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Fundamental analysis: AIRBNB (#ABNB)

Airbnb, Inc. is an American company that operates an online marketplace for lodging, primarily homestays for vacation rentals, and tourism activities. Based in San Francisco, California, the platform is accessible via website and mobile app

Airbnb is among the stocks that have been impacted the most by the Covid pandemic: however as we are started to see the light at the end of the tunnel, #ABNB is definitely among the stocks that can benefit the most by a reopening of the economy.

Q2 20210 where recently published and as more people are vaccinated and certain travel restrictions lifted, global demand and supply increased in this quarter, driving up revenue even higher than comparable 2019 levels.

⚡️Growth factors:

  • As vaccinations rise and restrictions ease, more people are traveling. The company saw strong demand for bookings in Q2, achieving the highest gross nights booked (defined as nights booked prior to cancellations and alterations) of any quarter in their history. Guests from countries with high vaccination rates, including the U.S. and parts of Europe, are driving the travel recovery.

  • Gross nights booked for cross-border travel within Europe were higher in June 2021 than in June 2019. Travel to high-density urban areas increased in Q2 from Q1 2021, and in the US, searches for stays in high-density urban areas almost doubled in June 2021 compared to January 2021: High-density urban areas represented over 40% of Airbnb gross nights booked in Q2 2021.

  • After remaining stable throughout the pandemic, the number of active listings grew in Q2. Active listings in non-urban destinations in Europe and North America increased 8% from Q1 2021 to Q2 2021.

📖 Financial indicators:

  • Q2 2021 revenue: Revenue of $1.3 billion in Q2 2021 significantly exceeded Q2 2020 revenue of $335 million

  • Net loss:in Q2 2021 was $68m compared to $575m in Q2 2020 and $229 million in Q2 2019.

  • Adjusted EBITDA : Adjusted EBITDA in Q2 2021 was $217 million, which had substantially improved from $(397) million in Q2 2020 and $(43) million in Q2 2019.

  • Adjusted EBITDA margin: +16%, an increase of 20% (or 2000 bps) compared to Q2 2019.

  • Short Term Liabilities: ABNB's short term assets ($14.1B) exceed its short term liabilities ($9.5B)

  • Long Term Liabilities: ABNB's short term assets ($14.1B) exceed its long term liabilities ($2.6B)

Entry range: $ 135.00 - $ 140.00

Target: $ 170.00

Stop loss: $ 120.00

18 August 2021

OTB Global Investments

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