Booking Holdings' OpenTable Partners With PolyAI for Restaurant Reservations

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Booking Holdings Price Target Maintained With a $3590.00/Share by Cantor Fitzgerald

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Booking Holdings

+0.42%

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Polyai Partners With Opentable To Offer Enterprise Restaurants And Diners Reservation Support Using Voice Ai

Reuters

Booking Holdings

+0.42%

PR Newswire

LONDON and NEW YORK, Sept. 23, 2024

LONDON and NEW YORK, Sept. 23, 2024 /PRNewswire/ -- PolyAI, a pioneer in voice AI solutions for customer experience and service, today announced a partnership with OpenTable, a global leader in restaurant technology, expanding PolyAI's guest-led voice assistants to enterprise restaurants. Locations that opt in will be able to take reservations over the phone, answer questions, gain visibility in customer trends, and deliver on-brand experiences - all while alleviating staff time and resources.

https://mma.prnewswire.com/media/1893052/PolyAI_Logo.jpg

This alliance delivers PolyAI's lifelike voice AI to help restaurants tackle challenges around staffing and provide consistent hospitality, even off premise. In a survey conducted by the National Restaurant Association, 62% of operators said their restaurants did not have enough employees to support existing demand. With onsite staff focused on in-house patrons, restaurant groups routinely miss between 30-60% of phone calls to their front of house (per PolyAI customer data) – meaning missed revenue opportunities and equally valuable customer touch points.

Never miss another call, thanks to PolyAI and OpenTable

With this strategic partnership, OpenTable's global network of restaurants will be able to integrate PolyAI voice assistants, built using generative AI and spoken language technologies, to assist their diners in seamlessly booking and managing reservations over the phone, during and outside of operating hours.

"We know how tightly restaurants manage their guest experience and this can be even more complex for our partners doing business at scale," said Susan Lee, Chief Strategy Officer at OpenTable. "We have, and continue to invest in, technology that pushes boundaries and enhances hospitality and our integration with PolyAI is a new way we can drive efficiencies for our restaurants, and diners."

For larger operators, this partnership enables numerous iterations of voice assistants to cater to the unique needs of multi-location and multi-brand portfolios, while providing PolyAI's proven enterprise-grade assurances around availability, security and data protection.

"We have extensive experience deploying voice assistants to hundreds of locations for some of the largest restaurant groups in the world, helping operators resolve up to 70% of calls over the phone without the need for additional staff," said Michael Chen, VP of Strategic Alliances at PolyAI. "This strong connection with the restaurant industry started right from the earliest days of PolyAI. We're thrilled to deepen that further and work with OpenTable to help even more restaurant operators attract more diners, streamline operations and maximise revenue."

The journey starts at the Integration Marketplace

OpenTable restaurants will be able to request an integration with PolyAI via its Integration Marketplace, which powers 150+ integrations among the most widely used restaurant software. Beyond managing reservations over the phone, PolyAI's guest-led voice assistants also offer operators a powerful new channel for implementing consistent brand experiences that can deliver greater personalisation, more proactive revenue and upsell as well as offer new ways of collecting diner feedback and tracking customer satisfaction.

About PolyAI

PolyAI is a leading provider of AI-powered voice assistants. Their customer-led voice assistants are used across industries within global companies where B2C conversations are crucial, like Whitbread, Greene King, Caesars Entertainment and FedEx. PolyAI's award-winning voice assistants have earned renown for their ability to understand natural language and provide quick, accurate and helpful responses. Hear more about what they're bringing to the market by visiting poly.ai

About OpenTable

OpenTable, a global leader in restaurant tech and part of Booking Holdings, Inc. (NASDAQ:BKNG), helps more than 60,000 restaurants worldwide fill 1.7 billion seats a year. OpenTable's world-class technology empowers restaurants to focus on what matters most – their team, their guests, and their bottom line – while enabling diners to discover and book the perfect restaurant for every occasion.

