Airbnb Inc (ABNB) is overvalued and Carnival Corp Ltd (CCL) is undervalued.
Against our estimates of intrinsic value, CCL trades at the wider discount: a margin of safety of +52%, against -93% for ABNB.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $83.63; the price of $161.81 is 93% above that value, and 71% of that value comes from beyond year five.
Leak Score 71/100 on 6 of 12 signals
Discounting its cash flows at 11.1% (average of 3 methods) values the shares at $46.74; the price of $22.28 is 52% below that value, and 70% of that value comes from beyond year five.
Leak Score 58/100 on 10 of 12 signals
| Metric | ABNB | CCL |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $161.81 | $22.28 |
| Intrinsic value | $83.63 | $46.74 |
| Margin of safety | -93% | +52% |
| Leak Score | 71/100 (6/12) | 58/100 (10/12) |
| Market cap | $96.9B | $30.5B |
| Revenue growth, 5 years | 29.5% | 36.6% |
| Operating margin | 21.2% | 16.3% |
| Net margin | 20.4% | 11.2% |
| Return on equity | 34.5% | 26.7% |
| Debt to equity | 0.32 | 2.02 |
| P/E | 36.8x | 10.0x |
| Forward P/E | 25.9x | 8.5x |
| P/B | 12.2x | 2.4x |
| Dividend yield | — | 2.5% |