expedia investor presentation 2022

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Expedia Group to Webcast First Quarter 2024 Results on May 2, 2024

Expedia Group (NASDAQ: EXPE) will report its first quarter 2024 results for the period ended March 31, 2024, on Thursday, May 2, 2024 via an earnings release and accompanying webcast. These items will be available in the Investor Relations section of the company’s corporate website at http://ir.expediagroup.com . The earnings release will post after market close and the webcast will begin at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A replay of the call is expected to be available for approximately twelve months.

About Expedia Group

Expedia Group, Inc. brands power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Our organization is made up of three pillars: Expedia Brands, housing all our consumer brands; Expedia Product & Technology, focused on the group’s product and technical strategy and offerings; and Expedia for Business, consisting of business-to-business solutions and relationships throughout the travel ecosystem.

Expedia Group’s three flagship consumer brands includes: Expedia®, Hotels.com®, and Vrbo®. One Key™ is our comprehensive loyalty program that unifies Expedia, Hotels.com and Vrbo into one simple, flexible travel rewards experience. To enroll in One Key, download Expedia, Hotels.com and Vrbo mobile apps for free on iOS and Android devices. One Key is currently available in the U.S. and will become available globally soon.

For more information, visit www.expediagroup.com . Follow us on Twitter @expediagroup and check out our LinkedIn www.linkedin.com/company/expedia .

© 2024 Expedia, Inc., an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50

Investor Relations [email protected]

Communications [email protected]

View source version on businesswire.com: https://www.businesswire.com/news/home/20240418452107/en/

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Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back

• Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers.
• At the conference, there was talk of IPOs and M&A being back.
• Jefferies has significantly bulked up its tech investing division in recent years.

As bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference.

IPOs and M&As are finally back, and on top of that, there is an exciting new catalyst for rising tech valuations — generative AI.

"We surveyed a lot of the 140 entrepreneurs that are coming here and found 'IPO' is not a dirty word anymore," said Cameron Lester, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "People are thinking maybe they will go public."

After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. But there was not much to talk about in the way of actual deals. Now the logjam is finally breaking.

"We're as busy today as we were in 2021," said Jason Greenberg, Co-Head of Global Technology, Media, and Telecom Investment Banking at Jefferies.

"We ultimately succeed and get paid on the success of deals happening and closing. I don't think as many deals we're on today will turn into announced deals in 2024 or early 2025 compared to 2021. But even if they don't close at the same rate, you're going to see a market that was down 60% peak to trough recover a lot."

AI is driving many of those deals, according to Greenberg; The theme of this year's conference was "In the Age of AI."

Related stories

"Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&A," according to Greenberg.

Reports that Salesforce is in talks to buy the $10 billion data management software firm Informatica is another sign dealmaking is back (though some people at the conference were skeptical the deal would ultimately go through).

This week, there was also promising news that Goldman Sachs reported its investment banking division saw fees rise 32% in the first quarter thanks to strong underwriting and advisory work growth.

"It's clear that we're in the early stages of a reopening of the capital markets," said David Solomon, the bank's chairman and CEO, told investors.

Reddit went public in March, though the stock is down from its opening price. Other companies in the IPO pipeline include Databricks. Epic Games, and Getir.

Aside from the lavish Nobu dinner, attendees at Jefferies also heard from Andreessen Horowitz cofounder Marc Andreessen and Anthropic's head of business development, Neerav Kingsland.

Jefferies has significantly bulked up its tech investing division to better compete against more established players like Goldman and JP Morgan Chase.

"In the last 18 months, we've increased the number of MDs [managing directors] in our investment bank by 70%, which is kind of crazy given what's happened to our industry in terms of the decline over the past couple of years," Lester said.

Now that deals are finally happening again, Lester is hoping the investment pays off.

"People don't typically choose a banker in a 30-day period," Lester said. "They choose it based on relationships built over a couple of years."

