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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,8x - 13,0x | 12,4x |
| Selected Fwd EBITDA Multiple | 10,2x - 11,2x | 10,7x |
| Fair Value | €65,42 - €79,83 | €72,62 |
| Upside | 23,4% - 50,6% | 37,0% |
| Benchmarks | Ticker | Full Ticker |
| Expedia Group, Inc. | EXPE | NasdaqGS:EXPE |
| Hyatt Hotels Corporation | H | NYSE:H |
| Booking Holdings Inc. | BKNG | NasdaqGS:BKNG |
| Marriott International, Inc. | MAR | NasdaqGS:MAR |
| Wynn Resorts, Limited | WYNN | NasdaqGS:WYNN |
| Travel + Leisure Co. | WD5A | DB:WD5A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EXPE | H | BKNG | MAR | WYNN | WD5A | ||
| NasdaqGS:EXPE | NYSE:H | NasdaqGS:BKNG | NasdaqGS:MAR | NasdaqGS:WYNN | DB:WD5A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.8% | 7.3% | 7.1% | 11.3% | 3.9% | -1.8% | |
| 3Y CAGR | 55.4% | 133.3% | 38.9% | 27.4% | 78.3% | 3.9% | |
| Latest Twelve Months | 6.8% | 10.1% | 28.7% | 0.6% | -11.1% | 3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.2% | 5.8% | 27.6% | 61.9% | 13.0% | 21.5% | |
| Prior Fiscal Year | 12.7% | 20.2% | 30.1% | 67.8% | 26.5% | 22.9% | |
| Latest Fiscal Year | 13.4% | 22.7% | 34.5% | 64.3% | 25.3% | 22.4% | |
| Latest Twelve Months | 13.5% | 24.6% | 35.8% | 64.8% | 24.5% | 22.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.94x | 5.88x | 7.12x | 13.00x | 3.03x | 2.42x | |
| EV / LTM EBITDA | 14.4x | 23.8x | 19.9x | 20.1x | 12.4x | 10.6x | |
| EV / LTM EBIT | 16.0x | 39.9x | 21.4x | 22.2x | 19.2x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.4x | 19.9x | 23.8x | ||||
| Historical EV / LTM EBITDA | 9.9x | 10.3x | 29.6x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 896 | 896 | 896 | ||||
| (=) Implied Enterprise Value | 10,530 | 11,084 | 11,639 | ||||
| (-) Non-shareholder Claims * | (5,456) | (5,456) | (5,456) | ||||
| (=) Equity Value | 5,074 | 5,628 | 6,183 | ||||
| (/) Shares Outstanding | 65.0 | 65.0 | 65.0 | ||||
| Implied Value Range | 78.05 | 86.58 | 95.11 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 66.51 | 73.78 | 81.04 | 53.00 | |||
| Upside / (Downside) | 25.5% | 39.2% | 52.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EXPE | H | BKNG | MAR | WYNN | WD5A | |
| Enterprise Value | 27,233 | 18,910 | 177,989 | 87,911 | 21,153 | 9,499 | |
| (+) Cash & Short Term Investments | 6,671 | 912 | 17,595 | 671 | 1,985 | 212 | |
| (+) Investments & Other | 1,331 | 525 | 559 | 298 | 769 | 0 | |
| (-) Debt | (6,497) | (6,325) | (19,239) | (16,536) | (12,170) | (5,669) | |
| (-) Other Liabilities | (1,250) | (326) | 0 | 0 | 766 | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,488 | 13,696 | 176,904 | 72,344 | 12,504 | 4,043 | |
| (/) Shares Outstanding | 123.7 | 95.5 | 32.4 | 271.5 | 103.0 | 65.0 | |
| Implied Stock Price | 222.19 | 143.44 | 5,458.32 | 266.50 | 121.45 | 62.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 222.19 | 143.44 | 5,458.32 | 266.50 | 121.45 | 53.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |