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- MadleeMadlee
  ·2022-02-28
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  Zoom’s Earnings Are Today. What to Expect.
  Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have c
  Zoom’s Earnings Are Today. What to Expect.
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- MadleeMadlee
  ·2022-02-06
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  Airbnb: 67% Growth, 49% Margins, 8% Of Market Cap Is Cash
  SummaryAt one point Airbnb was a victim of the pandemic. It now stands to benefit from pent-up deman
  Airbnb: 67% Growth, 49% Margins, 8% Of Market Cap Is Cash
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What to Expect.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120888812","media":"Barrons","summary":"Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have c","content":"<html><head></head><body><p>Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have cratered in recent months as investors switched their sights from stay-at-home plays to reopening bets. Shares are down 33% for the year to date—and nearly 80% below their October 2020 peak.</p><p>Zoom (ticker: ZM) at one point posted a string of three straight quarters with top-line growth north of 355%, as adoption of the company’s videoconferencing platform soared. But over the last few quarters Zoom’s business has been returning to Earth: From 367% growth in the January 2021 quarter, to 191% in the April quarter, 54% in the July quarter, and 35% in the October quarter. And the slowdown is going to continue from here.</p><p>Monday after the close, Zoom will report results for the January 2022 quarter. Zoom’s guidance calls for revenue of $1.051 billion to $1.053 billion. At the midpoint of the range, that would be 19% growth from a year ago. Zoom sees non-GAAP profits of $1.06 to $1.07 a share. Wall Street analysts surveyed by FactSet project revenue of $1.054 billion and profits of $1.07 a share—and the company always exceeds its own guidance.</p><p>For the April quarter, Street consensus calls for revenue of $1.095 billion, up 14.5% from a year ago, with profits of $1.03 a share, down from $1.32 a share a year earlier. For all of fiscal 2023, the Street projects revenue of $4.71 billion, up 15.5%, with profits of $4.36 a share, down from an estimated $4.85 for fiscal 2022.</p><p>Citi analyst Tyler Radke, who has a Neutral rating on Zoom stock, writes in a research note previewing the quarter that he remains cautious on the stock despite the 45% slide in the stock since the company’s last earnings report.</p><p>“We believe that competitive inroads are increasingly exacerbating headwinds persisting from pull-forward activity and tough comps,” he writes. In particular, Radke sees signs of rising competitive pressures from the Microsoft (MSFT) Teams communications suite, which he says is perceived to offer better security features than Zoom.</p><p>“In our conversations with partners, we heard about increasing Teams deployment, including from customers that were previously with Zoom,” Radke writes. “This trend has been accelerating with return to office and comfort level by IT departments, which is rationalizing collaboration systems and showing preference for Microsoft’s security features.”</p><p>Radke thinks Street estimates for the January 2023 fiscal year are simply too high—he’s projecting revenue of $4.6 billion, up 14%, with profits of $4.18 a share, well below consensus.</p></body></html>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zoom’s Earnings Are Today. What to Expect.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZoom’s Earnings Are Today. What to Expect.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-28 21:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/zoom-stock-price-earnings-51645828750?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have cratered in recent months as investors switched their sights from stay-at-home plays to reopening ...</p>\n\n<a href=\"https://www.barrons.com/articles/zoom-stock-price-earnings-51645828750?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://www.barrons.com/articles/zoom-stock-price-earnings-51645828750?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120888812","content_text":"Zoom Video Communications stock, which soared as the Covid-19 pandemic arrived in early 2020, have cratered in recent months as investors switched their sights from stay-at-home plays to reopening bets. Shares are down 33% for the year to date—and nearly 80% below their October 2020 peak.Zoom (ticker: ZM) at one point posted a string of three straight quarters with top-line growth north of 355%, as adoption of the company’s videoconferencing platform soared. But over the last few quarters Zoom’s business has been returning to Earth: From 367% growth in the January 2021 quarter, to 191% in the April quarter, 54% in the July quarter, and 35% in the October quarter. And the slowdown is going to continue from here.Monday after the close, Zoom will report results for the January 