An alternative way to value a stock is by use of multiples. NOTE: There is no reason to expect the

multiples$-$based valuation to agree with your discounted cash flow $($DCF$)$ valuation. This may be true for

a couple of reasons: $1)$ It is difficult to find a reasonable comparison company, and $2)$ Airbnb may

command a premium $($or discount$)$ valuation depending on its fundamentals.

Start by valuing Airbnb based on your $2024$ projected EBITDA and using the hotel industry average

Enterprise Value$/$EBITDA ratio of $14\mathrm{.}9.$ This will give you a total company value which you would

replace your NPV of FCF in your share value calculation $($you still need to subtract debt and add

cash and marketable securities before dividing by shares outstanding to get the price per share$).$

Do the same with the average EV$/$EBITDA ratio for Internet$-$based companies: $19\mathrm{.}3.$