Equity valuation Airbnb, Inc.

Detalhes bibliográficos
Autor(a) principal: Oliveira, Luís Manuel Santos
Data de Publicação: 2022
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/41500
Resumo: This dissertation aims to determine the target fair-value price of Airbnb, a dynamic and fast-growing Online Travel Agency that has established itself as a leader in providing short-term rentals, and that has been a key part of changing consumer trends in what related to tourist accommodation, even benefiting from the devastating effects of the COVID-19 pandemic. To achieve this goal, two different valuation methodologies were used, the first being a Discounted Cash-flow valuation that was performed on three different growth scenarios, the second being a relative valuation using forward-multiples, that was used as a levelling tool to approximate the result to the current peer and industry levels. The valuation was based on a detailed analysis of the company, industry, and global market forces. The valuation resulted in a BUY recommendation with an average target price of USD 153.51, +46.3% of potential upside compared to the trading price at 25th of July 2022 of USD 104.95. Lastly, a comparison was performed between the dissertation and the May 4th , 2022, HSBC Global Research equity report on Airbnb.
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spelling Equity valuation Airbnb, Inc.Domínio/Área Científica::Ciências Sociais::Economia e GestãoThis dissertation aims to determine the target fair-value price of Airbnb, a dynamic and fast-growing Online Travel Agency that has established itself as a leader in providing short-term rentals, and that has been a key part of changing consumer trends in what related to tourist accommodation, even benefiting from the devastating effects of the COVID-19 pandemic. To achieve this goal, two different valuation methodologies were used, the first being a Discounted Cash-flow valuation that was performed on three different growth scenarios, the second being a relative valuation using forward-multiples, that was used as a levelling tool to approximate the result to the current peer and industry levels. The valuation was based on a detailed analysis of the company, industry, and global market forces. The valuation resulted in a BUY recommendation with an average target price of USD 153.51, +46.3% of potential upside compared to the trading price at 25th of July 2022 of USD 104.95. Lastly, a comparison was performed between the dissertation and the May 4th , 2022, HSBC Global Research equity report on Airbnb.Esta dissertação procura determinar o preço justo da empresa Airbnb, Inc., uma Agência de Viagens Online dinâmica e em grande crescimento que se estabeleceu como líder a providenciar alugueres de curta duração e que tem sido uma peça chave nas recentes alterações de padrões de consumo relacionadas com alojamentos turísticos, beneficiando inclusivamente dos devastadores efeitos da recente pandemia de COVID19. Para atingir este objetivo, duas metodologias de avaliação diferentes foram usadas. A primeira foi o método dos fluxos de caixa descontados que foi aplicada em três cenários de crescimento distintos. A segunda foi uma avaliação relativa usando múltiplos, que foi usada como nivelador do resultado em comparação com os pares e indústria da Airbnb. Esta avaliação foi baseada numa análise detalhada da empresa, da indústria e das forças de mercado mundiais. A avaliação resultou numa recomendação de compra com um preço alvo de 153.51 dólares, um equivalente a +46.3% de potencial valorização quando comparado com o preço original de 104.95 dólares a 25 de julho de 2022. Por último, foi efetuada uma comparação entre a dissertação e o relatório da HSBC Global Research de 4 de maio de 2022.Martins, José Carlos TudelaVeritati - Repositório Institucional da Universidade Católica PortuguesaOliveira, Luís Manuel Santos2023-06-30T13:54:11Z2022-10-212022-082022-10-21T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/41500TID:203318242enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:47:04ZPortal AgregadorONG
dc.title.none.fl_str_mv Equity valuation Airbnb, Inc.
title Equity valuation Airbnb, Inc.
spellingShingle Equity valuation Airbnb, Inc.
Oliveira, Luís Manuel Santos
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Equity valuation Airbnb, Inc.
title_full Equity valuation Airbnb, Inc.
title_fullStr Equity valuation Airbnb, Inc.
title_full_unstemmed Equity valuation Airbnb, Inc.
title_sort Equity valuation Airbnb, Inc.
author Oliveira, Luís Manuel Santos
author_facet Oliveira, Luís Manuel Santos
author_role author
dc.contributor.none.fl_str_mv Martins, José Carlos Tudela
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Oliveira, Luís Manuel Santos
dc.subject.por.fl_str_mv Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This dissertation aims to determine the target fair-value price of Airbnb, a dynamic and fast-growing Online Travel Agency that has established itself as a leader in providing short-term rentals, and that has been a key part of changing consumer trends in what related to tourist accommodation, even benefiting from the devastating effects of the COVID-19 pandemic. To achieve this goal, two different valuation methodologies were used, the first being a Discounted Cash-flow valuation that was performed on three different growth scenarios, the second being a relative valuation using forward-multiples, that was used as a levelling tool to approximate the result to the current peer and industry levels. The valuation was based on a detailed analysis of the company, industry, and global market forces. The valuation resulted in a BUY recommendation with an average target price of USD 153.51, +46.3% of potential upside compared to the trading price at 25th of July 2022 of USD 104.95. Lastly, a comparison was performed between the dissertation and the May 4th , 2022, HSBC Global Research equity report on Airbnb.
publishDate 2022
dc.date.none.fl_str_mv 2022-10-21
2022-08
2022-10-21T00:00:00Z
2023-06-30T13:54:11Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/41500
TID:203318242
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instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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