Daily Recap: TRIP, ROKU/FOXA, TWO/UWMC, PAYO, BHR

Research evidence excerpt

Daily Recap: TRIP, ROKU/FOXA, TWO/UWMC, PAYO, BHR

Quick Note

June 15, 2026 SPECIAL SITUATIONS

Analysts

Michael Piccolo

212-668-9863 TripAdvisor, Inc. (TRIP - $12.41)michael.piccolo@wedbush.com

Announces $700 Million Divestiture of TheFork; Expected Close YE'26; Proceeds to

Fund Buybacks, Debt Paydown, or Experiences M&A. TRIP announced a put option

agreement to divest TheFork, its European online restaurant reservation platform,

to American Express (AXP) for $700M all-cash, expected to close before YE'26

subject to labor consultation and customary regulatory approvals. TRIP formally

launched the TheFork strategic alternatives process in Feb'26 alongside FY'25

earnings, framing it as a path to simplify the portfolio and create capacity for capital

return. The backdrop includes a Feb'26 proxy threat from Starboard Value (~9%

holder), which demanded a sale process and board reconstitution, subsequently

resolved in Mar'26 via a cooperation agreement adding four Starboard-affiliated

directors. TheFork generated LTM revenue of $232M and adj. EBITDA of $28M

as of 1Q'26, implying a sale multiple of ~25x EBITDA and ~3x revenue. Proceeds

are earmarked for share repurchases, debt paydown, or inorganic investment in

Experiences; minimal tax leakage expected with net proceeds approximating gross

proceeds. (Press Release)

TRADING VIEW: At ~25x EBITDA on a $28M adj. EBITDA business, TRIP extracted

a premium multiple, and the near-clean tax treatment maximizes capital return

optionality. We view the TheFork divestiture as a meaningful near-term catalyst

for TRIP, crystallizing value in a segment that the market had arguably discounted

given the company's structural headwinds in legacy hotel metasearch. Recall we