Don’t let talk of sluggish travel spending scare you away from the industry; international travel worries haven’t seemed to hurt online travel retailer Booking Holdings (BKNG), notes Richard Moroney, editor of Dow Theory Forecasts.

Booking Holdings, which markets via internet brands such as Priceline, Kayak, OpenTable, Agoda, and European giant Booking, generated $50 billion in gross orders during the first half of 2019, making it the world’s largest online travel provider. Size, however, has not stunted the company’s growth.

Over the last five years, Booking grew sales at an annualized rate of 14%, versus 18% for per-share profits and 16% for operating cash flow. Despite posting the occasional disappointing quarter, the company has delivered 15 consecutive years of higher sales and 16 years of higher per-share profits.

Booking invests aggressively in marketing and financial infrastructure to beef up market share, particularly through its Connected Trip initiative, which cross-sells excursions, restaurant meals, and other services to purchasers of plane tickets and hotel stays. The company’s payment system now works in 45 countries (80% of its focus markets), contributing toward one of Booking’s goals: reducing friction in the travel process.

Booking will likely release September-quarter earnings in the first week of November. Consensus estimates project per-share profits of $44.44, up 18%, on sales of $5.08 billion, up 5%.

The consensus projects per-share profit growth of 10% in 2019, followed by growth of 14% in both 2020 and 2021, supported by sales growth of 5% this year and at least 9% in each of the next two.

Over the last year, Booking spent $9.6 billion on share buybacks, reducing its share count 10%. The company plans another $14 billion in buybacks over the next two to three years, which should help per-share results.

The shares trade at 20 times projected 2020 earnings, 15% below the median for internet and direct marketing retailers. The price/earnings-to-growth ratio of 1.3 is 17% below the industry norm, and Booking trades at a discount to historical norms for price/earnings, price/sales, and price/cash flow. The stock is a long-term buy.

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