Financials Trip.com Group Limited Deutsche Boerse AG

Equities

CLV

US89677Q1076

Leisure & Recreation

Market Closed - Deutsche Boerse AG Other stock markets 11:39:45 2024-05-06 EDT			5-day change	1st Jan Change
50.2 ^EUR	+5.46%		+8.19%	+58.36%

04-23	Shanghai Hotel Demand Skyrockets as Chinese Grand Prix Returns	MT
04-12	HSBC Adjusts Trip.com Price Target to $60 From $50, Maintains Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	137,393	129,504	99,691	152,265	164,219	251,076	-	-
Enterprise Value (EV) ¹	142,641	167,791	129,454	179,629	164,219	255,636	223,502	213,005
P/E ratio	20.3 x	-40.8 x	-180 x	111 x	17.3 x	22.9 x	19.6 x	16.6 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.85 x	7.07 x	4.98 x	7.6 x	3.69 x	4.76 x	4.13 x	3.65 x
EV / Revenue	4 x	9.16 x	6.47 x	8.96 x	3.69 x	4.85 x	3.68 x	3.1 x
EV / EBITDA	18.2 x	101 x	100 x	83.5 x	11.8 x	16.5 x	12.3 x	10.2 x
EV / FCF	21.9 x	65.1 x	68 x	83.8 x	-	19 x	14.4 x	12.6 x
FCF Yield	4.56%	1.54%	1.47%	1.19%	-	5.25%	6.95%	7.95%
Price to Book	1.4 x	1.65 x	0.91 x	1.37 x	-	1.9 x	1.71 x	1.53 x
Nbr of stocks (in thousands)	588,417	588,417	637,456	641,754	642,550	646,692	-	-
Reference price ²	233.5	220.1	156.4	237.3	255.6	388.2	388.2	388.2
Announcement Date	20-03-18	21-03-03	22-03-23	23-03-06	24-02-21	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,666	18,316	20,023	20,039	44,510	52,731	60,788	68,754
EBITDA ¹	7,850	1,667	1,291	2,151	13,975	15,480	18,232	20,971
EBIT ¹	5,040	-1,423	-1,411	88	11,324	12,810	15,075	17,427
Operating Margin	14.13%	-7.77%	-7.05%	0.44%	25.44%	24.29%	24.8%	25.35%
Earnings before Tax (EBT) ¹	9,087	-1,225	-471	2,635	10,680	13,093	15,663	18,090
Net income ¹	7,011	-3,247	-550	1,403	9,918	11,148	13,102	15,157
Net margin	19.66%	-17.73%	-2.75%	7%	22.28%	21.14%	21.55%	22.05%
EPS ²	11.50	-5.400	-0.8700	2.140	14.78	16.94	19.78	23.36
Free Cash Flow ¹	6,510	2,579	1,905	2,144	-	13,427	15,533	16,926
FCF margin	18.25%	14.08%	9.51%	10.7%	-	25.46%	25.55%	24.62%
FCF Conversion (EBITDA)	82.93%	154.71%	147.56%	99.67%	-	86.74%	85.2%	80.71%
FCF Conversion (Net income)	92.85%	-	-	152.82%	-	120.44%	118.55%	111.67%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	20-03-18	21-03-03	22-03-23	23-03-06	24-02-21	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	5,344	4,682	4,109	4,011	6,892	5,027	9,198	11,247	13,751	10,325	11,692	13,113	15,838	12,017	13,727
EBITDA ¹	537	54	91	355	1,419	286	2,820	3,678	4,622	2,855	3,141	3,851	4,704	2,862	-
EBIT ¹	-246	-704	-359	-167	854	-240	2,241	2,977	3,909	2,197	2,784	3,284	4,264	2,553	3,389
Operating Margin	-4.6%	-15.04%	-8.74%	-4.16%	12.39%	-4.77%	24.36%	26.47%	28.43%	21.28%	23.81%	25.04%	26.92%	21.24%	24.69%
Earnings before Tax (EBT) ¹	-997	-738	-816	495	420	2,536	3,848	974	4,468	1,390	2,842	3,397	4,393	2,584	-
Net income ¹	-849	-834	-989	69	266	2,057	3,375	631	4,615	1,297	2,422	2,757	3,654	2,081	-
Net margin	-15.89%	-17.81%	-24.07%	1.72%	3.86%	40.92%	36.69%	5.61%	33.56%	12.56%	20.71%	21.03%	23.07%	17.32%	-
EPS ²	-1.320	-1.290	-1.520	0.1000	0.4100	3.120	5.020	0.9400	6.840	1.940	3.437	4.153	5.242	3.231	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21-12-15	22-03-23	22-06-27	22-09-21	22-12-14	23-03-06	23-06-07	23-09-04	23-11-20	24-02-21	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,248	38,287	29,763	27,364	-	4,560	-	-
Net Cash position ¹	-	-	-	-	-	-	27,573	38,070
Leverage (Debt/EBITDA)	0.6685 x	22.97 x	23.05 x	12.72 x	-	0.2946 x	-	-
Free Cash Flow ¹	6,510	2,579	1,905	2,144	-	13,427	15,533	16,926
ROE (net income / shareholders' equity)	6.86%	-0.9%	1.29%	1.26%	-	9%	9.69%	9.96%
ROA (Net income/ Total Assets)	3.38%	-0.47%	0.72%	0.68%	-	4.73%	5.12%	5.47%
Assets ¹	207,310	688,902	-76,880	207,852	-	235,788	255,691	277,210
Book Value Per Share ²	166.0	134.0	171.0	174.0	-	204.0	227.0	253.0
Cash Flow per Share ²	11.00	5.180	3.620	5.240	-	22.40	27.40	29.10
Capex ¹	823	532	570	497	-	850	911	1,098
Capex / Sales	2.31%	2.9%	2.85%	2.48%	-	1.61%	1.5%	1.6%
Announcement Date	20-03-18	21-03-03	22-03-23	23-03-06	24-02-21	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Trip.com Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

388.2 CNY

Average target price

401.6 CNY

Spread / Average Target

+3.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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