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  "documentTitle": "Tripadvisor, Inc. (TRIP)",
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  "presentationDate": "2025-10-01 00:00:00",
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  "notes": "The slide uses a bar chart to compare Tripadvisor's current valuation multiple against a pro forma scenario and a set of online travel and marketplace peers.",
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      "text": "If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers",
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      "text": "We believe TheFork, the most easily separable and least-integrated of the three businesses, could be sold at an attractive multiple.",
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      "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries.",
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      "text": "We believe TheFork could be sold at a premium multiple to where Tripadvisor trades today",
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      "text": "We Believe Tripadvisor Should Explore a Sale of TheFork",
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