Watch: How Twitter panic took down Silicon Valley Bank

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Factors influencing investment decision in India 2023

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Expedia Group Reports Fourth Quarter and Full Year 2022 Results

SEATTLE --(BUSINESS WIRE)-- Expedia Group, Inc. (NASDAQ: EXPE) announced financial results today for the fourth quarter and full year ended December 31, 2022 .

Key Highlights

• Record full year and fourth quarter lodging bookings and lodging revenue.
• Significant earnings growth with full year GAAP net income of $352 million , compared to a net loss of $269 million in 2021. Full year adjusted net income up over 300% versus 2021 and record Adjusted EBITDA of over $2.3 billion .
• Full year free cash flow grew to $2.8 billion , over 70% higher than 2019.
• Reduced debt by $2.2 billion during 2022, resulting in a significant reduction in leverage.
• Repurchased 5.2 million shares for approximately $500 million for the year and approximately $350 million in shares in the fourth quarter 2022.

“We were pleased that we were able to deliver our most profitable year in 2022, despite the friction from transforming our business model and technology platform. While our Q4 results were negatively impacted by severe weather, demand was otherwise strong and accelerating, and has been markedly stronger since the start of the year,” said Peter Kern , Vice Chairman and CEO, Expedia Group . "We begin ‘23 with record app usage and member counts, led by Expedia US, the first of our brands to deploy new capabilities and marketing strategies. This year, we are excited to see these benefits accrue to more of our brands and geographies, driving further growth and margin expansion."

Discussion of Results

The results for Expedia Group, Inc. (" Expedia Group " or "the Company") include Brand Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, HomeAway®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™ and Expedia® Cruises™. Results include the related international points of sale for all brands. In April 2021 , we completed the sale of Classic Vacations®, and in November 2021 we completed the sale of Egencia®, which are included in results through the date of their respective sales. All amounts shown are in U.S. dollars.

Gross Bookings & Revenue

For the fourth quarter of 2022, total gross bookings increased 17%, compared to the fourth quarter of 2021, as gross bookings for lodging and air grew. Total revenue increased 15%, compared to the fourth quarter of 2021, driven by growth across the company.

Product & Services Detail

As a percentage of total revenue in the fourth quarter of 2022, lodging accounted for 77%, advertising and media accounted for 7%, air accounted for 4%, and all other revenues accounted for the remaining 12%.

Lodging revenue increased 18% in the fourth quarter of 2022, compared to the fourth quarter of 2021, driven by a significant increase of 19% in room nights stayed and average daily rate ("ADR") growth of 3%.

Air revenue increased 44% in the fourth quarter of 2022, compared to the fourth quarter of 2021, driven by an increase of 47% in revenue per ticket.

Advertising and media revenue increased 15% in the fourth quarter of 2022, compared to the fourth quarter of 2021, due to growth in Expedia Group Media Solutions.

Other revenue decreased in the fourth quarter of 2022, compared to the fourth quarter of 2021, due to declines in car revenue.

Costs and Expenses ($ millions)

Cost of Revenue

• For the fourth quarter of 2022, total GAAP and adjusted cost of revenue increased 4% and 5% respectively, primarily due to an increase in merchant fees as well as cloud costs.

Selling and Marketing

• For the fourth quarter of 2022, total GAAP and adjusted selling and marketing expense both increased 32% primarily driven by a $321 million increase in direct costs primarily due to an increase in B2B partner commissions and increased spend in Retail marketing channels. Total GAAP and adjusted indirect marketing expenses increased 6% and 8%, respectively.

Technology and Content

• For the fourth quarter of 2022, total GAAP and adjusted technology and content expense increased 16% and 17%, respectively, primarily due to an increase in personnel and related costs as a result of the increase in headcount.

General and Administrative

• For the fourth quarter of 2022, total GAAP and adjusted general and administrative expense increased 1% and 6%, respectively. The increase in the adjusted figure was driven primarily by an increase in personnel costs related to increase in headcount while the GAAP figure was tempered by a reduction in stock-based compensation.

Net Income (Loss) Attributable to Expedia Group and Adjusted EBITDA*

Depreciation and Amortization

Depreciation and amortization was flat in the fourth quarter of 2022 as compared to the fourth quarter of 2021.

