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Summary

• Airbnb is rated Hold, with a current valuation near intrinsic value and a limited margin of safety given the risks they face.
• ABNB maintains a robust financial position, strong buybacks, and very manageable debt but faces near-term headwinds and regulatory risks in core markets.
• Growth drivers include aggressive hotel integration, global expansion, and AI initiatives, but regulatory crackdowns and macroeconomic uncertainty threaten short- and long-term rental economics.
• The company faces increasing restrictions globally, including a potential ban on short-term rentals in Barcelona by 2028, strict caps in London, Paris, and many others lowering their potential.

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Introduction & Financials

Airbnb (ABNB) seems fairly valued, with a solid financial position and high potential coming from their aggressive expansion and hotel focus, but also facing unique risks for short-term rentals, while near-term headwinds

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