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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,5x - 16,1x | 15,3x |
| Selected Fwd EBIT Multiple | 12,2x - 13,5x | 12,8x |
| Fair Value | $37,51 - $46,13 | $41,82 |
| Upside | -3,4% - 18,8% | 7,7% |
| Benchmarks | Ticker | Full Ticker |
| SSP Group plc | SSPG | LSE:SSPG |
| PPHE Hotel Group Limited | PPH | LSE:PPH |
| InterContinental Hotels Group PLC | IHG | LSE:IHG |
| H World Group Limited | 0A2I | LSE:0A2I |
| Shangri-La Asia Limited | SHAL.F | OTCPK:SHAL.F |
| Whitbread plc | WTBC.F | OTCPK:WTBC.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SSPG | PPH | IHG | 0A2I | SHAL.F | WTBC.F | ||
| LSE:SSPG | LSE:PPH | LSE:IHG | LSE:0A2I | OTCPK:SHAL.F | OTCPK:WTBC.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.2% | 2.0% | 4.5% | 19.8% | -4.6% | 4.2% | |
| 3Y CAGR | NM- | NM- | 27.4% | 216.5% | NM- | 100.4% | |
| Latest Twelve Months | 21.9% | 7.5% | 1.7% | 4.4% | -8.7% | -10.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -13.4% | -3.3% | 20.1% | 6.6% | -10.4% | 0.4% | |
| Prior Fiscal Year | 6.6% | 20.0% | 22.1% | 21.6% | 9.7% | 22.5% | |
| Latest Fiscal Year | 7.1% | 20.2% | 21.1% | 21.8% | 8.7% | 20.6% | |
| Latest Twelve Months | 7.1% | 20.2% | 21.1% | 22.0% | 8.7% | 20.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.96x | 4.14x | 4.22x | 4.21x | 1.32x | 3.31x | |
| EV / LTM EBITDA | 8.9x | 14.2x | 19.4x | 15.3x | 7.2x | 12.4x | |
| EV / LTM EBIT | 13.5x | 20.5x | 20.0x | 19.1x | 15.1x | 16.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.5x | 19.1x | 20.5x | ||||
| Historical EV / LTM EBIT | -79.8x | 15.2x | 19.0x | ||||
| Selected EV / LTM EBIT | 14.5x | 15.3x | 16.1x | ||||
| (x) LTM EBIT | 602 | 602 | 602 | ||||
| (=) Implied Enterprise Value | 8,741 | 9,201 | 9,661 | ||||
| (-) Non-shareholder Claims * | (4,663) | (4,663) | (4,663) | ||||
| (=) Equity Value | 4,078 | 4,538 | 4,998 | ||||
| (/) Shares Outstanding | 141.7 | 141.7 | 141.7 | ||||
| Implied Value Range | 28.78 | 32.03 | 35.27 | ||||
| FX Rate: GBP/USD | 0.7 | 0.7 | 0.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 38.76 | 43.13 | 47.50 | 38.84 | |||
| Upside / (Downside) | -0.2% | 11.1% | 22.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSPG | PPH | IHG | 0A2I | SHAL.F | WTBC.F | |
| Enterprise Value | 3,394 | 1,833 | 20,523 | 104,225 | 3,281 | 8,749 | |
| (+) Cash & Short Term Investments | 207 | 113 | 1,015 | 10,866 | 1,966 | 909 | |
| (+) Investments & Other | 23 | 55 | 51 | 2,336 | 4,318 | 54 | |
| (-) Debt | (2,115) | (1,167) | (3,688) | (35,124) | (6,940) | (5,626) | |
| (-) Other Liabilities | (173) | (213) | (4) | (127) | (254) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,337 | 620 | 17,897 | 82,176 | 2,371 | 4,086 | |
| (/) Shares Outstanding | 799.8 | 41.8 | 154.6 | 306.9 | 4,265.0 | 141.7 | |
| Implied Stock Price | 1.67 | 14.82 | 115.73 | 267.73 | 0.56 | 28.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.35 | 7.20 | 1.00 | 0.74 | |
| Implied Stock Price (Trading Cur) | 1.67 | 14.82 | 85.94 | 37.19 | 0.56 | 38.84 | |
| Trading Currency | GBP | GBP | GBP | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.35 | 7.20 | 1.00 | 0.74 | |