Interest and Other

Consolidated interest income increased $23 million in the fourth quarter of 2022 as a result of higher rates of return. Consolidated interest expense decreased $24 million in the fourth quarter of 2022 primarily as a result of lower interest related to notes being extinguished in the first three quarters of 2022.

Consolidated other, net was a gain of $84 million in the fourth quarter of 2022 primarily driven by an increase in the market value of our minority equity investment in Global Business Travel Group.

Income Taxes

The GAAP effective tax rate was 4% and 36% in the fourth quarter and full year 2022, respectively compared to 16% and 140% in the prior year periods. The change in effective tax rate was primarily due to the change in pretax income.

The effective tax rate on pretax adjusted net income was 15% and 21% in the fourth quarter and full year 2022, respectively, compared to 22% and 16% in the prior year periods. The change in effective tax rate was primarily due to the change in pretax adjusted net income.

Balance Sheet, Cash Flows and Capitalization

For the three months ended December 31, 2022 , consolidated net cash used in operating activities was $182 million . Consolidated free cash flow used totaled $359 million , a decline of $501 million compared to the prior year primarily due to a decrease in cash provided by operating activities, driven by changes in working capital.

Cash, cash equivalents and short-term investments totaled $4.1 billion at December 31, 2022 compared to $4.6 billion at September 30, 2022 .

Restricted cash and cash equivalents, which primarily consist of traveler deposits for Vrbo bookings, was $1.8 billion at December 31, 2022 and at September 30, 2022 . Prepaid expenses and other current assets was $774 million at December 31, 2022 compared to $799 million at September 30, 2022 . Deferred merchant bookings totaled approximately $7.2 billion at December 31, 2022 , including approximately $961 million in deferred loyalty rewards, compared to $7.5 billion at September 30, 2022 , including approximately $915 million in deferred loyalty rewards.

At December 31, 2022 , Expedia Group had stock-based awards outstanding representing approximately 11 million shares of Expedia Group common stock, consisting of options to purchase approximately 4 million common shares with a $135.93 weighted average exercise price and weighted average remaining life of 3.5 years, and approximately 7 million restricted stock units.

During the quarter ended December 31, 2022 , Expedia Group repurchased approximately 3.7 million shares of Expedia Group common stock for an aggregate purchase price of $347 million excluding transaction costs (an average of $94.44 per share). As of December, 2022, there were approximately 18 million shares remaining under prior Board of Directors share repurchase authorizations.

Expedia Group, Inc. Trended Metrics (All figures in millions)

The supplemental metrics below are intended to supplement the financial statements in this release and in our filings with the SEC , and do not include adjustments for one-time items, acquisitions, foreign exchange or other adjustments. The definition, methodology and appropriateness of any of our supplemental metrics are subject to removal and/or change, and such changes could be material. In the event of any discrepancy between any supplemental metric and our historical financial statements, you should rely on the information filed with the SEC and the financial statements in our most recent earnings release.

Notes & Definitions:

Gross Bookings : Gross bookings generally represent the total retail value of transactions booked, recorded at the time of booking reflecting the total price due for travel by travelers, including taxes, fees and other charges, adjusted for cancellations and refunds.

Retail : The Retail segment, which consists of the aggregation of operating segments, provides a full range of travel and advertising services to our worldwide customers through a variety of consumer brands including: Expedia.com and Hotels.com in the United States , localized Expedia and Hotels.com websites throughout the world, Vrbo, Orbitz , Travelocity, Wotif Group , ebookers, Hotwire.com , and CarRentals.com .

B2B : The B2B segment is comprised of Expedia Partner Solutions, which operates private label and co-branded programs to make travel services available to leisure travelers though third-party company branded websites and Egencia through its sale on November 1, 2021 .

trivago : The trivago segment generates advertising revenue primarily from sending referrals to online travel companies and travel service providers from its localized hotel metasearch websites.

Corporate : Includes unallocated corporate expenses as well as Bodybuilding.com subsequent to our acquisition in July 2019 through its sale in May 2020 .

