Global Travel Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/Sales 2020E FV/Sales 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E
Global Travel & Lifestyle
BKNG Booking Holdings Inc. 2,013.53 85,599MM 83,482MM 5.5x 5.1x 14.3x 13.0x 19.7x 17.3x
EXPE Expedia Group, Inc. 136.03 19,761MM 20,728MM 1.7x 1.6x 9.2x 8.2x 19.8x 16.7x
TRIP TripAdvisor, Inc. 37.41 5,212MM 4,416MM 2.7x 2.5x 9.5x 8.6x 19.8x 17.3x
GRUB GrubHub Inc. 55.69 5,087MM 5,325MM 3.9x 3.1x 22.1x 15.5x 43.4x 28.7x
Mean 3.5x 3.1x 13.8x 11.3x 25.7x 20.0x
Median 3.3x 2.8x 11.9x 10.8x 19.8x 17.3x
China Travel & Lifestyle
CTRP Ctrip.com International, 29.38 17,288MM 18,238MM 3.6x 3.1x 20.8x 15.9x 24.5x 18.2x
0780.HK Tongcheng-Elong Holdings 同程艺龙控股 13.34 3,629MM 2,777MM 2.6x 2.1x 13.1x 9.0x 18.1x 13.9x
Mean 3.1x 2.6x 16.9x 12.5x 21.3x 16.0x
Median 3.1x 2.6x 16.9x 12.5x 21.3x 16.0x