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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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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": "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": "Pro Forma for Improvement at Viator, Tripadvisor is Even More Undervalued",
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