Lodging Metrics : Reported on a stayed and book basis. Lodging consists of both merchant and agency model hotel and alternative accommodations.

Room Nights Stayed : Room nights stayed represent stayed hotel room nights and include property nights for our Retail reportable segment and stayed hotel room nights for our B2B reportable segment. Stayed hotel room nights include both merchant and agency hotel stays. Property nights, which are related to our alternative accommodation business, are reported upon the first day of stay and check-in to a property and represent the total number of nights for which a property is rented.

Room Nights Booked : Room nights booked represent booked hotel room nights and include property nights for our Retail reportable segment and booked hotel room nights for our B2B reportable segment. Booked hotel room nights include both merchant and agency hotel stays. Property nights are related to our alternative accommodation business.

Air Metrics : Reported on a booked basis and includes both merchant and agency air bookings.

Definitions of Non-GAAP Measures

Expedia Group reports Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted EPS, Free Cash Flow and Adjusted Expenses (non-GAAP cost of revenue, non-GAAP selling and marketing, non-GAAP technology and content and non-GAAP general and administrative), all of which are supplemental measures to GAAP and are defined by the SEC as non-GAAP financial measures. These measures are among the primary metrics by which management evaluates the performance of the business and on which internal budgets are based. Management believes that investors should have access to the same set of tools that management uses to analyze our results. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP. Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS have certain limitations in that they do not take into account the impact of certain expenses to our consolidated statements of operations. We endeavor to compensate for the limitation of the non-GAAP measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP measures. Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS also exclude certain items related to transactional tax matters, which may ultimately be settled in cash. We urge investors to review the detailed disclosure regarding these matters in the Management Discussion and Analysis and Legal Proceedings sections, as well as the notes to the financial statements, included in the Company's annual and quarterly reports filed with the Securities and Exchange Commission . The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The definition of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization was revised in the fourth quarter of 2012 and in the first quarter of 2016 and the definition for Adjusted Net Income (Loss) was revised in the fourth quarters of 2010, 2011, 2012 and 2017. The definition of Adjusted Expenses was revised in the first quarter of 2014 and in the second quarter 2015.

Adjusted EBITDA is defined as net income (loss) attributable to Expedia Group adjusted for:

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core operating results and renders comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA is a useful measure for analysts and investors to evaluate our future on-going performance as this measure allows a more meaningful comparison of our performance and projected cash earnings with our historical results from prior periods and to the results of our competitors. Moreover, our management uses this measure internally to evaluate the performance of our business as a whole and our individual business segments. In addition, we believe that by excluding certain items, such as stock-based compensation and acquisition-related impacts, Adjusted EBITDA corresponds more closely to the cash operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced.

Adjusted Net Income (Loss) generally captures all items on the statements of operations that occur in normal course operations and have been, or ultimately will be, settled in cash and is defined as net income (loss) attributable to Expedia Group plus the following items, net of tax:

Adjusted Net Income (Loss) includes preferred share dividends. We believe Adjusted Net Income (Loss) is useful to investors because it represents Expedia Group's combined results, taking into account depreciation, which management believes is an ongoing cost of doing business, but excluding the impact of certain expenses and items not directly tied to the core operations of our businesses.

Adjusted EPS is defined as Adjusted Net Income (Loss) divided by adjusted weighted average shares outstanding, which, when applicable, include dilution from our convertible debt instruments per the treasury stock method for Adjusted EPS. The treasury stock method assumes we would elect to settle the principal amount of the debt for cash and the conversion premium for shares. If the conversion prices for such instruments exceed our average stock price for the period, the instruments generally would have no impact to adjusted weighted average shares outstanding. This differs from the GAAP method for dilution from our convertible debt instruments, which include them on an if-converted method. We believe Adjusted EPS is useful to investors because it represents, on a per share basis, Expedia Group's consolidated results, taking into account depreciation, which we believe is an ongoing cost of doing business, as well as other items which are not allocated to the operating businesses such as interest expense, taxes, foreign exchange gains or losses, and minority interest, but excluding the effects of certain expenses not directly tied to the core operations of our businesses. Adjusted Net Income (Loss) and Adjusted EPS have similar limitations as Adjusted EBITDA. In addition, Adjusted Net Income (Loss) does not include all items that affect our net income (loss) and net income (loss) per share for the period. Therefore, we think it is important to evaluate these measures along with our consolidated statements of operations.

