Morningstar•February 26, 2021

Airbnb, Inc.: Airbnb Outperforms in 2020, and Is Positioned Well for the Expected Travel Rebound in 2021

Symbols

ABNB

Sector(s)

Communication Services

Rating

Current Price

$176.43

Fair Value

Economic Moat

Stewardship

Summary

Started in 2007, Airbnb is the world’s largest online alternative accommodation travel agency, also offering booking services for boutique hotels and experiences. Airbnb’s platform offered 5.7 million active alternative accommodation listings and 247 million guest arrivals in 2019. Listings from the company’s 4 million hosts are spread over 220 countries and 100,000 cities. In 2019, 41% of revenue was from the North American region, 40% from Europe/Middle East/Africa, 12% from Asia-Pacific, and 7% from Latin America. Transaction fees for online bookings account for all its revenue.

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Analyst Profile

Dan Wasiolek

Senior Equity Analyst

Dan Wasiolek is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers gaming, lodging, and online travel.Before joining Morningstar in 2014, Wasiolek spent 16 years as an analyst and portfolio manager covering U.S. mid- and large-cap strategies for Driehaus Capital Management.Wasiolek holds a bachelor’s degree in business administration from Illinois Wesleyan University and a master’s degree in business administration, with a concentration in finance, from the DePaul University Kellstadt School of Business.