DCF Airbnb voor Jong Beleggen (aflevering 96)

	A	B	C	D	E	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U
1	Bekijk de volledige fundamentele analyse van Airbnb op Jong Beleggen website, aflevering 96
2	Airbnb
3	Yield	10%
4	Perpetual	4%
5	CF Growth 1-5
6	CF Growth 6-10
7	Year	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	eternity
8	CF	-0,57	0,97	1,44	2,06	2,88	3,94	5,26	6,88	8,84	11,18	13,91	17,06	19,28	21,60	23,97	439,47
9	Fair value	€ 143,72
10	DC	25%
11	Buy	€ 107,79
12
13	Airbnb	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
14	Revenue	2.561.721	3.651.985	4.805.239	3.378.199	5.991.760	7.789.288	9.347.146	11.216.575	13.459.890	16.151.868	19.220.722	22.680.452	26.536.129	30.781.910	35.399.197	40.355.084	45.601.245	51.073.394	56.691.468	62.360.615
15	Sales growth		43%	32%	-30%	77%	30%	20%	20%	20%	20%	19%	18%	17%	16%	15%	14%	13%	12%	11%	10%
16	Cost of revenue	647.690	864.032	1.196.313	876.042	1.155.833	1.463.636	1.709.628	1.995.471	2.327.265	2.711.959	3.131.128	3.581.329	4.057.474	4.552.760	5.058.678	5.565.118	6.288.583	7.043.213	7.817.966	8.599.763
17	0,005	25,3%	23,7%	24,9%	25,9%	19,3%	18,8%	18,3%	17,8%	17,3%	16,8%	16,3%	15,8%	15,3%	14,8%	14,3%	13,8%	13,8%	13,8%	13,8%	13,8%
18	Operations & support	395.739	609.202	815.074	877.901	847.057	1.078.585	1.267.195	1.488.107	1.746.694	2.049.193	2.382.799	2.745.930	3.135.783	3.548.240	3.977.819	4.417.684	4.991.983	5.591.021	6.206.033	6.826.636
19	0,0029	15,4%	16,7%	17,0%	26,0%	14,1%	13,8%	13,6%	13,3%	13,0%	12,7%	12,4%	12,1%	11,8%	11,5%	11,2%	10,9%	10,9%	10,9%	10,9%	10,9%
20	Product & development	400.749	579.193	976.695	2.752.872	1.425.048	1.794.143	2.082.868	2.415.317	2.797.431	3.235.778	3.706.421	4.203.473	4.719.043	5.243.225	5.764.215	6.268.542	7.083.452	7.933.467	8.806.148	9.686.763
21	0,0075	15,6%	15,9%	20,3%	81,5%	23,8%	23,0%	22,3%	21,5%	20,8%	20,0%	19,3%	18,5%	17,8%	17,0%	16,3%	15,5%	15,5%	15,5%	15,5%	15,5%
22	Sales & marketing	871.749	1.101.327	1.621.519	1.175.325	1.186.332	1.503.285	1.757.206	2.052.565	2.395.778	2.794.175	3.228.964	3.696.776	4.192.547	4.709.445	5.238.866	5.770.531	6.520.700	7.303.184	8.106.535	8.917.188
23	0,005	34,0%	30,2%	33,7%	34,8%	19,8%	19,3%	18,8%	18,3%	17,8%	17,3%	16,8%	16,3%	15,8%	15,3%	14,8%	14,3%	14,3%	14,3%	14,3%	14,3%
24	General & administrative	327.156	479.487	697.181	1.134.851	835.324	1.046.975	1.209.634	1.395.478	1.607.274	1.847.970	2.102.980	2.368.114	2.638.013	2.906.186	3.165.117	3.406.458	3.849.298	4.311.214	4.785.447	5.263.992
25	0,005	12,8%	13,1%	14,5%	33,6%	13,9%	13,4%	12,9%	12,4%	11,9%	11,4%	10,9%	10,4%	9,9%	9,4%	8,9%	8,4%	8,4%	8,4%	8,4%	8,4%
26	Restructuring charges				151.355	112.849
27	Total cost and expenses	2.643.083	3.633.241	5.306.782	6.968.346	5.562.443	6.886.624	8.026.532	9.346.937	10.874.443	12.639.074	14.552.292	16.595.621	18.742.859	20.959.856	23.204.695	25.428.333	28.734.016	32.182.098	35.722.129	39.294.342
28	Income from operations	-81.362	18.744	-501.543	-3.590.147	429.317	902.664	1.320.614	1.869.638	2.585.446	3.512.793	4.668.430	6.084.831	7.793.270	9.822.054	12.194.502	14.926.751	16.867.229	18.891.296	20.969.339	23.066.273
29		-3,2%	0,5%	-10,4%	-106,3%	7,2%	11,6%	14,1%	16,7%	19,2%	21,7%	24,3%	26,8%	29,4%	31,9%	34,4%	37,0%	37,0%	37,0%	37,0%	37,0%
30	Interest income	32.102	66.793	85.902	27.117	12.734
31	Interest expense	16.403	26.143	9.968	171.688	437.599	77.893	93.471	112.166	134.599	161.519	192.207	226.805	265.361	307.819	353.992	403.551	456.012	510.734	566.915	623.606
32	as a % of revenue	-0,6%	-1,1%	-1,6%	4,3%	7,1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
33	Other income/expense	-6.564	12.361	-13.906	947.220	304.659
34	EBT	-59.099	47.033	-411.703	-4.681.938	-300.207	824.771	1.227.143	1.757.472	2.450.848	3.351.275	4.476.223	5.858.027	7.527.909	9.514.235	11.840.510	14.523.200	16.411.216	18.380.562	20.402.424	22.442.666
35	Tax	10.947	63.893	262.636	-97.222	51.827	164.954	245.429	351.494	490.170	670.255	895.245	1.171.605	1.505.582	1.902.847	2.368.102	2.904.640	3.282.243	3.676.112	4.080.485	4.488.533
36	Net income	-70.046	-16.860	-674.339	-4.584.716	-352.034	659.817	981.714	1.405.978	1.960.678	2.681.020	3.580.978	4.686.421	6.022.327	7.611.388	9.472.408	11.618.560	13.128.973	14.704.450	16.321.939	17.954.133
37	EPS					-0,57	0,97	1,44	2,06	2,88	3,94	5,26	6,88	8,84	11,18	13,91	17,06	19,28	21,60	23,97	26,37
38	Shares outstanding (*1.000)					615.891	680.896
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