Tripadvisor: Why I'm Underwriting Tail Risk At $7.00 To Harvest 21% Annualized Yield
TRIP trades at a 70% discount to its conservative SOTP intrinsic value of $35+, driven by its valuable asset portfolio. Activist investor Starboard's board entry and the transition to a single-class share structure eliminate governance overhang, paving the way for strategic spinoffs or asset sales. To avoid the opportunity cost of a "buy and hold" approach during uncertain turnaround periods, this thesis avoids direct buy and hold.