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  "documentTitle": "Tripadvisor, Inc. (TRIP)",
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  "presentationDate": "2025-10-01 00:00:00",
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      "kind": "callout",
      "text": "Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!",
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      "text": "Enterprise Value / CY2026E EBITDA",
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      "text": "Enterprise Value / CY2026E EBITDA: 2.5x",
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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 Tripadvisor is an attractive investment owing to its compelling valuation for a Company that is growing and strategically valuable, and for a business that has multiple avenues to unlock value.",
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      "text": "We Are Excited About Our Investment in Tripadvisor",
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