Could Orbitz Worldwide be someone’s stocking stuffer?

Eric Savitz of Baron’s, citing a Credit Suisse research note, wonders whether Orbitz Worldwide could be a takeover target.

I’ve speculated about this before, and the possibility that someone might buy Orbitz still makes sense to me.

The company weathered the booking-fee storm, seems to have found its bearings, and its stock price is still relatively low and trending upwards.

Credit Suisse’s Scott Barry noted that OWW has $10 billion of gross volume, “under-monetized traffic,” “visibility on $150 million of stable EBITDA,” and an improving competitive position, according to Savitz’s reporting about the note.

On the under-monetized traffic, OWW has taken the initial steps of building a media business through the relaunches of Trip.com and Lodging.com.

Barney Harford, imported as CEO early this year, seems to have shaken the place up with a new focus on hotels, a perennial Orbitz weakness, but building a viable lodging business would take time.

There is one sticky little detail that could deter some would-be suitors: OWW had $608 million in long-term debt through the end of 2008, upping an acquisition price tag a tad.

There is probably a long list of the usual suspects that we might cite as possible buyers, starting with Expedia.

Also, there has been talk of a Travelocity-Orbitz combo, but Travelocity, too, is laden with debt.

Still, all things considered, some acquisition-hungry company might be able to scoop up Orbitz at a bargain in the short term compared to the purchase price a year or two from now.