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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.2x - 15.7x | 15.0x |
| Selected Fwd EBITDA Multiple | 11.8x - 13.0x | 12.4x |
| Fair Value | $2.54 - $2.80 | $2.67 |
| Upside | 11.0% - 22.1% | 16.6% |
| Benchmarks | Ticker | Full Ticker |
| GreenTree Hospitality Group Ltd. | GHG | NYSE:GHG |
| Shanghai Jin Jiang International Hotels Co., Ltd. | 900934 | SHSE:900934 |
| BTG Hotels (Group) Co., Ltd. | 600258 | SHSE:600258 |
| Western Regions Tourism Development Co.,Ltd | 300859 | SZSE:300859 |
| Wuhan Sante Cableway Group Co., Ltd. | 2159 | SZSE:002159 |
| Haidilao International Holding Ltd. | HDAL.F | OTCPK:HDAL.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GHG | 900934 | 600258 | 300859 | 2159 | HDAL.F | ||
| NYSE:GHG | SHSE:900934 | SHSE:600258 | SZSE:300859 | SZSE:002159 | OTCPK:HDAL.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.6% | 0.2% | 0.7% | 7.4% | 7.6% | 13.4% | |
| 3Y CAGR | 6.9% | 26.7% | NM- | NM- | 62.9% | 27.2% | |
| Latest Twelve Months | -14.3% | -7.6% | -2.3% | -10.0% | 24.9% | 6.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.4% | 11.6% | 12.3% | 29.6% | 34.7% | 14.6% | |
| Prior Fiscal Year | -16.0% | 18.0% | 22.8% | 18.7% | 8.3% | 18.7% | |
| Latest Fiscal Year | 28.9% | 17.4% | 22.4% | 48.1% | 51.5% | 19.3% | |
| Latest Twelve Months | 31.3% | 17.4% | 22.4% | 45.1% | 50.0% | 19.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.05x | 2.57x | 2.73x | 18.38x | 3.51x | 2.02x | |
| EV / LTM EBITDA | 3.3x | 14.8x | 11.9x | 40.8x | 7.0x | 10.5x | |
| EV / LTM EBIT | 4.5x | 20.0x | 14.2x | 53.0x | 9.5x | 14.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.3x | 11.9x | 40.8x | ||||
| Historical EV / LTM EBITDA | 10.5x | 19.9x | 91.5x | ||||
| Selected EV / LTM EBITDA | 14.2x | 15.0x | 15.7x | ||||
| (x) LTM EBITDA | 8,266 | 8,266 | 8,266 | ||||
| (=) Implied Enterprise Value | 117,617 | 123,808 | 129,998 | ||||
| (-) Non-shareholder Claims * | 5,930 | 5,930 | 5,930 | ||||
| (=) Equity Value | 123,548 | 129,738 | 135,928 | ||||
| (/) Shares Outstanding | 6,666.7 | 6,666.7 | 6,666.7 | ||||
| Implied Value Range | 18.53 | 19.46 | 20.39 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.55 | 2.67 | 2.80 | 2.29 | |||
| Upside / (Downside) | 11.1% | 16.7% | 22.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GHG | 900934 | 600258 | 300859 | 2159 | HDAL.F | |
| Enterprise Value | 1,466 | 40,231 | 22,182 | 5,634 | 2,433 | 105,232 | |
| (+) Cash & Short Term Investments | 1,536 | 9,419 | 2,350 | 351 | 354 | 9,580 | |
| (+) Investments & Other | 475 | 1,430 | 964 | 96 | 152 | 2,502 | |
| (-) Debt | (1,741) | (21,076) | (9,071) | (108) | (109) | (6,168) | |
| (-) Other Liabilities | (35) | (274) | (122) | (21) | (47) | 16 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,701 | 29,730 | 16,302 | 5,950 | 2,784 | 111,162 | |
| (/) Shares Outstanding | 101.5 | 2,668.7 | 1,116.6 | 155.0 | 177.3 | 6,666.7 | |
| Implied Stock Price | 16.75 | 11.14 | 14.60 | 38.39 | 15.70 | 16.67 | |
| FX Conversion Rate to Trading Currency | 7.28 | 7.28 | 1.00 | 1.00 | 1.00 | 7.28 | |
| Implied Stock Price (Trading Cur) | 2.30 | 1.53 | 14.60 | 38.39 | 15.70 | 2.29 | |
| Trading Currency | USD | USD | CNY | CNY | CNY | USD | |
| FX Rate to Reporting Currency | 7.28 | 7.28 | 1.00 | 1.00 | 1.00 | 7.28 | |