The prospectus does address the likely on-going negative impact of Covid on the company's performance into Q4 2020 and Q1/Q2 2021 @Sarah977 , which was good to see. However it also has all the elements of the hard sell too in seeking to paint a picture of bouncing recovery, which may in fact not be the case.
The lingering effects of the virus and its ever mutating strains, the willingness of people to be vaccinated, the efficacy of vaccination, the short and long-term effects of vaccination, the impact of people who refuse vaccination (this group in particular presenting multiple risks) and the frequency of vaccination to acquire full immunity, will all impact the pace of global, domestic and local tourism recovery. It may be several years yet (2-3 years+) before ABNB's optimistic hopes can be realised.
Question is whether investors will think this company is a good investment at this particular juncture in time, or whether the timing is just "off" at the present moment. Bit of a crap shoot in that regard, so many unknowns, including whether or not the company could survive 2-3 years of very limited income and negative growth.
Also bothersome, is the company's push into China, at a time when geo-political risks in the region are such that many western nation companies are scaling down or pulling out of that market altogether. Developing the potential market in India is a big tick in the company's favour (once Covid is addressed), conversely, developing the potential market in China with such gusto as is presently occurring seems like quite a big risk play and one could backfire badly. Just my 2c.