Airbnb and Booking laugh, TUI and Accor cry

The markets are betting on new players in a sector in crisis.

The big gap makes you dizzy. After raising $ 3.4 billion, Airbnb was valued Thursday at $ 47 billion for its first listing on the Nasdaq and closed at more than $ 100 billion. On the day of this entry with fanfare on Wall Street, defying the crisis that has hit tourism since the spread of Covid-19 on all continents, TUI, the world leader in the sector, lost 5.6% on the stock market in Frankfurt. Valued less than 3 billion euros, the German giant had just announced 3.1 billion euros of loss for its financial year ended at the end of September and a fall of 58% of its turnover, to 7.9 billion.

“Global tourism has lost 60% to 80% of its value in 2020, while its growth was 4% per year for the last ten years, recalls Bruno Despujol, partner at Oliver Wyman. All the actors are suffering. But those who were ill before the crisis suffer the most, because they have large fixed costs. ” TUI has a heavy integrated model to manage: in addition to assembling

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