Airbnb

DCF against the market -37.9% (tolerance 15.0%). the cost of capital (Valuation, WACC): a WACC of 9.92 per cent, the market-average cost of equity of 9.37 per cent (the 4.91 per cent Treasury yield plus the 4.46 per cent US premium at the common bet: At the snapshot the DCF's 62.6 billion dollars stands 37.9 per cent below the market's 100.9 billion. Read as a steady state from FY2027, the market's enterprise value of 93.1 billion at the valuation date implies a WACC of 6.66 per cent (Market-implied WACC), 3.3 points below the model's 9.92; at the model's WACC it implies residual operating income growing 6.27 per cent a year after FY2031 (Market-implied growth) against the 3.7 per cent GDP benchmark, a continuing value of 129.0 billion against residual income's 73.9 billion. Beside the record: revenue grew 40, 18, 12 and 10 per cent a year

Residual income against the market -33.5% (tolerance 15.0%). the same cost of capital as the DCF's (Valuation, WACC), a WACC of 9.92 per cent, with the horizon's residual operating income growing at the 3.7 per cent long-run nominal GDP growth after FY2031: Residual income's 67.1 billion dollars stands 33.5 per cent below the market's 100.9 billion, for the DCF's reason, the same forecasts at the same WACC. At that WACC the market prices residual operating income growing 6.27 per cent a year after FY2031 (Market-implied growth) against the 3.7 per cent GDP growth the continuing value assumes, a continuing value of 129.0 billion against the model's 73.9 billion; read as a steady state from FY2027, a WACC of 6.66 per cent (Market-implied WACC). Revenue grew 40, 18, 12 and 10 per cent a year from FY2022 to FY2025. Residual operating income growing n