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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2025-10-17 00:00:00",
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  "nDataPoints": 11,
  "notes": "The chart uses a waterfall-style logic to show the impact of specific strategic actions on the valuation multiple.",
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      "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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      "kind": "chart",
      "text": "Enterprise Value / CY2026E EBITDA",
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      "text": "Enterprise Value / CY2026E EBITDA: 2.5x",
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      "kind": "paragraph",
      "text": "We believe Tripadvisor’s valuation is compelling after factoring in a potential sale of TheFork, improvements at Viator, and a revitalization of Brand Tripadvisor.",
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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": "We believe Brand Tripadvisor has the potential to meaningfully improve its financial profile",
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      "kind": "title",
      "text": "Revitalizing Brand Tripadvisor Makes Tripadvisor’s Valuation Even More Compelling",
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      "evidence": "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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