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That's a bad comparison. Marriot is hugely leveraged [1] on purpose (tax shield reasons, etc. etc.), while Airbnb isn't. It would be better to compare the firm

That's a bad comparison. Marriot is hugely leveraged [1] on purpose (tax shield reasons, etc. etc.), while Airbnb isn't. It would be better to compare the firm values instead of equity values (which you can change in one day just by issuing debt and using the proceeds in a share repurchase) [1] http://marketrealist.com/2014/10/why-ev-ebitdar-multiple-best-valuing-hotel-companies/ http://marketrealist.com/2014/10/why-ev-ebitdar-multiple-bes... Apparently they do a trick to put most of their debt off the balance sheet, through lease obligations. Thus, if you just do a quick glance at their numbers, they appear to have a low leverage.

Chronic31 12y ago
Go back to business school my friend. Hacker news is no place for your kind
- dang 12y ago
  Hacker News is a fine place for anyone who posts substantive comments, like zzleeper. What it has no place for are personal attacks. Since this account has done so more than once, we've banned it. Anybody with a banned account who would like it to be unbanned is welcome to email us at hn@ycombinator.com. We're happy to unban users who give us reason to believe that they will follow the HN guidelines from now on.