Despegar.com Corp  (NYSE: DESP) has had a wild ride since listing last November. The share price rocketed to $34 from its IPO price of $26 before sinking below $23 and then rebounding to $34 in March. It has since fallen in a straight line to $21, where we bought.

Despegar.com is Latin America’s version of Booking Holdings (NASDAQ: BKNG) (formerly Priceline) or Expedia (NASDAQ: EXPE), providing a website to compare and book hotels and airfares for 16m customers annually. Brazil and Argentina are the biggest markets, accounting for two-thirds of revenue.

Each year Latin Americans book $100bn of travel with traditional travel agents and online travel agencies (OTAs), which is growing at 6-7% per year. Online bookings are growing at over 10% per year and are one-third of total bookings, compared to 52% in Europe, 49% in the US and 36% across Asia Pacific.

Booking and Expedia have been investor favourites given their incredible shareholder returns since the GFC. Like REA Group (ASX: REA) and Seek (ASX: SEK) in Australia, CTrip in China and MakeMyTrip in India, these online businesses dominate winner-take-all (or most) markets and face little competition, which is why they trade on such high earnings multiples.