Free Cash Flow is defined as net cash flow provided by operating activities less capital expenditures. Management believes Free Cash Flow is useful to investors because it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. We added additional detail for the capital expenditures associated with building our new headquarters facility in Seattle, Washington . We believe separating out capital expenditures for this discrete project is important to provide additional transparency to investors related to operating versus project-related capital expenditures. Free Cash Flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows.

Adjusted Expenses (cost of revenue, selling and marketing, technology and content and general and administrative expenses) exclude stock-based compensation related to expenses for stock options, restricted stock units and other equity compensation under applicable stock-based compensation accounting standards. Expedia Group excludes stock-based compensation from these measures primarily because they are non-cash expenses that we do not believe are necessarily reflective of our ongoing cash operating expenses and cash operating income. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use when adopting applicable stock-based compensation accounting standards, management believes that providing non-GAAP financial measures that exclude stock-based compensation allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies, as well as providing management with an important tool for financial operational decision making and for evaluating our own recurring core business operating results over different periods of time. There are certain limitations in using financial measures that do not take into account stock-based compensation, including the fact that stock-based compensation is a recurring expense and a valued part of employees' compensation. Therefore, it is important to evaluate both our GAAP and non-GAAP measures. See the Notes to the Consolidated Statements of Operations for stock-based compensation by line item.

Expedia Group, Inc. (excluding trivago) In order to provide increased transparency on the transaction-based component of the business, Expedia Group is reporting results both in total and excluding trivago.

In addition, we evaluate certain operating and financial measures, including revenue growth, on both an as-reported and excluding the impact of foreign exchange, FX neutral, basis. FX neutral results are among the primary metrics by which management evaluates the performance of the business and management believes that investors should have access to the same set of tools that management uses to analyze our results. We estimate FX neutral revenue growth by (i) excluding the FX impacts resulting from the time period between a transaction's booking date and revenue recognition date for both the current and prior year periods, and (ii) converting our current-year period results for transactions recorded in currencies other than U.S. Dollars using the corresponding prior-year period exchange rates rather than the current-year period exchange rates.

Tabular Reconciliations for Non-GAAP Measures

Conference Call

Expedia Group, Inc. will webcast a conference call to discuss fourth quarter 2022 financial results and certain forward-looking information on Thursday, February 9, 2023 at 1:30 p.m. Pacific Time (PT). The webcast will be open to the public and available via ir.expediagroup.com . Expedia Group expects to maintain access to the webcast on the IR website for approximately three months subsequent to the initial broadcast.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These forward-looking statements are based on assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as “believe,” “estimate,” “expect” and “will,” or the negative of these terms or other similar expressions, among others, generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and may include statements relating to future revenues, expenses, margins, profitability, net income (loss), earnings per share and other measures of results of operations and the prospects for future growth of Expedia Group , Inc.’s business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our most recently filed periodic reports on Form 10-K and Form 10-Q, which are available on our investor relations website at ir.expediagroup.com and on the SEC website at www.sec.gov . All information provided in this release is as of February 9, 2023 . Undue reliance should not be placed on forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About Expedia Group

Expedia Group, Inc. (NASDAQ: EXPE) companies power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Our organization is made up of three pillars: Expedia Product and Technology, focused on the group’s product and technical strategy and offerings; Expedia Brands, housing all our consumer brands; and Expedia for Business, consisting of business-to-business solutions and relationships throughout the travel ecosystem. The Expedia Group family of brands includes: Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, CarRentals.com™, and Expedia Cruises™.

© 2023 Expedia, Inc. , an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50

View source version on businesswire.com : https://www.businesswire.com/news/home/20230209005538/en/

Investor Relations [email protected]

Communications [email protected]

Source: Expedia Group, Inc.

