HOUSE_OVERSIGHT_014926

Table 26: Trivago Estimate Summary 1Q17 2017 2017 2018 2019 BofAML est. €0.02 €0.00 €0.05 €0.22 €0.48 Street €0.02 €0.01 €0.06 €0.15 €0.32 BofAML est. vs. Street Above Below Below Above Above Source: BofA Merrill Lynch Global Research estimates, Bloomberg, as of 4/4/2017 Our PO of $15 is based on a 3.5x 2018E EV/Sales multiple. We note that 3.5x is roughly in line with the lead generation peer group average 2018E EV/Sales multiple. We think our EV/Sales multiple is warranted as a balance between Trivago's higher growth and lower profitability. Our price objective is supported by our DCF analysis. 40 Internet/e-Commerce | 06 April 2017 aie 2 HOUSE_OVERSIGHT_014926