Haidilao International Holding Ltd. (6862.HK)

Industry: Restaurants Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
FATAV	1	FAT Brands Inc. Cl	286,845	-	-	-	-	-	-
XGR2.DE	2	Compass Group PLC	87,175	17.64	16.07	9.84	8.83	10.97	11.13
SBUX	3	Starbucks Corporat	37,184	52.63	45.82	22.16	19.79	31.94	28.40
MCD	4	McDonald's Corpora	26,264	24.81	22.29	18.24	16.69	19.57	19.71
0QKI.L	5	Swisscom AG	17,649	23.36	24.73	5.48	5.13	13.37	17.72
ELIOR.PA	6	Elior Group S.A.	14,329	14.21	18.08	2.81	3.02	3.08	5.28
DRI	7	Darden Restaurants	12,364	21.77	21.77	15.58	8.85	22.03	20.87
6862.HK	8	Haidilao Internati	12,210	8.58	8.58	4.81	4.81	4.20	3.87
0HXW.L	9	Chipotle Mexican G	11,787	34.05	23.43	24.09	18.75	29.65	19.79
SSPG.L	10	SSP Group plc	9,076	-	-	3.45	2.80	11.48	5.48
HFG.DE	11	HelloFresh SE	8,243	-	-	2.93	2.91	-	-
YUM	12	Yum! Brands, Inc.	7,908	30.25	28.49	20.34	18.70	21.74	20.13
7550.T	13	Zensho Holdings Co	7,455	37.49	23.68	14.09	10.85	25.57	14.21
MAB.L	14	Mitchells & Butler	7,117	4.27	3.86	3.07	3.03	4.67	4.07
QSP-UN.TO	15	Restaurant Brands	6,719	22.75	20.59	14.69	13.72	13.15	14.82
QSR	16	Restaurant Brands	6,719	22.75	20.59	14.69	13.72	13.15	14.82

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	22.75	21.18	11.96	8.84	13.15	14.82
Full Range Median Multiple	23.06	22.03	14.39	9.85	13.37	14.82
Industry Multiple	25.50	22.45	12.25	10.48	16.95	15.11
Market Implied Multiple	9.77	9.77	5.48	5.48	4.78	4.40
Company (6862.HK) Multiple	8.58	8.58	4.81	4.81	4.20	3.87
(*) Net Income / EBITDA / Revenue	1,236	1,236	2,202	2,202	2,524	2,741
Winsorized Enterprise Value	N/A	N/A	26,346	19,463	33,196	40,612
Full Range Median Enterprise Value	N/A	N/A	31,680	21,694	33,750	40,612
(-) Net Debt	1	1	1	1	1	1
Winsorized Equity Value	28,114	26,177	26,345	19,462	33,195	40,612
Full Range Median Equity Value	28,494	27,226	31,680	21,693	33,750	40,612
(/) Shares Outstanding	780	780	780	780	780	780
Winsorized Fair Value	$36.05	$33.56	$33.78	$24.95	$42.56	$52.07
Full Range Median Fair Value	$36.53	$34.91	$40.62	$27.81	$43.27	$52.07
Current Price	$15.48	$15.48	$15.48	$15.48	$15.48	$15.48
Upside / Downside	132.85%	116.80%	118.20%	61.19%	174.94%	236.36%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$25.23	$23.49	$23.64	$17.47	$29.79	$36.45
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY