Airbnb Inc (ABNB) is overvalued and Norwegian Cruise Line Holdings Ltd (NCLH) is undervalued.
Against our estimates of intrinsic value, NCLH trades at the wider discount: a margin of safety of +71%, 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 7.7% (average of 3 methods) values the shares at $48.28; the price of $14.22 is 71% below that value, and 82% of that value comes from beyond year five.
Leak Score 41/100 on 3 of 12 signals
| Metric | ABNB | NCLH |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $161.81 | $14.22 |
| Intrinsic value | $83.63 | $48.28 |
| Margin of safety | -93% | +71% |
| Leak Score | 71/100 (6/12) | 41/100 (3/12) |
| Market cap | $96.9B | $6.5B |
| Revenue growth, 5 years | 29.5% | 50.3% |
| Operating margin | 21.2% | 15.8% |
| Net margin | 20.4% | 7.5% |
| Return on equity | 34.5% | 36.7% |
| Debt to equity | 0.32 | 6.21 |
| P/E | 36.8x | 9.0x |
| Forward P/E | 25.9x | 8.4x |
| P/B | 12.2x | 2.5x |