2022 quarter. Zoom’s guidance calls for revenue of $1.051 billion to $1.053 billion. At the midpoint of the range, that would be 19% growth from a year ago. Zoom sees non-GAAP profits of $1.06 to $1.07 a share. Wall Street analysts surveyed by FactSet project revenue of $1.054 billion and profits of $1.07 a share—and the company always exceeds its own guidance.For the April quarter, Street consensus calls for revenue of $1.095 billion, up 14.5% from a year ago, with profits of $1.03 a share, down from $1.32 a share a year earlier. For all of fiscal 2023, the Street projects revenue of $4.71 billion, up 15.5%, with profits of $4.36 a share, down from an estimated $4.85 for fiscal 2022.Citi analyst Tyler Radke, who has a Neutral rating on Zoom stock, writes in a research note previewing the quarter that he remains cautious on the stock despite the 45% slide in the stock since the company’s last earnings report.“We believe that competitive inroads are increasingly exacerbating headwinds persisting from pull-forward activity and tough comps,” he writes. In particular, Radke sees signs of rising competitive pressures from the Microsoft (MSFT) Teams communications suite, which he says is perceived to offer better security features than Zoom.“In our conversations with partners, we heard about increasing Teams deployment, including from customers that were previously with Zoom,” Radke writes. “This trend has been accelerating with return to office and comfort level by IT departments, which is rationalizing collaboration systems and showing preference for Microsoft’s security features.”Radke thinks Street estimates for the January 2023 fiscal year are simply too high—he’s projecting revenue of $4.6 billion, up 14%, with profits of $4.18 a share, well below consensus.","news_type":1},"isVote":1,"tweetType":1,"viewCount":237,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9098677704,"gmtCreate":1644126248106,"gmtModify":1676533892963,"author":{"id":"4100340261052140","authorId":"4100340261052140","name":"Madlee","avatar":"https://static.tigerbbs.com/1ea934d7f3d4ba7c9ada6e949b384753","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4100340261052140","authorIdStr":"4100340261052140"},"themes":[],"htmlText":"Tq","listText":"Tq","text":"Tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9098677704","repostId":"1191168289","repostType":4,"repost":{"id":"1191168289","pubTimestamp":1644117026,"share":"https://ttm.financial/m/news/1191168289?lang=&edition=fundamental","pubTime":"2022-02-06 11:10","market":"us","language":"en","title":"Airbnb: 67% Growth, 49% Margins, 8% Of Market Cap Is Cash","url":"https://stock-news.laohu8.com/highlight/detail?id=1191168289","media":"Seeking Alpha","summary":"SummaryAt one point Airbnb was a victim of the pandemic. It now stands to benefit from pent-up deman","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>At one point Airbnb was a victim of the pandemic. It now stands to benefit from pent-up demand.</li><li>Airbnb has seen a complete recovery over pre-pandemic levels and recently generated 37% GAAP net margins.</li><li>The company has $7.9 billion of cash on its balance sheet, making up 8% of the market cap.</li><li>I rate the stock a buy based on prospects for strong financials as travelers outstrip lodging supply.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3514f07cf8a34c9082c368af602ddbe\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>brizmaker/iStock via Getty Images</span></p><p>Airbnb (ABNB) has been an unexpected COVID winner. The company initially suffered its share of struggles including having to issue debt at double-digit interest rates just to make it through the initial months of the pandemic. Yet since then, ABNB has seen a strong recovery in its underlying business and has even been able to tease its ultimate margin potential. The recent volatility in tech stocks has led to a pullback in ABNB stock, providing for an attractive entry point. I rate the stock a buy for long term investors.</p><p><b>Airbnb Stock Price</b></p><p>ABNB came public in late 2020, pricing its stock at $68 per share but ultimately closing just under $145 per share. After the recent slide, the stock is now priced at more or less the same level.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1e374f5c1ec845b0f673b379c39a535f\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/><span>YCharts</span></p><p><b>Airbnb Earnings</b></p><p>ABNB’s latest earnings report showed a continued rebound from pandemic lows, as revenues grew 67% year over year and 36% over 2019 levels.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9678a7e20013c53f54e8f17f65639953\" tg-width=\"1280\" tg-height=\"483\" width=\"100%\" height=\"auto\"/><span>Airbnb 2021 Q3 Shareholder Letter</span></p><p>As we can see below, nights booked remained 7% lower than the third quarter of 2019, but the higher pricing more than made up for it.