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  "documentTitle": "Tripadvisor, Inc. (TRIP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2025-10-01 00:00:00",
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  "notes": "The chart highlights the potential valuation upside for Tripadvisor based on specific operational and divestiture assumptions.",
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      "text": "If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis",
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      "text": "Enterprise Value / CY2026E EBITDA",
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      "text": "Enterprise Value / CY2026E EBITDA: 3.0x",
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      "text": "We believe Tripadvisor's valuation is compelling after factoring in a potential sale of TheFork and margin improvements at Viator.",
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      "kind": "source-note",
      "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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      "kind": "title",
      "text": "Pro Forma for Improvement at Viator, Tripadvisor is Even More Undervalued",
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      "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.",
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