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View original content:https://www.prnewswire.co.uk/news-releases/polyai-partners-with-opentable-to-offer-enterprise-restaurants-and-diners-reservation-support-using-voice-ai-302254622.html

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Booking Holdings (BKNG) Stock Slides as Market Rises: Facts to Know Before You Trade

Zacks

Booking Holdings

+0.42%

In the latest market close, Booking Holdings (BKNG) reached $4,019.80, with a -0.21% movement compared to the previous day. This move lagged the S&P 500's daily gain of 1.7%. On the other hand, the Dow registered a gain of 1.26%, and the technology-centric Nasdaq increased by 2.51%.

Coming into today, shares of the online booking service had gained 7.77% in the past month. In that same time, the Retail-Wholesale sector gained 4.02%, while the S&P 500 gained 1.27%.

The upcoming earnings release of Booking Holdings will be of great interest to investors. The company's earnings per share (EPS) are projected to be $77.68, reflecting a 7.41% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.62 billion, up 3.76% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $176.92 per share and a revenue of $22.95 billion, signifying shifts of +16.23% and +7.4%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Booking Holdings. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.1% lower. Booking Holdings is holding a Zacks Rank of #3 (Hold) right now.

In terms of valuation, Booking Holdings is currently trading at a Forward P/E ratio of 22.77. This indicates a premium in contrast to its industry's Forward P/E of 22.72.

Also, we should mention that BKNG has a PEG ratio of 1.23. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. BKNG's industry had an average PEG ratio of 1.05 as of yesterday's close.

The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry, currently bearing a Zacks Industry Rank of 63, finds itself in the top 25% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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Booking Holdings Inc. (BKNG) Is a Trending Stock: Facts to Know Before Betting on It

Zacks

Booking Holdings

+0.42%

Booking Holdings (BKNG) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this online booking service have returned +7.8%, compared to the Zacks S&P 500 composite's +1.3% change. During this period, the Zacks Internet - Commerce industry, which Booking Holdings falls in, has gained 5.2%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings Estimates

Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Booking Holdings is expected to post earnings of $77.68 per share, indicating a change of +7.4% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.1% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $176.92 points to a change of +16.2% from the prior year. Over the last 30 days, this estimate has changed -0.1%.

For the next fiscal year, the consensus earnings estimate of $201.64 indicates a change of +14% from what Booking Holdings is expected to report a year ago. Over the past month, the estimate has changed -0.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Booking Holdings.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth Forecast

While earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Booking Holdings, the consensus sales estimate of $7.62 billion for the current quarter points to a year-over-year change of +3.8%. The $22.95 billion and $24.59 billion estimates for the current and next fiscal years indicate changes of +7.4% and +7.2%, respectively.

Last Reported Results and Surprise History

Booking Holdings reported revenues of $5.86 billion in the last reported quarter, representing a year-over-year change of +7.3%. EPS of $41.90 for the same period compares with $37.62 a year ago.

Compared to the Zacks Consensus Estimate of $5.78 billion, the reported revenues represent a surprise of +1.36%. The EPS surprise was +6.37%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

Valuation

No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Booking Holdings is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom Line

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Booking Holdings. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

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Eu Top Court: Booking.Com's Price Curbs On Hotels May Hinder Competition

Reuters

Booking Holdings

+0.42%

By Foo Yun Chee

BRUSSELS, Sept 19 (Reuters) - Booking.com's restrictions against hotels offering lower rates on their websites or on rival sites are unnecessary and could reduce competition, Europe's top court said on Thursday in a ruling targeting a widely used practice in the industry.

They also said, however, they were not anti-competitive under European Union (EU) law.

Known as parity clauses and inserted into contracts between online booking sites and hotels, the practice has triggered complaints by competitors and scrutiny from regulators across Europe concerned they are a bad thing for consumers.

Germany's antitrust watchdog has banned such clauses whether they apply to hotels' websites or rival accommodation sites while regulators for the EU as a whole allow such curbs only for hotels' own sites.

