Equity valuation Airbnb, Inc.

  • Luís Manuel Santos Oliveira (Student)

Student thesis: Master's Thesis


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.
Date of Award21 Oct 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Mestrado em Gestão Aplicada

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