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 …