Consumer Discretionary
Gordon Haskett Research Advisors
AirDNA data points to nights pacing in line with consensus estimates, but Robert Mollins thinks the forecast will be downwardly revised once Dec is in the books. Comps will be more challenging this month than in the first two months of Q4 and with AirDNA's forecast methodology assuming QTD Y/Y performance holds for the entire quarter, Robert is comfortable with his room night estimate (107.7m) sitting below AirDNA's forecast (109m). He reiterates his Underperform rating (TP $108); sees risk greater than reward with ABNB trading at a material premium to peers and uncertainty around margins heading into '25E with planned investments from 2H24 expected to persist into next year.
Edition: 201
- 13 December, 2024
Consumer Discretionary
Cmind predicts that ABNB is very likely to beat its 3Q23 earnings, scheduled to release on 1st Nov. Per their latest prediction, the probability of beating the consensus is 0.91. ABNB exceeds its competitors in high Cash/Operating Profit, EBT/Sales, Gross Profit/Total Assets, Gross Margin change, and Current Assets/Capitalised Expenses; and in low Inventories/Current Assets. In linguistic analysis, ABNB's CEO/CFO have been more positive and bullish on the company’s outlook and less evasive in addressing analysts’ questions.
Edition: 172
- 27 October, 2023
Airbnb (ABNB)
Communications
Gordon Haskett Research Advisors
Double Upgrade (to Buy) - GHRA’s digital engagement data indicates trends have materially improved since ABNB last updated markets in mid-May, which when combined with still-elevated ADRs and lengthening stays suggest there is ample 2Q topline upside and EBITDA flowthrough relative to current estimates. ABNB warrants a valuation premium vs. peers given its (1) best-in-class brand recognition (2) faster recovery relative to traditional OTAs, (3) upward revision momentum ahead and (4) continued product improvement.
Edition: 115
- 23 July, 2021
SPAC Idea Forum highlights several interesting opportunities
Despite the recent carnage in the sector, judging by the turnout at MYST’s latest Forum, interest in SPACs has not waned at all. While there was some lively bull vs. bear debates (PureCycle Technologies, Jaws Acquisition Corp, Dragoneer Growth Opportunities Corp), MYST felt the most compelling ideas included Gores Metropoulos II - less expensive and more vertically-integrated Airbnb with experienced sponsor. Mudrick Capital Acquisition Corporation II - leader in the "red hot" collectibles market; new licensing deals and NFT optionality to accelerate growth/GMV.
Edition: 111
- 28 May, 2021