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We Think Airbnb is Worth US$60 Per Share

We think investors should resist booking an investment in this advantaged travel operator

11 December, 2020 | 23:02

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We believe Airbnb has achieved a critical-mass network advantage in alternative accommodations, the source of its narrow moat, as witnessed by its 5.7 million active listings (the supply side of the network equation) and 247 million guest arrivals (demand side) in 2019. We see its network position supported by further expansion into emerging markets, where Asia-Pacific was already 12% of 2019 sales, and the experiences vertical, which we think adheres well to the company’s communal culture.

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