Company Valuation: Trip.com Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 99,699 152,265 164,071 330,388 331,757 165,598 - -
Change - 52.72% 7.75% 101.37% 0.41% -50.08% - -
Enterprise Value (EV) 1 129,462 179,629 167,435 290,387 316,071 99,899 93,628 79,425
Change - 38.75% -6.79% 73.43% 8.84% -68.39% -6.28% -15.17%
P/E -180x 111x 17.3x 20.2x 10.6x 14x 10.6x 9.66x
PBR 0.91x 1.37x 1.35x 2.31x 1.94x 0.94x 0.84x 0.77x
PEG - -0x 0x 0.3x 0.1x -0.2x 0.3x 1.01x
Capitalization / Revenue 4.98x 7.6x 3.69x 6.2x 5.32x 2.46x 2.2x 2x
EV / Revenue 6.47x 8.96x 3.76x 5.45x 5.06x 1.48x 1.25x 0.96x
EV / EBITDA 100x 83.5x 12x 17x 16.7x 5.61x 4.31x 3.23x
EV / EBIT -91.8x 2,041x 14.8x 20.5x 20x 6.21x 5.15x 3.88x
EV / FCF 68x 83.8x 7.82x 15.3x 23.3x 6.58x 4.9x 3.95x
FCF Yield 1.47% 1.19% 12.8% 6.55% 4.3% 15.2% 20.4% 25.3%
Dividend per Share 2 - - - 2.175 2.051 2.372 2.234 2.028
Rate of return - - - 0.43% 0.41% 0.9% 0.85% 0.77%
EPS 2 -0.87 2.14 14.78 24.78 47.67 18.73 24.86 27.23
Distribution rate - - - 8.78% 4.3% 12.7% 8.98% 7.45%
Net sales 1 20,023 20,039 44,510 53,294 62,409 67,404 75,107 82,718
EBITDA 1 1,291 2,151 13,975 17,070 18,888 17,806 21,716 24,590
EBIT 1 -1,411 88 11,324 14,177 15,773 16,089 18,165 20,484
Net income 1 -550 1,403 9,918 17,067 33,294 12,550 16,970 18,811
Net Debt 1 29,763 27,364 3,364 -40,001 -15,686 -65,699 -71,970 -86,173
Reference price 2 156.40 237.26 255.34 501.16 502.97 262.98 262.98 262.98
Nbr of stocks (in thousands) 637,456 641,754 642,550 659,252 659,600 629,705 - -
Announcement Date 3/23/22 3/6/23 2/21/24 2/24/25 2/25/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.17x4.75x12.82x0.93% 135B
14.91x1.91x7.5x0.7% 32.95B
14.51x1.56x5.92x0.87% 25.5B
110.66x4.59x25.84x0% 5.07B
7.5x0.66x2.55x2.88% 3.39B
47.6x4.4x27.83x-.--% 1.91B
11.26x0.78x4.6x4.36% 1.68B
38.38x1.44x7.31x0.36% 1.63B
33.64x0.72x4.94x-.--% 1.06B
Average 32.85x 2.31x 11.03x 1.12% 23.19B
Weighted average by Cap. 19.08x 3.76x 11.27x 0.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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