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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The chart uses a dashed green box to emphasize Tripadvisor's 6.5x multiple against the peer group averages.",
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      "kind": "callout",
      "text": "We believe Tripadvisor trades at an attractive multiple compared to its peers",
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      "text": "Enterprise Value / CY2026E EBITDA",
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      "text": "EV/EBITDA: 6.5x",
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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. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included.",
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      "text": "Tripadvisor is trading at a compelling valuation of just 6.5x EBITDA, well below peers with comparable revenue growth profiles.",
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      "kind": "title",
      "text": "Again, Tripadvisor Is Cheap Based on Its Current Profile",
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