1、CrispIdea|R E S E A R C HAirbnb,Inc.E Q U I T Y R E S E A R C H Technology|Online Travel Services|Jul 04,2025Airbnb,Inc.Strategic consistency driving scalable growthWe recommend rating of“HOLD”and the TP of$144 for FY26.The target price is based on EV/EBITDA of 38.87x and forward-looking P/E of 30 x

2、 for FY26.We assume EPS of$4.79 for FY26.This provides an upside potential of 7%on a CMP of$134.52.We recommend a“HOLD”for ABNB based on the following factors:1)Core Platform Optimization and User Experience Enhancements;2)Regional Growth Disparity and Emerging Market Strategy;and 3)Focus on Design

3、Simplicity and AI-Led User ExperienceCore Platform Optimization and User Experience Enhancements:Airbnb emphasized continued investment in refining its core service to ensure it remains competitive and aligned with evolving guest expectations.Key initiatives included improving price transparency thr

4、ough the global rollout of total price display,and expanding user features like Guest Favorites and enhanced search filters.These changes are not just aesthetic or surface-level improvements they reflect a strategy centered on improving trust,booking efficiency,and affordability.Features such as a s

5、implified checkout and algorithmic filter recommendations are designed to reduce friction in the booking process,potentially boosting conversion rates.These iterative product improvements are supported by increasing usage on Airbnbs mobile app,which accounted for 58%of nights booked in Q1FY25,up fro

6、m 54%a year earlier.Such metrics underscore the strategic shift toward mobile-first engagement.While these upgrades involve upfront costs as seen in the elevated product development spend.Regional Growth Disparity and Emerging Market Strategy:Airbnb reported diverging regional trends,with North Amer