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Airbnb Inc Ordinary Shares - Class A - Stock Quote ABNB

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Morningstar's Airbnb Inc Ordinary Shares - Class A Stock Analysis

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Airbnb Seeing Strong Non-Urban Demand Broadening to Urban and International Trips; Shares Overvalued

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

Narrow-moat Airbnb’s first-quarter results and 2022 guidance were near our existing forecast, and we don’t expect a material change to our $114 fair value estimate, leaving shares overvalued. Gross bookings were $17.2 billion versus our $17.1 billion estimate, representing 173% of 2019 levels. Gross booked nights were 102.1 million compared to our 101.5 million forecast, equating to 126% of prepademic levels. Average daily rate was in line with our model at $168, coming in at 137% of 2019 levels.

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Airbnb Inc Ordinary Shares - Class A's Company Profile

Business Description

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 6 million active accommodation listings in 2021. Listings from the company’s 4 million hosts are spread over 220 countries and 100,000 cities and towns. In 2021, 54% of revenue was from the North American region, 32% from Europe/Middle East/Africa, 7% from Asia-Pacific, and 7% from Latin America. Transaction fees for online bookings account for all its revenue.

Contact
888 Brannan Street
San Francisco, CA, 94103
T +1 415 510-4027
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 6,132

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