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10 Best Value Stocks to Buy Now

The market is still offering great deals on these value stocks.

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Already one of Canada's largest banks, Toronto-Dominion Bank is also increasing operations in the U.S. market.

The stock market is looking increasingly expensive. The major U.S. equity indexes have rallied far faster than corporate earnings have grown over the past year. As a result, the price-to-earnings multiples have gone up for many of America's largest companies. That could end up being a mistake. With inflation coming in hotter than expected for March and economists starting to doubt whether the Federal Reserve will cut interest rates this year, risks are mounting for expensive momentum stocks.

Some investors are heading for the sidelines and saving cash. But there are still places to put money to work prudently today. These stocks can make a portfolio more resilient and capable of withstanding a potential recession or stagflation scenario. For investors looking for a bargain, here are 10 of the top value stocks for 2024:

• Cisco Systems Inc. (ticker: CSCO )

Comcast Corp. ( CMCSA )

Telus corp. ( tu ), unilever plc ( ul ), sony group corp. ( sony ), toronto-dominion bank ( td ), solventum corp. ( solv ), essential utilities inc. ( wtrg ), aflac inc. ( afl ), jd.com inc. ( jd ), cisco systems inc. ( csco ).

It's funny how market cycles play out. Back in 2000, Cisco was briefly the world's most valuable company. Traders bid CSCO stock up to a stratospheric valuation thanks to seemingly unlimited demand for networking equipment. That ended painfully during the subsequent dot-com bust.

Today, semiconductor and AI companies may be seeing the sort of hype cycle that Cisco shares enjoyed in 2000. Cisco, by contrast, is now a beaten-down value stock trading at less than 15 times forward earnings. Cisco remains the dominant networking gear provider. It has also added increasingly profitable software and cybersecurity solutions to its broader product mix. Cisco is no longer a rapid growth company like it was in 2000. But it runs a cash cow hardware business, and demand for networking equipment and cybersecurity isn't going anywhere. This makes Cisco a solid value pick in the tech sector.

Comcast has faced a perfect storm over the past few years. It is struggling with the cord-cutting phenomenon as many people move from traditional cable to streaming options. The company also operates media properties of its own, such as NBC, which have lost value in the shifting media landscape. Shares of firms like Comcast and Walt Disney Co. ( DIS ) have underperformed the market in recent years due to these concerns. For Comcast, enough is enough. The stock has already dropped 8.5% this year through April 11 and is merely flat over the past five years. With the decline, Comcast shares are down to about nine times forward earnings. That makes Comcast ripe for a recovery on any improvement in sentiment.

Telus is a major Canadian telecom company. It is one of the three primary mobile carriers in the market, with more than 10 million subscribers and about 30% market share. Historically, Canada has been an attractive market with strong revenue per user and consistent growth thanks to Canada's rapidly increasing population and high levels of immigration. Telus, and the Canadian telecom sector as a whole, has seen shares tumble as the Canadian government is currently running an inquiry about pricing in the telecom market. Perhaps that will lead to pressure on mobile phone charges, though it could also blow over once legislators move on to other topics. In any case, with the stock price decline, Telus shares offer a 6.9% dividend yield.

Unilever is a multinational consumer staples company that sells food, personal care, hygiene and beauty products. In recent years, the company has struggled to grow top-line revenues. Some analysts have suggested that the company was too large and didn't have a strong focus on growing its core brands and best assets.

Changes are coming, however. The company divested its tea business in 2022. And now, after a consumer boycott, Unilever is unloading its Ben & Jerry's ice cream business as well. The thinking is that these moves will center Unilever's portfolio around higher-growth assets and also relieve the downward pressure on the share price. With the stock down about 10% over the past year, shares are now going for about 15 times forward earnings as well as offering a 4% dividend yield.

