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Airbnb Inc ABNB

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Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Airbnb Sees Impressive Demand Recovery as It Prudently Invests Behind Its Intact Network Advantage

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We plan to lift our $75 fair value estimate for narrow-moat Airbnb by a high-single-digit percentage to account for a stronger recovery in demand, with an expectation that its 2021 bookings can surpass 2019 levels (versus our prior forecast of reaching the low 90s). Although the shares are down by the mid-30s since mid-March, we still view them as overvalued, trading around 65 times consensus 2023 EV/EBITDA (Visible Alpha).

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Company Profile

Business Description

Started in 2007, Airbnb is the world’s largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences. Airbnb’s platform offered 5.6 million active accommodation listings in 2020. Listings from the company’s 4 million hosts are spread over 220 countries and 100,000 cities. In 2020, 53% of revenue was from the North American region, 30% from Europe/Middle East/Africa, 10% from Asia-Pacific, and 7% from Latin America. Transaction fees for online bookings account for all its revenue.

Contact
888 Brannan Street
San Francisco, CA, 94103
T +1 415 510-4027
Sector Communication Services
Industry Internet Content & Information
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 5,597

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