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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,5x - 18,3x | 17,4x |
| Selected Fwd EBIT Multiple | 15,3x - 17,0x | 16,1x |
| Fair Value | ARS 54.564 - ARS 58.875 | ARS 56.720 |
| Upside | 32,8% - 43,2% | 38,0% |
| Benchmarks | Ticker | Full Ticker |
| Hilton Worldwide Holdings Inc. | HLT | NYSE:HLT |
| Marriott International, Inc. | MAR | NasdaqGS:MAR |
| Booking Holdings Inc. | BKNG | NasdaqGS:BKNG |
| On the Beach Group plc | OOBH.F | OTCPK:OOBH.F |
| Meituan | MPNG.Y | OTCPK:MPNG.Y |
| Trip.com Group Limited | TCOM | BASE:TCOM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HLT | MAR | BKNG | OOBH.F | MPNG.Y | TCOM | ||
| NYSE:HLT | NasdaqGS:MAR | NasdaqGS:BKNG | OTCPK:OOBH.F | OTCPK:MPNG.Y | BASE:TCOM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.3% | 13.7% | 7.3% | 3.7% | NM- | 23.0% | |
| 3Y CAGR | 31.7% | 30.1% | 42.3% | NM- | NM- | NM- | |
| Latest Twelve Months | 3.2% | 2.2% | 25.9% | -4.5% | 229.1% | 16.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 39.0% | 51.7% | 23.9% | -46.2% | -1.3% | 8.7% | |
| Prior Fiscal Year | 51.4% | 62.3% | 27.7% | 13.6% | 3.3% | 25.4% | |
| Latest Fiscal Year | 49.6% | 58.6% | 32.0% | 19.8% | 9.8% | 26.6% | |
| Latest Twelve Months | 49.7% | 59.0% | 32.8% | 17.7% | 10.6% | 26.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 15.97x | 13.47x | 7.74x | 3.63x | 1.57x | 3.85x | |
| EV / LTM EBITDA | 30.2x | 20.7x | 21.9x | 17.9x | 12.8x | 13.9x | |
| EV / LTM EBIT | 32.1x | 22.8x | 23.6x | 20.5x | 14.8x | 14.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.8x | 22.8x | 32.1x | ||||
| Historical EV / LTM EBIT | -292.7x | -80.0x | 17.7x | ||||
| Selected EV / LTM EBIT | 16.5x | 17.4x | 18.3x | ||||
| (x) LTM EBIT | 14,425 | 14,425 | 14,425 | ||||
| (=) Implied Enterprise Value | 238,196 | 250,733 | 263,270 | ||||
| (-) Non-shareholder Claims * | 86,169 | 86,169 | 86,169 | ||||
| (=) Equity Value | 324,365 | 336,902 | 349,439 | ||||
| (/) Shares Outstanding | 1,133.5 | 1,133.5 | 1,133.5 | ||||
| Implied Value Range | 286.17 | 297.23 | 308.29 | ||||
| FX Rate: CNY/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 51,243.95 | 53,224.52 | 55,205.09 | 41,100.00 | |||
| Upside / (Downside) | 24.7% | 29.5% | 34.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLT | MAR | BKNG | OOBH.F | MPNG.Y | TCOM | |
| Enterprise Value | 76,004 | 89,687 | 186,219 | 665 | 587,951 | 173,987 | |
| (+) Cash & Short Term Investments | 731 | 523 | 15,578 | 11 | 180,383 | 78,099 | |
| (+) Investments & Other | 0 | 300 | 538 | 0 | 45,385 | 51,825 | |
| (-) Debt | (11,880) | (15,851) | (16,761) | (42) | (62,056) | (42,755) | |
| (-) Other Liabilities | (39) | 0 | 0 | 0 | 59 | (1,000) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 64,816 | 74,659 | 185,574 | 634 | 751,722 | 260,156 | |
| (/) Shares Outstanding | 237.7 | 273.9 | 32.5 | 207.3 | 3,072.6 | 1,133.5 | |
| Implied Stock Price | 272.68 | 272.58 | 5,702.90 | 3.06 | 244.66 | 229.52 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.75 | 7.18 | 0.01 | |
| Implied Stock Price (Trading Cur) | 272.68 | 272.58 | 5,702.90 | 4.10 | 34.08 | 41,100.00 | |
| Trading Currency | USD | USD | USD | USD | USD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.75 | 7.18 | 0.01 | |