Airbnb

Few travel players in North America match the executional depth of Airbnb. From San Francisco, the group manages a workforce of approximately 7k and generates close to $10B in revenue, while steadily widening the gap with regional peers.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Airbnb is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Governance upgrades and a more transparent disclosure cadence are gradually narrowing the historical valuation gap with global peers.