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Airbnb Inc Ordinary Shares - Class A ABNB

Morningstar Rating
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Stock XNAS Rating as of
$147.05 −10.85 (6.87%)
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As of Delayed Price Pre-Open: $148.32 +1.26
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Company Report

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Airbnb Earnings: Demand in 2024 Looks Healthy as the Network Advantage Strengthens

Dan Wasiolek

We don’t expect much change to our $137 fair value estimate for Airbnb, as 2024 sales and EBITDA margins continue to track our 14% growth and 35.6% forecast, respectively. Airbnb shares traded down 9% in May 8 after-hours trading, driven by undue concern over second-quarter sales guidance. We wouldn’t require much discount on our valuation to view the shares of this high-quality company as attractive.

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Price vs Fair Value

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ABNB is trading at a 468% premium.
Price
$147.06
Fair Value
$675.00
Uncertainty
High
1-Star Price
$492.58
5-Star Price
$47.90
Economic Moat
Jkndy
Capital Allocation
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Bulls Say, Bears Say

Bulls

Airbnb’s network has reached critical-mass scale, supported by its leading booking share of the alternative accommodation market and ongoing expansion into experiences.

Bears

Booking and Expedia are investing in their US alternative accommodation supply and awareness. Also, Google's continued emphasis on placing its paid ads and metasearch platform ahead of free organic search links could elevate marketing cost for Airbnb.

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News

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Trading Information

Previous Close Price
$157.90
Day Range
$145.57–150.01
52-Week Range
$103.55–170.10
Bid/Ask
$148.25 / $148.48
Market Cap
$93.43 Bil
Volume/Avg
3,363 / 4.8 Mil

Key Statistics

Price/Earnings (Normalized)
31.59
Price/Sales
9.45
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
2.69%

Company Profile

Started in 2008, Airbnb is the world’s largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences. Airbnb’s platform offered 7.7 million active accommodation listings as of Dec. 31, 2023. Listings from the company’s over 5 million hosts are spread over almost every country in the world. In 2023, 50% of revenue was from the North American region. Transaction fees for online bookings account for all its revenue.
Sector
Consumer Cyclical
Industry
Travel Services
Stock Style Box
Large Growth
Total Number of Employees
6,907
Website
https://www.airbnb.com

Competitors

Valuation

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Metric
ABNB
TRIP
BKNG
Price/Earnings (Normalized)
 31.5913.4725.84
Price/Book Value
 11.863.09—
Price/Sales
 9.451.466.14
Price/Cash Flow
 28.7912.5821.70
Price/Earnings
ABNB
TRIP
BKNG

Financial Strength

Metric
ABNB
TRIP
BKNG
Quick Ratio
 1.401.641.20
Current Ratio
 1.441.691.28
Interest Coverage
 —2.685.97
Quick Ratio
ABNB
TRIP
BKNG

Profitability

Metric
ABNB
TRIP
BKNG
Return on Assets (Normalized)
 28.58%7.31%22.51%
Return on Equity (Normalized)
 85.50%23.73%—
Return on Invested Capital (Normalized)
 57.72%10.93%42.97%
Return on Assets
ABNB
TRIP
BKNG
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Travel Services Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
BKNG
Booking Holdings IncMqkcjrjsHqcckw$128.2 Bil
RCL
Royal Caribbean GroupBybfptzjZcnhxcq$36.5 Bil
TRPCF
Trip.com Group Ltd—Qpzrp$33.9 Bil
TCOM
Trip.com Group Ltd ADRVhyhwvqqpXsyfd$33.9 Bil
CCL
Carnival CorpCncppfpnLxrmwf$19.1 Bil
EXPE
Expedia Group IncDlnmsrgPtghdp$14.9 Bil
VIK
Viking Holdings Ltd—Zsvvl$12.3 Bil
NCLH
Norwegian Cruise Line Holdings LtdVskvlycNspyld$7.0 Bil
TRIP
Tripadvisor IncLlqfgmhTcw$2.6 Bil

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