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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 11.0x - 12.2x | 11.6x |
| Selected Fwd P/E Multiple | 6.1x - 6.8x | 6.4x |
| Fair Value | $3.11 - $3.44 | $3.27 |
| Upside | 24.9% - 38.1% | 31.5% |
| Benchmarks | - | Full Ticker |
| Tongcheng Travel Holdings Limited | - | OTCPK:TNGC.F |
| Haidilao International Holding Ltd. | - | OTCPK:HDAL.F |
| Atour Lifestyle Holdings Limited | - | NasdaqGS:ATAT |
| Xiabuxiabu Catering Management (China) Holdings Co., Ltd. | - | OTCPK:XIAX.F |
| H World Group Limited | - | NasdaqGS:HTHT |
| GreenTree Hospitality Group Ltd. | - | NYSE:GHG |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| TNGC.F | HDAL.F | ATAT | XIAX.F | HTHT | GHG | |||
| OTCPK:TNGC.F | OTCPK:HDAL.F | NasdaqGS:ATAT | OTCPK:XIAX.F | NasdaqGS:HTHT | NYSE:GHG | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 23.5% | 15.0% | 182.3% | NM- | 11.5% | -6.2% | ||
| 3Y CAGR | 39.7% | NM- | 114.1% | NM- | NM- | 1.0% | ||
| Latest Twelve Months | 27.0% | 4.6% | 73.0% | -100.9% | -25.4% | -17.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.6% | 2.9% | 10.1% | -2.4% | -0.4% | 9.7% | ||
| Prior Fiscal Year | 13.1% | 10.9% | 15.8% | -7.4% | 18.7% | -28.9% | ||
| Latest Fiscal Year | 11.4% | 10.9% | 17.6% | -3.4% | 12.8% | 16.6% | ||
| Latest Twelve Months | 11.4% | 10.9% | 17.6% | -8.7% | 12.8% | 14.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.8x | 11.1x | 15.0x | 5.1x | 16.2x | 3.6x | ||
| Price / LTM Sales | 2.5x | 2.3x | 3.9x | 0.2x | 3.5x | 1.3x | ||
| LTM P/E Ratio | 22.2x | 20.7x | 22.3x | -1.8x | 27.5x | 9.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -1.8x | 22.2x | 27.5x | |||||
| Historical LTM P/E Ratio | -5.5x | 18.7x | 35.5x | |||||
| Selected P/E Multiple | 11.0x | 11.6x | 12.2x | |||||
| (x) LTM Net Income | 198 | 198 | 198 | |||||
| (=) Equity Value | 2,182 | 2,296 | 2,411 | |||||
| (/) Shares Outstanding | 101.5 | 101.5 | 101.5 | |||||
| Implied Value Range | 21.48 | 22.61 | 23.75 | |||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.96 | 3.11 | 3.27 | 2.49 | ||||
| Upside / (Downside) | 18.8% | 25.0% | 31.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | TNGC.F | HDAL.F | ATAT | XIAX.F | HTHT | GHG | |
| Value of Common Equity | 42,933 | 111,622 | 28,435 | 84 | 83,688 | 1,837 | |
| (/) Shares Outstanding | 2,569.8 | 6,666.7 | 137.6 | 96.5 | 313.3 | 101.5 | |
| Implied Stock Price | 16.71 | 16.74 | 206.66 | 0.87 | 267.09 | 18.09 | |
| FX Conversion Rate to Trading Currency | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | |
| Implied Stock Price (Trading Cur) | 2.30 | 2.31 | 28.45 | 0.12 | 36.77 | 2.49 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | 7.26 | |