Airbnb Inc Ordinary Shares - Class A

ABNB: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$625.00	Btffnm	Vfqmwzqt

Airbnb: Sales Share Gains Point to a Strengthening Narrow-Moat Network Advantage

Dan Wasiolek

Apr 18, 2023

Our view of Airbnb’s network advantage (source of its narrow moat) has become more optimistic since its December 2020 public offering. Specifically, Airbnb has seen a strong sales recovery in its core alternative accommodations market, and we have less pause that its lack of traditional hotel content poses a competitive challenge. Shares trade at a slight discount to our unchanged $127 fair value estimate.

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