell/status/1979243188683526203) [@evantindell](/creator/x/evantindell) 2025-10-17T17:48Z 11.2K followers, 1164 engagements


"Bloomberg intelligence on $BTI valuation I will say it is somewhat surprising that BAT trades at essentially the same valuation as Imperial Brands (8x forward PE) despite their vastly better positioning in vaping and modern oral. 2025 is going to be Velo's year"  
[X Link](https://x.com/evantindell/status/1892601285926326717) [@evantindell](/creator/x/evantindell) 2025-02-20T15:44Z 11.2K followers, 14.3K engagements


"$BKNG -- the behemoth of travel agencies specifically OTAs -EUR 162b market cap -26b revenues and 9b EBIT on 180b of gross bookings -stock and business up a ton since pre COVID -makes most of profits on European hotel stays -trades at 20x forward PE and 15x EBITDA -growing XX% in 2025e (revenue) $EXPE -more US-focused OTA more revenue from flights and packages vs BKNG - $26b market cap -$14b revenue and $1.9b EBIT - revenue up 30-40% since 2019 but profits up 3x - trades at 13x PE and 8x EBITDA. much cheaper than BKNG -growing X% in 2025e (revenue)"  
[X Link](https://x.com/evantindell/status/1979207105048379902) [@evantindell](/creator/x/evantindell) 2025-10-17T15:25Z 11.2K followers, 1368 engagements