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Airbnb Inc Ordinary Shares - Class A ABNB

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Airbnb Outperforms in 2020, and Is Positioned Well for the Expected Travel Rebound in 2021

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We retain our view that Airbnb is positioned to extend its leading alternative accommodations network (source of its narrow moat) and grow into one of the industry’s leading experiences platforms. Our constructive stance is captured in our forecast for nearly 30% average revenue growth during 2021-25, with EBITDA margins reaching over 20% in 2025. We may increase our $68 fair value estimate modestly to account for stronger marketing leverage, but with shares trading over 90 times 2023 EV/EBTIDA, we see shares as rich.

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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 5.7 million active alternative accommodation listings and 247 million guest arrivals in 2019. Listings from the company’s 4 million hosts are spread over 220 countries and 100,000 cities. In 2019, 41% of revenue was from the North American region, 40% from Europe/Middle East/Africa, 12% from Asia-Pacific, and 7% from Latin America. Transaction fees for online bookings account for all its revenue.

888 Brannan Street
San Francisco, CA, 94103
T +1 415 510-4027
Sector Communication Services
Industry Internet Content & Information
Most Recent Earnings Dec 31, 2019
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 5,465