Added to YB: 2024-03-22
Pitch date: 2024-03-21
ABNB [bullish]
Airbnb, Inc.
-23.12%
current return
Author Info
Company Info
Airbnb, Inc., together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide.
Market Cap
$69.3B
Pitch Price
$167.00
Price Target
191.43 (+49%)
Dividend
N/A
EV/EBITDA
21.15
P/E
27.24
EV/Sales
5.01
Sector
Hotels, Restaurants and Leisure
Category
growth
Airbnb: 2024 Financial Model and Valuation Update
ABNB: Robust growth in Q4 2023 - 448M nights booked (+14% YoY), 16% GBV increase to $73B. Take rate up to 13.5% driving revenue to $9.9B (+18% YoY). Op margin at 15% (25% ex one-offs), net income surged to $4.8B (31% margin ex one-offs) partly due to $2.7B deferred tax release. FCF at $3.8B (39% margin). DCF model assuming 11.8% market share by 2028 (8.6% in 2023) & 30% EBIT margin yields $191 fair value (+18% upside). Key catalyst is potential ad platform which could add 2-3% to take rate.
Read full article (5 min)