Landmark rules known as the Digital Markets Act that came into force last year ban large online platforms, which would include Booking.com, from using wide or narrow retail parity clauses or equivalent commercial measures.

The Luxembourg-based Court of Justice of the European Union (CJEU) said there was no evidence to justify them.

"It has not been established that price parity clauses, whether wide or narrow, first, are objectively necessary for the implementation of that main operation and, second, are proportionate to the objective pursued by it," judges said.

They said the restrictions may reduce competition between various hotel reservation platforms, force out small platforms and new entrants and do not appear to be necessary to ensure Booking.com's economic viability.

However the court also said that the clauses cannot be considered anti-competitive under EU antitrust laws.

"Price parity clauses cannot, in principle, be classified as 'ancillary restraints' for the purposes of EU competition law," the CJEU said.

The case involving the unit of New York-listed Booking Holdings BKNG.O came after the company applied for a declaration on whether parity clauses are valid, prompting a Dutch court to seek guidance from the CJEU.

The case is C-264/23 Booking.com and Booking.com (Deutschland).

(Reporting by Foo Yun Chee; editing by Barbara Lewis)

(( foo.yunchee@thomsonreuters.com ; +32 2 585 2866; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net ))

Keywords: EU-BOOKING HLDG/ANTITRUST (PIX)

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Greece To Ban New Short-Term Lets In Athens For At Least A Year

Reuters

Rewrites throughout, adds tax on short-term rentals, levy on cruise ship visitors

By Stamos Prousalis and Angeliki Koutantou

ATHENS, Sept 16 (Reuters) - A ban on new licences for short-term rentals in three districts in central Athens will be in force for at least a year, the Greek government said on Monday, also raising the tax on such holiday lets.

Like many other European tourism destinations, Greece is seeking to balance a profitable industry fuelled by online platforms such as Airbnb with the needs of locals facing a housing shortage.

A lack of housing and the rising cost of living prompted the country this month to announce to increase a tax on short-term rentals, ban new licences in central Athens and give homeowners incentives to switch to long-term rentals.

Detailing that plan, Greek Tourism Minister Olga Kefalogianni said on Monday that the ban for new licences on short-term rentals in three districts in central Athens could be extended beyond the initial one year.

"We have found that they (short-term rentals) operate somehow as hotels, while there is also a lot of pressure on society," Kefalogianni told reporters.

With many homeowners choosing short-term lets for their property, Athenians are having a hard time to find an affordable house to rent.

"I was looking for a house for 8-9 months and ended up in the one I'm in now," said Alma Lazi, 34, a private sector worker who lives in the central Athens borough of Pangrati.

"Even during that period when I was looking and expanding the range of areas that I was considering, I didn't find anything I could afford to maintain."

A daily tax on short-term rentals which helps the country deal with the impact of natural disasters related to climate change will be increased to 8 euros from 1.5 euros for the April-to-October period, Finance Minister Kostis Hatzidakis said. The tax will rise to 2 euros from 0.5 euros for the winter months.

The government did not specify when the new measures would take effect.

Greece expects its revenues from tourism to hit 22 billion euros this year, another record high, Kefalogianni said.

The Mediterranean country, with its crystal-clear waters and pristine beaches, reported record tourism revenues of 20.6 billion euros last year. Data so far indicated that 2024 will be another good year, Kefalogianni added.

"Greece is in the top 10 of the most popular tourist destinations in the world," she said. "We can be hopeful that revenues could reach as much as 22 billion euros."

A 20-euro levy on cruise ship visitors to the islands of Santorini and Mykonos during the peak summer season, another measure announced earlier this month to battle over-tourism, will take effect next year, Kefalogianni said.

($1 = 0.8986 euros)

(Reporting by Lefteris Papadimas and Angeliki Koutantou; Editing by Tomasz Janowski and Keith Weir)

(( angeliki.koutantou@thomsonreuters.com ; +30 2102214608; Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net ))

Keywords: GREECE-ECONOMY/TOURISM-RENTALS (UPDATE 2, TV, PIX)

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