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/63f127313c086f650a41c2515be7428b\" tg-width=\"1280\" tg-height=\"610\" width=\"100%\" height=\"auto\"/><span>Airbnb 2021 Q3 Shareholder Letter</span></p><p>While there has been much coverage of the potential for higher oil prices, one must wonder just how strong ABNB’s business will be over the next several years as consumers start traveling again. I expect the strong pricing to continue at least in the near term as demand may far exceed supply for quite some time.</p><p>The biggest surprise has been in profitability. ABNB generated an impressive 49% adjusted EBITDA margin in the quarter.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/936f4d2f4f12fcb35c983693a7078989\" tg-width=\"1280\" tg-height=\"476\" width=\"100%\" height=\"auto\"/><span>Airbnb 2021 Q3 Shareholder Letter</span></p><p>Because ABNB is a tech platform company, it does not have much in terms of capital expenditure spend - making adjusted EBITDA a close proxy for free cash flow. Don’t like non-GAAP numbers? ABNB generated $834 million in GAAP net income, good for a 37% net margin.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6234300316584c168a1f2d7520e4d4e\" tg-width=\"1280\" tg-height=\"463\" width=\"100%\" height=\"auto\"/><span>Airbnb 2021 Q3 Shareholder Letter</span></p><p>I wouldn’t count on the strong margins to persist for too long, as I expect the company to reinvest the profits in favor of growing market share. Nonetheless, the company has guided for the next quarter to see continued margin surprise. Further, my outlook may prove too conservative as traveling activity may pick up over the coming years as the public feels safe enough to travel again. I, for one, am dying to travel again.</p><p><b>Is Airbnb Stock A Buy, Sell, or Hold?</b></p><p>If we were to only look at consensus earnings estimates, the stock might not look so cheap. We can see that ABNB trades just under 14x 2030e earnings.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da1ab65d4f4ef1cfbd339ea899f157ba\" tg-width=\"1280\" tg-height=\"466\" width=\"100%\" height=\"auto\"/><span>Seeking Alpha</span></p><p>Based on the projected 18% exit growth rate, I could see ABNB trading at a 1.5x price to earnings growth ratio (‘PEG ratio’), or around 27x earnings. That suggests only 100% upside over the next nine years, for annualized returns of 8%. ABNB’s strong margin profile does arguably warrant a higher multiple, but 8% returns aren’t going to cut it in the current environment. The key is to understand that the 2030 estimate for earnings represents only a 26% net margin relative to the 2030 estimate for revenues.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aef8057939ac77f0d4ca5ed82b19b527\" tg-width=\"1280\" tg-height=\"462\" width=\"100%\" height=\"auto\"/><span>Seeking Alpha</span></p><p>Considering the company just generated 37% net margins in the latest quarter, consensus earnings estimates appear to be too conservative.</p><p>ABNB has $7.9 billion of cash &amp; equivalents on its balance sheet - making up over 8% of the current market cap. It also has $2 billion of 2026 convertible notes which have a conversion price of $360.80 per share (net of capped calls). I expect ABNB to eventually earn 50% net margins in the long term. Again using a 1.5x PEG ratio, I could see ABNB trading at 11x sales in 2030. That represents 13% annual returns, which may be a satisfactory value proposition considering the lower risk profile of the business. I see the growth persisting due to the company taking market share in the hospitality business, as well as making inroads in the long term rental business and, eventually taking market share from the “normal” hotel business as well. The main risk to the thesis involves competition from the likes of Expedia (EXPE) and Booking (BKNG), and more importantly, Alphabet (GOOGL). ABNB has historically spent far less than EXPE and BKNG on sales &amp; marketing, perhaps due to its brand loyalty. Investors should keep a close watch on that metric because the high profit margins are critical in justifying the current valuation. Largely due to the prospects of elevated revenues and earnings over the next several years, I rate the stock a buy as the valuation offers attractive upside over the long term.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Airbnb: 67% Growth, 49% Margins, 8% Of Market Cap Is Cash</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAirbnb: 67% Growth, 49% Margins, 8% Of Market Cap Is Cash\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-06 11:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4484542-airbnb-67-percent-growth-49-percent-margins-8-percent-of-market-cap-is-cash><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAt one point Airbnb was a victim of the pandemic. It now stands to benefit from pent-up demand.Airbnb has seen a complete recovery over pre-pandemic levels and recently generated 37% GAAP net ...