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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,5x - 12,7x | 12,1x |
| Selected Fwd EBITDA Multiple | 9,8x - 10,8x | 10,3x |
| Fair Value | €62,08 - €76,02 | €69,05 |
| Upside | 18,3% - 44,8% | 31,5% |
| Benchmarks | Ticker | Full Ticker |
| Hyatt Hotels Corporation | H | NYSE:H |
| Booking Holdings Inc. | BKNG | NasdaqGS:BKNG |
| Marriott International, Inc. | MAR | NasdaqGS:MAR |
| Expedia Group, Inc. | EXPE | NasdaqGS:EXPE |
| Wynn Resorts, Limited | WYNN | NasdaqGS:WYNN |
| Travel + Leisure Co. | WD5A | DB:WD5A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| H | BKNG | MAR | EXPE | WYNN | WD5A | ||
| NYSE:H | NasdaqGS:BKNG | NasdaqGS:MAR | NasdaqGS:EXPE | NasdaqGS:WYNN | DB:WD5A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.3% | 7.1% | 11.3% | 6.8% | 3.9% | -1.8% | |
| 3Y CAGR | 133.3% | 38.9% | 27.4% | 55.4% | 78.3% | 3.9% | |
| Latest Twelve Months | 18.1% | 25.2% | 2.0% | 6.6% | -13.6% | 3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 27.6% | 60.5% | 4.6% | 12.1% | 21.5% | |
| Prior Fiscal Year | 20.2% | 30.1% | 67.8% | 12.7% | 26.5% | 22.9% | |
| Latest Fiscal Year | 22.7% | 34.5% | 64.3% | 13.4% | 25.3% | 22.4% | |
| Latest Twelve Months | 25.3% | 35.3% | 64.9% | 13.3% | 24.1% | 22.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.07x | 7.67x | 13.48x | 1.70x | 2.86x | 2.40x | |
| EV / LTM EBITDA | 20.0x | 21.7x | 20.8x | 12.8x | 11.8x | 10.5x | |
| EV / LTM EBIT | 33.0x | 23.4x | 22.9x | 14.1x | 18.9x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.8x | 20.0x | 21.7x | ||||
| Historical EV / LTM EBITDA | 9.9x | 10.3x | 29.6x | ||||
| Selected EV / LTM EBITDA | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBITDA | 896 | 896 | 896 | ||||
| (=) Implied Enterprise Value | 10,282 | 10,823 | 11,364 | ||||
| (-) Non-shareholder Claims * | (5,374) | (5,374) | (5,374) | ||||
| (=) Equity Value | 4,908 | 5,449 | 5,990 | ||||
| (/) Shares Outstanding | 65.0 | 65.0 | 65.0 | ||||
| Implied Value Range | 75.50 | 83.82 | 92.15 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 64.19 | 71.27 | 78.34 | 52.50 | |||
| Upside / (Downside) | 22.3% | 35.7% | 49.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | H | BKNG | MAR | EXPE | WYNN | WD5A | |
| Enterprise Value | 16,292 | 184,498 | 89,769 | 24,195 | 19,895 | 9,388 | |
| (+) Cash & Short Term Investments | 1,805 | 15,578 | 523 | 6,137 | 2,070 | 212 | |
| (+) Investments & Other | 700 | 538 | 300 | 1,608 | 706 | 0 | |
| (-) Debt | (4,607) | (16,761) | (15,851) | (6,467) | (12,184) | (5,587) | |
| (-) Other Liabilities | (301) | 0 | 0 | (1,249) | 741 | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,889 | 183,853 | 74,741 | 24,224 | 11,228 | 4,014 | |
| (/) Shares Outstanding | 95.5 | 32.5 | 273.9 | 127.1 | 103.5 | 65.0 | |
| Implied Stock Price | 145.50 | 5,650.00 | 272.88 | 190.56 | 108.45 | 61.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 145.50 | 5,650.00 | 272.88 | 190.56 | 108.45 | 52.50 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |