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Trip.com Group Limited is one of the world’s biggest travel companies based in China.
Given multiple headwinds, the stock is down approximately 50% since February 2021 and now trading at a 2023 forward P/E < x20.
While the company recorded net losses in recent quarters, investors should note that the company is structurally profitable.
In this article, I value Trip.com with a residual earnings framework based on analyst consensus and calculate a fair base-case target price of $44.25/share.