Airbnb Inc Ordinary Shares - Class A

ABNB: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$131.00	Rlwbrwr	Ctgmqnsy

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

Dan Wasiolek

May 9, 2024

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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