CHL 3.83% $1.90 camplify holdings limited

Some elements on the sector

  1. 3,856 Posts.
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    Hi,

    In order to better understand Camplify, I had a look at Airbnb and Apollo Tourism into more details.
    In this post, I will focus on Airbnb.

    Airbnb*
    Main elements** :
    - during the last quarter (Q2 21), Airbnb had an adjusted EBITDA*** margin of 16.7 %, showing that's this model can be very profitable at scale,
    - Airbnb business has been very volatile with covid, as their gross booking value increased by 320 % yoy during Q2 21, after - 67 % in Q2 20 (overall: Q2 21 was up by 37 % vs Q2 19). This is a difference with CHL which had a more regular growth, but obviously on a very low basis.
    - domestic and short distance travel continue to be more popular than pre-pandemic.

    The example of Airbnb also gives us some interesting perspectives about the impact of reopening :
    - in Q2 21 (ending in June 21), Airbnb saw an acceleration of its business at + 10 % vs q2 19 and + 5 % for q1 21 vs q1 19 (2019 being a more normal basis of comparison than 2020),
    - other interesting elements : average daily rates are increasing for Airbnb (+ 38 % in Q2 21 vs Q2 19), due both to mix effect and price increase in high demand segment.
    That's a significant element as the gross book value increased by 37 % vs 2 years ago, while the number of nights/experience booked was almost flat.

    According to Airbnb, many new booking trends are here to stay :
    - stays outside of top destination,
    - long term stays (it remains the fastest growing category by trip length).
    Long term stays are defined of at least 28 nights.

    Another element is the pricing :
    Airbnb average daily rate was USD 161 in Q2 21, so around AUD 220.
    Not very different from Camplify which indicated a price of around AUD 200 per night in its prospectus.

    Cash Flow :
    For Q2 21, Airbnb had a cash flow from operation of 791 m and a free cash flow of 784 m.
    This is a combination of a positive adjusted EBITDA and a positive effect of working capital.
    Camplify has also now a positive cash flow from operation, but for now, it comes only from the working capital.
    However, Airbnb figures are probably boosted by the fact that cash flow from operation in the US is usually not adjusted from stock based compensation (233 m in Q2 21).


    * source : Airbnb Q2 2021 shareholder letter.
    ** just taking the main elements of interest to compare with Camplify.
    *** excludes the significant effect of stock based compensation.
    Last edited by saintex: 19/09/21
 
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