Sales grew by 11.2% in the first half, operating profit by 24.7%, net income by 47.6%, and earnings per share by 60% - as another three million shares were delisted during the period via share buybacks.

There's no stopping the Booking war machine, whose ubiquity in the tourism booking business is reminiscent of Google's in online search.

In early 2023, MarketScreener was banging its fist on the table to point out that, at a valuation multiple of x19 its profits, the group was in all likelihood an unmissable investment opportunity.

It's not often that you find a highly profitable business with outstanding profitability, still growing strongly and protected by an immense competitive advantage - the famous "network effect" - at such a price.

Everything fitted together at Booking - sales quadrupling in ten years, essentially organic expansion, a few perfectly thought-out and integrated acquisitions, and mountains of cash returned to shareholders in the form of share buybacks.

Apart from the introduction of a modest dividend, things have not changed since then, with growth continuing - albeit at a more modest pace - and cash generation at an all-time high. Under pressure in recent weeks, the Group's valuation has nevertheless fallen back to around x22-23 earnings.

This is a situation worth keeping a close eye on, notwithstanding our cautious forecasts for the coming season.