Expedia (NYSE: EXPE) has been trading in a range for almost three years now. The global travel market continues to grow, and it’s forecasted to reach a whopping $1.3 trillion. However, EXPE's shares haven’t seen a comparable upside. Here I'll provide investors with some analysis regarding EXPE's business prospects. Expedia is an exciting business because it has many opportunities which it can profitably exploit, but at the same time, it appears to have some fundamental flaws. My valuation of Expedia indicates that it’s slightly undervalued, but its risks are still difficult to ignore.