</p>\n\n<a href=\"https://seekingalpha.com/article/4484542-airbnb-67-percent-growth-49-percent-margins-8-percent-of-market-cap-is-cash\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"https://seekingalpha.com/article/4484542-airbnb-67-percent-growth-49-percent-margins-8-percent-of-market-cap-is-cash","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191168289","content_text":"SummaryAt one point Airbnb was a victim of the pandemic. It now stands to benefit from pent-up demand.Airbnb has seen a complete recovery over pre-pandemic levels and recently generated 37% GAAP net margins.The company has $7.9 billion of cash on its balance sheet, making up 8% of the market cap.I rate the stock a buy based on prospects for strong financials as travelers outstrip lodging supply.brizmaker/iStock via Getty ImagesAirbnb (ABNB) has been an unexpected COVID winner. The company initially suffered its share of struggles including having to issue debt at double-digit interest rates just to make it through the initial months of the pandemic. Yet since then, ABNB has seen a strong recovery in its underlying business and has even been able to tease its ultimate margin potential. The recent volatility in tech stocks has led to a pullback in ABNB stock, providing for an attractive entry point. I rate the stock a buy for long term investors.Airbnb Stock PriceABNB came public in late 2020, pricing its stock at $68 per share but ultimately closing just under $145 per share. After the recent slide, the stock is now priced at more or less the same level.YChartsAirbnb EarningsABNB’s latest earnings report showed a continued rebound from pandemic lows, as revenues grew 67% year over year and 36% over 2019 levels.Airbnb 2021 Q3 Shareholder LetterAs we can see below, nights booked remained 7% lower than the third quarter of 2019, but the higher pricing more than made up for it.Airbnb 2021 Q3 Shareholder LetterWhile there has been much coverage of the potential for higher oil prices, one must wonder just how strong ABNB’s business will be over the next several years as consumers start traveling again. I expect the strong pricing to continue at least in the near term as demand may far exceed supply for quite some time.The biggest surprise has been in profitability. ABNB generated an impressive 49% adjusted EBITDA margin in the quarter.Airbnb 2021 Q3 Shareholder LetterBecause ABNB is a tech platform company, it does not have much in terms of capital expenditure spend - making adjusted EBITDA a close proxy for free cash flow. Don’t like non-GAAP numbers? ABNB generated $834 million in GAAP net income, good for a 37% net margin.Airbnb 2021 Q3 Shareholder LetterI wouldn’t count on the strong margins to persist for too long, as I expect the company to reinvest the profits in favor of growing market share. Nonetheless, the company has guided for the next quarter to see continued margin surprise. Further, my outlook may prove too conservative as traveling activity may pick up over the coming years as the public feels safe enough to travel again. I, for one, am dying to travel again.Is Airbnb Stock A Buy, Sell, or Hold?If we were to only look at consensus earnings estimates, the stock might not look so cheap. We can see that ABNB trades just under 14x 2030e earnings.Seeking AlphaBased on the projected 18% exit growth rate, I could see ABNB trading at a 1.5x price to earnings growth ratio (‘PEG ratio’), or around 27x earnings. That suggests only 100% upside over the next nine years, for annualized returns of 8%. ABNB’s strong margin profile does arguably warrant a higher multiple, but 8% returns aren’t going to cut it in the current environment. The key is to understand that the 2030 estimate for earnings represents only a 26% net margin relative to the 2030 estimate for revenues.Seeking AlphaConsidering the company just generated 37% net margins in the latest quarter, consensus earnings estimates appear to be too conservative.ABNB has $7.9 billion of cash & equivalents on its balance sheet - making up over 8% of the current market cap. It also has $2 billion of 2026 convertible notes which have a conversion price of $360.80 per share (net of capped calls). I expect ABNB to eventually earn 50% net margins in the long term. Again using a 1.5x PEG ratio, I could see ABNB trading at 11x sales in 2030. That represents 13% annual returns, which may be a satisfactory value proposition considering the lower risk profile of the business. I see the growth persisting due to the company taking market share in the hospitality business, as well as making inroads in the long term rental business and, eventually taking market share from the “normal” hotel business as well. The main risk to the thesis involves competition from the likes of Expedia (EXPE) and Booking (BKNG), and more importantly, Alphabet (GOOGL). ABNB has historically spent far less than EXPE and BKNG on sales & marketing, perhaps due to its brand loyalty. Investors should keep a close watch on that metric because the high profit margins are critical in justifying the current valuation. Largely due to the prospects of elevated revenues and earnings over the next several years, I rate the stock a buy as the valuation offers attractive upside over the long term.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}