| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| CHH | RRR | MCRI | H | MAR | | LCR | |
| NYSE:CHH | NasdaqGS:RRR | NasdaqGS:MCRI | NYSE:H | NasdaqGS:MAR | | DB:LCR | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -6.6% | 0.9% | 15.9% | 5.2% | 4.3% | | -1.4% | |
| 3Y CAGR | 13.5% | 6.2% | 9.7% | 31.6% | 24.7% | | 38.7% | |
| Latest Twelve Months | 4.1% | 12.5% | 4.1% | -8.7% | 5.0% | | 8.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 55.6% | 28.0% | 20.4% | -14.9% | 50.5% | | -2.9% | |
| Prior Fiscal Year | 57.3% | 34.3% | 23.1% | 9.2% | 62.3% | | 22.6% | |
| Latest Fiscal Year | 60.7% | 29.7% | 23.2% | 12.6% | 58.6% | | 21.7% | |
| Latest Twelve Months | 60.7% | 29.7% | 23.2% | 12.6% | 58.6% | | 21.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 9.42x | 2.89x | 2.49x | 3.90x | 11.20x | | 3.05x | |
| EV / LTM EBIT | 15.5x | 9.7x | 10.8x | 30.9x | 19.1x | | 14.1x | |
| Price / LTM Sales | 7.23x | 1.99x | 2.58x | 3.20x | 8.94x | | 2.11x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.49x | 3.90x | 11.20x | | | | | |
| Historical EV / LTM Revenue | 3.05x | 9.90x | 11.51x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.78x | 3.98x | 4.18x | | | | | |
| (x) LTM Revenue | 11,298 | 11,298 | 11,298 | | | | | |
| (=) Implied Enterprise Value | 42,693 | 44,940 | 47,187 | | | | | |
| (-) Non-shareholder Claims * | (10,566) | (10,566) | (10,566) | | | | | |
| (=) Equity Value | 32,127 | 34,374 | 36,621 | | | | | |
| (/) Shares Outstanding | 715.9 | 715.9 | 715.9 | | | | | |
| Implied Value Range | 44.87 | 48.01 | 51.15 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 41.07 | 43.94 | 46.81 | | 30.55 | | | |
| Upside / (Downside) | 34.4% | 43.8% | 53.2% | | | | | |