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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 29.7x - 32.9x | 31.3x |
| Selected Fwd P/E Multiple | 13.5x - 14.9x | 14.2x |
| Fair Value | $33.13 - $36.62 | $34.88 |
| Upside | -7.8% - 1.9% | -2.9% |
| Benchmarks | - | Full Ticker |
| H World Group Limited | - | NasdaqGS:HTHT |
| Tuniu Corporation | - | NasdaqGM:TOUR |
| Tongcheng Travel Holdings Limited | - | OTCPK:TNGC.F |
| Haidilao International Holding Ltd. | - | OTCPK:HDAL.F |
| TH International Limited | - | NasdaqCM:THCH |
| Atour Lifestyle Holdings Limited | - | NasdaqGS:ATAT |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| HTHT | TOUR | TNGC.F | HDAL.F | THCH | ATAT | |||
| NasdaqGS:HTHT | NasdaqGM:TOUR | OTCPK:TNGC.F | OTCPK:HDAL.F | NasdaqCM:THCH | NasdaqGS:ATAT | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 11.5% | NM- | 23.5% | 15.0% | NM- | 182.3% | ||
| 3Y CAGR | NM- | NM- | 39.7% | NM- | NM- | 114.1% | ||
| Latest Twelve Months | -12.5% | 174.7% | 42.8% | 4.6% | 52.0% | 29.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 0.6% | -84.8% | 7.8% | 2.9% | -56.1% | 10.5% | ||
| Prior Fiscal Year | 18.7% | -22.5% | 13.1% | 10.9% | -54.0% | 15.8% | ||
| Latest Fiscal Year | 12.8% | 15.0% | 11.4% | 11.0% | -33.3% | 17.6% | ||
| Latest Twelve Months | 13.7% | 11.2% | 12.6% | 11.0% | -28.4% | 16.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.3x | -6.9x | 10.0x | 8.2x | -24.5x | 18.9x | ||
| Price / LTM Sales | 3.0x | 1.4x | 2.6x | 1.7x | 0.5x | 4.6x | ||
| LTM P/E Ratio | 22.1x | 12.1x | 20.7x | 15.1x | -1.7x | 28.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -1.7x | 15.1x | 22.1x | |||||
| Historical LTM P/E Ratio | 23.2x | 39.0x | 75.1x | |||||
| Selected P/E Multiple | 29.7x | 31.3x | 32.9x | |||||
| (x) LTM Net Income | 1,261 | 1,261 | 1,261 | |||||
| (=) Equity Value | 37,493 | 39,466 | 41,439 | |||||
| (/) Shares Outstanding | 137.6 | 137.6 | 137.6 | |||||
| Implied Value Range | 272.49 | 286.83 | 301.17 | |||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 37.96 | 39.95 | 41.95 | 35.93 | ||||
| Upside / (Downside) | 5.6% | 11.2% | 16.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HTHT | TOUR | TNGC.F | HDAL.F | THCH | ATAT | |
| Value of Common Equity | 72,649 | 706 | 37,960 | 74,661 | 664 | 35,491 | |
| (/) Shares Outstanding | 306.9 | 116.0 | 2,299.0 | 6,666.7 | 32.0 | 137.6 | |
| Implied Stock Price | 236.69 | 6.09 | 16.51 | 11.20 | 20.75 | 257.94 | |
| FX Conversion Rate to Trading Currency | 7.18 | 7.18 | 7.18 | 7.18 | 7.18 | 7.18 | |
| Implied Stock Price (Trading Cur) | 32.97 | 0.85 | 2.30 | 1.56 | 2.89 | 35.93 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.18 | 7.18 | 7.18 | 7.18 | 7.18 | 7.18 | |