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  • Bull and Bear: Airbnb

     EnzoN876 updated 3 years ago 1 Member · 1 Post
  • EnzoN876

    Member
    7 2 月, 2022 at 10:44 下午

    Travelers want access to exemplary vacation properties, while vacation-home owners want to make the most of their investments. Airbnb (NASDAQ: ABNB) brings vacationers and property owners together with its cutting-edge travel services platform, which has become the go-to place for accommodations of all kinds.

    5 Potential Bull Cases

    1. The travel industry bounces back with a vengeance. Even with reopening efforts underway, many areas across the globe remain under travel restrictions. A full solution to the COVID-19 pandemic worldwide could restore global travel volume and lead to a more complete release of pent-up demand for Airbnb properties.
    2. A permanent move to remote work takes place. Airbnb has already seen a big spike higher in long-term stays of 28 days or more, with much of the rise coming from remote workers who’ve realized that working from home doesn’t necessarily mean being stuck in your residence. As more companies embrace hybrid work arrangements, Airbnb could be a big beneficiary.
    3. A boom in experiences occurs. Airbnb’s biggest asset is its emphasis on its 4 million hosts. Inviting hosts to build and share experiences adds the personal touch that so many Airbnb guests crave, and the company sees experiences as a massive potential market to supplement its accommodations business.
    4. Airbnb’s committed leadership team keeps innovating. CEO Brian Chesky is driving the primary business forward, but fellow co-founder Nathan Blecharczyk’s work with the Airbnb China subsidiary and Joe Gebbia’s leadership of the Airbnb.org foundation and the Samara experiment product development team could pay extra dividends if their efforts are successful.
    5. Airbnb smooths its profitability. As with most travel-related businesses, Airbnb’s bottom-line performance has been lumpy, with big losses in the fall and winter quarters offsetting better performance in spring and summer. Efforts to smooth out its results could help take away some of Airbnb’s seasonality, avoiding whipsaws after quarterly announcements.

    3 Potential Bear Cases

    1. Airbnb fails to resolve regulatory disputes effectively. Airbnb has worked to address the concerns raised by neighboring property owners, local governments, and taxing authorities. However, guests don’t have the skin in the game to treat vacation homes the same way property owners do, and if Airbnb can’t enforce rules on behavior, the government could bring down the regulatory hammer.
    2. Guests and hosts bristle at high Airbnb fees. Once seen as a potentially lower-cost alternative to hotels, Airbnb accommodations now often come at higher costs than hotels in similar areas after accounting for the administrative, platform, and cleaning fees. In particular, the huge disparity between quoted per-night prices and final costs including all taxes and fees could dissuade guests from booking stays and damage Airbnb’s reputation.
    3. Valuation concerns and stock volatility continue. Despite Airbnb’s recent share-price drop, the stock still trades at more than 16 times sales, putting it at a big premium to traditional accommodation providers. With a forward earnings multiple nearing 100, anything short of strong performance could keep the stock’s movements turbulent.

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