Introduction
Often, when I come across a company that is trading at all time highs I feel that the market has got it wrong and investors are bracing themselves for huge capital losses. That is not the case with Priceline (NASDAQ:PCLN) where, although the sentiment reflected in its share price is clearly positive, it's not fully misplaced. Priceline is a superb company with a great business model and its share price, while punchy, is not unfairly valued.
The article that follows contains recent business highlights, financials and a balance sheet appraisal, followed by valuation work and finishes by discussing its investment risks.
