A new report “Airbnb’s Network Effect Offers Investors a Unique Stay” from Morningstar Equity Research has compared Airbnb to its competitive peer set and considered exit multiples to determine the company’s valuation, in light of its possible IPO in the near future.

The result shows the homesharing site may have a market cap between $53 billion and $65 billion, ahead of the world’s largest hotel company, Marriott International, at $46 billion, Expedia at $19 billion and TripAdvisor at $8 billion.

Only Booking.com is higher in the travel space at a valuation of about $100 billion, and the report points out that as consumers realise that Booking has as many alternative accommodations listings as Airbnb, Booking may well outpace Airbnb by 2020.

It also predicts that online bookings for alternative accommodations will exceed overall online travel booking growth well into 2022, and that in contrast to its stated aims, however it diversifies into other travel options such as hotels, experiences and transportation, alternative accommodations will still form 82% of Airbnb’s revenue in 2022.

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