Sony is a broadly diversified Japanese technology conglomerate. It sells a variety of tech hardware, electronic equipment and consumer products. Products include gaming consoles and LCD televisions, among others, and the company also has media, music, and mobile phone and internet services among its businesses. Unfortunately, several of these businesses are struggling at the same time. Media profits are under pressure with the move to streaming distribution. The video gaming industry is in a significant downturn since the 2022 peak as people have enjoyed more leisure activities outside of their homes. Similarly, TV sales fell significantly in 2023. Sony is facing near-term headwinds, and investors have sold the stock off accordingly. However, Sony retains a great brand and wonderful intellectual property, and shares are now down to 16 times forward earnings.

Toronto-Dominion Bank is one of Canada's largest banks. The country has only five major banks; this consolidation has allowed the industry to enjoy high profits and not face excessive levels of competition. Toronto-Dominion has a powerful investment bank, and the firm is also increasing operations in the U.S. market. In addition, it owns a substantial stake in discount brokerage Charles Schwab Corp. ( SCHW ), putting it in position to enjoy significant upside as Charles Schwab recovers from last year's interest rate shock.

TD shares have slumped recently. Investors are worried about the Canadian economy and housing market. However, the Canadian government's mortgage insurance program protects banks from most of the potential downside in that space. It seems fears are overblown, with TD stock now selling for about 10 times forward earnings.

Solventum is a new publicly traded company focused on health care supplies. It came from a spin-off of industrial giant 3M Co. ( MMM ), which sought to unlock shareholder value by putting the health care business into a completely different operating company. Solventum has four primary operating divisions: surgical products, dental solutions, health information systems, and purification and filtration solutions.

The company just debuted as an independent firm, so there's not a long track record of its financial performance yet. However, analysts expect the company to be strongly profitable; shares are currently going for about 11 times forward estimated earnings. There could be some volatility as Solventum starts to report its standalone earnings. Regardless, SOLV stock spun off at around $80 a share and has quickly traded down about 20% from that price. This offers investors an opportunity to buy this promising spin-off at a significant discount.

Essential Utilities is a Pennsylvania-based utility company primarily focused on water, with a smaller natural gas business as well. Investors typically pay high multiples for water businesses, as water consumption is exceptionally predictable. There's minimal technological or disruption risk. Water utilities also don't have to worry about carbon emissions in the same way as electricity utilities, which are moving away from fossil fuels.

Regardless, Essential Utilities is currently out of favor due to the rise in interest rates. The stock price has retreated to 2019 levels and has underperformed over the past year as well. WTRG trades at about 17 times forward earnings. This is historically a highly attractive entry point for this Dividend Aristocrat growth-and-income value stock.

Aflac is a leading insurance company that primarily offers life and supplemental health insurance. In addition to its U.S. division, Aflac has a large market share within the Japanese life insurance market. After an initial plunge during the pandemic, Aflac shares have since doubled. Even so, they remain cheap thanks to an improving macroeconomic outlook.

Like with other life insurers, rising interest rates should lift Aflac's profitability. For many years, interest rates in the U.S. and other developed markets were around zero, which greatly curtailed earnings from fixed-income holdings. That has dramatically changed for the better with the rise in interest rates. In addition, the GLP-1 class of drugs for managing obesity and diabetes could lengthen peoples' lifespans and thus generate incremental profitability for life insurers. Aflac sells for about 12 times forward earnings.

Chinese e-commerce firm JD.com has fallen into deep value territory. Shares skyrocketed from $30 to $100 between 2019 and 2021. Shares have given back all those gains now, however, and recently traded back to near the firm's IPO price from 2014. Despite the collapse in the share price, though, the business is humming.

JD's revenues grew from $83 billion in 2019 to $153 billion for full-year 2023. The company continues to grow, with analysts projecting $160 billion in revenues for 2024. And JD's profitability has improved as well; in fact, shares go for a shockingly low 8.5 times forward earnings. The Chinese economy is in a slump, and there are major geopolitical concerns as well. But for investors who can stomach those risks, JD is a leading e-commerce giant with shares selling at an absolute rock-bottom price.

9 Best Cheap Stocks to Buy Under $5

Ian Bezek April 5, 2024

Tags: money , investing , Cisco , Comcast , Unilever , Sony , TD Bank , Essential Utilities , Aflac , JD.com

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