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The key to a $1.3T opportunity

A new trend in real estate is making the most expensive properties obtainable. It’s called co-ownership, and it’s revolutionizing the $1.3T vacation home market.

The company leading the trend? Pacaso. Created by the founder of Zillow, Pacaso turns underutilized luxury properties into fully-managed assets and makes them accessible to the broadest possible market.

The result? More than $1b in transactions, 2,000+ happy homeowners, and over $110m in gross profits for Pacaso.

With rapid international growth and 41% gross profit growth last year, Pacaso is ready for what’s next. They even recently reserved the Nasdaq ticker PCSO.

But the real opportunity is now, before public markets. Until 5/29, you can join leading investors like SoftBank and Maveron for just $2.80/share.

Invest in Pacaso today.

_{This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.}

Booking Holdings DCF Stock Analysis

Here’s my assumptions:

Risk Free Rate (10 Years Interest Rate Swap): 4.218%

Risk Premium (Taken from the Aswath Damodaran equity premium spreadsheet): 4.33%

Interest Rate Spread on The Risk free rate ( For the cost of debt calculation): 7%

Historical Data

Revenue growth in the last 10 years (CAGR): 9.91%

Earnings growth in the last 10 years (CAGR): 8.71%

Unlevered Free Cash Flow growth in the last 10 years (CAGR): 13.34%

Future Assumptions

End of Year FCF growth: 7%

Growth until end of 2026: 12%

Growth until end of 2034: 7%

Perpetual growth: 3.1%

Net Debt: 0.789B

Outstanding Stock Options Present Value Assumption: $0.058B

Restricted Stock Units Present Value Assumption: $1.482B

Stock Valuation based on these assumptions: $7386

Last update 05/26/2025

All the content in this newsletter should be taken as informational content only. THIS IS NOT FINANCIAL ADVICE! Do your own Due Diligence before investing or contact a professional financial advisor.

I don’t have a position in Booking Holdings, Inc. (BKNG) and I don’t plan to add a position in the coming days.