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Booking Holdings Inc BKNG

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Morningstar’s Analysis

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Economic Moat




Airbnb’s Released IPO Filing Highlights a Network Advantage, Demand Rebound, and Stout Liquidity

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We see four key takeaways from Airbnb’s IPO filing. One, Airbnb hosts a network advantage, as we have long believed. Two, Airbnb has seen a stronger recovery in travel demand versus the industry, aided by domestic road trips, as has been our expectation since the early days of the pandemic. Three, Airbnb’s liquidity profile appears to be strong enough that solvency is a very low risk. Four, Airbnb is generating losses, as it wisely builds out its network to compete with narrow-moat peers Booking and Expedia.

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Company Profile

Business Description

Booking is the world’s largest online travel agency by sales, offering booking services for hotel and vacation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates a number of branded travel booking sites, including,, Agoda, OpenTable, and, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.

800 Connecticut Avenue
Norwalk, CT, 06854
T +1 203 299-8000
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 23,000