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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 4.1x - 4.6x | 4.3x |
| Selected Fwd Ps Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | $262.42 - $290.04 | $276.23 |
| Upside | 27.7% - 41.2% | 34.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Marriott International, Inc. | - | NasdaqGS:MAR |
| Travel + Leisure Co. | - | NYSE:TNL |
| Hilton Worldwide Holdings Inc. | - | NYSE:HLT |
| Norwegian Cruise Line Holdings Ltd. | - | NYSE:NCLH |
| Carnival Corporation & plc | - | NYSE:CCL |
| Royal Caribbean Cruises Ltd. | - | NYSE:RCL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| MAR | TNL | HLT | NCLH | CCL | RCL | |||
| NasdaqGS:MAR | NYSE:TNL | NYSE:HLT | NYSE:NCLH | NYSE:CCL | NYSE:RCL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 4.3% | -0.9% | 4.7% | 8.0% | 3.7% | 8.5% | ||
| 3Y CAGR | 24.7% | 7.2% | 24.8% | 144.6% | 135.8% | 120.8% | ||
| Latest Twelve Months | 5.0% | 3.0% | 7.7% | 10.9% | 12.7% | 18.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 29.7% | 6.8% | 12.5% | -1428.7% | -529.5% | -498.7% | ||
| Prior Fiscal Year | 48.9% | 10.4% | 25.9% | 1.9% | -0.3% | 12.2% | ||
| Latest Fiscal Year | 35.9% | 9.8% | 32.3% | 9.6% | 7.7% | 17.5% | ||
| Latest Twelve Months | 35.9% | 9.8% | 32.3% | 9.6% | 8.1% | 17.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 18.9x | 9.9x | 26.2x | 9.0x | 8.4x | 13.3x | ||
| Price / LTM Sales | 9.9x | 0.8x | 11.5x | 0.9x | 1.0x | 3.4x | ||
| LTM P/E Ratio | 27.7x | 8.2x | 35.7x | 9.2x | 12.7x | 19.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.8x | 1.0x | 11.5x | |||||
| Historical LTM P/S Ratio | 1.7x | 3.4x | 33.5x | |||||
| Selected Price / Sales Multiple | 4.1x | 4.3x | 4.6x | |||||
| (x) LTM Sales | 16,485 | 16,485 | 16,485 | |||||
| (=) Equity Value | 67,906 | 71,480 | 75,054 | |||||
| (/) Shares Outstanding | 269.1 | 269.1 | 269.1 | |||||
| Implied Value Range | 252.32 | 265.60 | 278.88 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 252.32 | 265.60 | 278.88 | 205.44 | ||||
| Upside / (Downside) | 22.8% | 29.3% | 35.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MAR | TNL | HLT | NCLH | CCL | RCL | |
| Value of Common Equity | 65,671 | 3,087 | 54,748 | 8,341 | 26,460 | 55,290 | |
| (/) Shares Outstanding | 275.7 | 66.7 | 240.6 | 439.9 | 1,354.9 | 269.1 | |
| Implied Stock Price | 238.20 | 46.29 | 227.55 | 18.96 | 19.53 | 205.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 238.20 | 46.29 | 227.55 | 18.96 | 19.53 | 205.44 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |