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.