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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.0x - 13.3x | 12.7x |
| Selected Fwd EBIT Multiple | 10.0x - 11.1x | 10.6x |
| Fair Value | €48.45 - €61.40 | €54.93 |
| Upside | 29.5% - 64.2% | 46.9% |
| Benchmarks | Ticker | Full Ticker |
| Hyatt Hotels Corporation | H | NYSE:H |
| Marriott International, Inc. | MAR | NasdaqGS:MAR |
| Hilton Worldwide Holdings Inc. | HLT | NYSE:HLT |
| Royal Caribbean Cruises Ltd. | RCL | NYSE:RCL |
| Marriott Vacations Worldwide Corporation | VAC | NYSE:VAC |
| Travel + Leisure Co. | WD5A | DB:WD5A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| H | MAR | HLT | RCL | VAC | WD5A | ||
| NYSE:H | NasdaqGS:MAR | NYSE:HLT | NYSE:RCL | NYSE:VAC | DB:WD5A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.1% | 13.7% | 8.3% | 14.6% | -1.6% | -1.9% | |
| 3Y CAGR | NM- | 30.1% | 31.7% | NM- | 3.9% | 5.0% | |
| Latest Twelve Months | 25.7% | -1.2% | 3.9% | 42.3% | -11.6% | 0.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -14.9% | 50.5% | 40.3% | -327.7% | 15.9% | 17.2% | |
| Prior Fiscal Year | 9.2% | 62.3% | 51.4% | 20.8% | 18.5% | 19.9% | |
| Latest Fiscal Year | 12.6% | 58.6% | 49.6% | 25.0% | 15.8% | 19.5% | |
| Latest Twelve Months | 12.6% | 58.6% | 49.6% | 25.0% | 15.8% | 19.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.90x | 11.20x | 12.85x | 4.15x | 2.14x | 2.12x | |
| EV / LTM EBITDA | 17.1x | 17.4x | 24.4x | 12.0x | 10.6x | 9.5x | |
| EV / LTM EBIT | 30.9x | 19.1x | 25.9x | 16.6x | 13.5x | 10.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.5x | 19.1x | 30.9x | ||||
| Historical EV / LTM EBIT | 10.9x | 11.6x | 48.9x | ||||
| Selected EV / LTM EBIT | 12.0x | 12.7x | 13.3x | ||||
| (x) LTM EBIT | 752 | 752 | 752 | ||||
| (=) Implied Enterprise Value | 9,059 | 9,536 | 10,013 | ||||
| (-) Non-shareholder Claims * | (5,452) | (5,452) | (5,452) | ||||
| (=) Equity Value | 3,607 | 4,084 | 4,561 | ||||
| (/) Shares Outstanding | 66.7 | 66.7 | 66.7 | ||||
| Implied Value Range | 54.08 | 61.23 | 68.38 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.36 | 55.88 | 62.40 | 37.40 | |||
| Upside / (Downside) | 32.0% | 49.4% | 66.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | H | MAR | HLT | RCL | VAC | WD5A | |
| Enterprise Value | 12,843 | 73,810 | 60,989 | 68,432 | 7,026 | 8,185 | |
| (+) Cash & Short Term Investments | 1,383 | 396 | 1,301 | 388 | 197 | 201 | |
| (+) Investments & Other | 668 | 298 | 0 | 58 | 0 | 18 | |
| (-) Debt | (4,061) | (15,345) | (12,003) | (20,820) | (5,319) | (5,670) | |
| (-) Other Liabilities | (279) | 0 | (38) | (172) | 1 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,554 | 59,159 | 50,249 | 47,886 | 1,905 | 2,733 | |
| (/) Shares Outstanding | 96.2 | 275.7 | 240.6 | 269.1 | 34.9 | 66.7 | |
| Implied Stock Price | 109.76 | 214.58 | 208.85 | 177.93 | 54.57 | 40.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |
| Implied Stock Price (Trading Cur) | 109.76 | 214.58 | 208.85 | 177.93 | 54.57 | 37.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |