Opendoor Short Term: Significantly Better than Expected

Summary:

• Opendoor’s poor Q3 has misled analysts to extrapolate losses

• Q3 impairments are designed to be a (highly conservate) one off

• I expect a Q4 loss of -$165m vs. consensus expectations of -$560m

• In a liquidation scenario, Opendoor’s current NAV would be about 3x higher than the current share price

• Return to significant adjusted EBITDA profitability in …