Travel + Leisure Co. (TNL)

Industry: Travel Services 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
JET2.L	4	Jet2 plc	19,211	2.73	1.51	1.45	0.87	0.89	1.55
RCL	5	Royal Caribbean Cr	17,437	21.62	21.62	16.08	16.08	15.95	23.60
EXPE	6	Expedia Group, Inc	14,370	19.05	19.05	9.19	9.19	6.19	15.39
ABNB	7	Airbnb, Inc.	11,943	28.69	28.69	23.71	23.71	10.80	25.95
0I50.L	8	Trip.com Group Lim	8,481	11.24	11.24	8.68	2.27	14.49	20.79
VIK	9	Viking Holdings Lt	6,127	24.83	24.83	16.67	16.67	11.09	19.56
8MI.SG	10	Minor Internationa	5,038	12.91	12.91	6.70	4.94	21.48	24.74
TNL	11	Travel + Leisure C	3,967	9.57	9.57	7.85	5.88	8.47	5.70
SABR	12	Sabre Corporation	2,894	-	-	13.00	13.00	11.42	12.46
0780.HK	13	Tongcheng Travel H	2,594	16.61	11.50	8.88	6.56	11.99	8.58
TRZ.TO	14	Transat A.T. Inc.	2,477	0.34	0.34	1.85	1.85	13.29	17.35
TRIP	15	Tripadvisor, Inc.	1,891	23.88	23.88	4.62	4.62	3.89	8.14
9726.T	16	KNT-CT Holdings Co	1,841	5.38	5.38	4.07	4.07	8.56	4.99
ALVDM.PA	17	Voyageurs du Monde	1,744	6.90	4.90	2.92	2.24	15.45	2.65
MRNOW	18	Murano Global Inve	1,409	-	-	-	-	-	-
002707.SZ	19	UTour Group Co., L	990	146.30	146.30	100.25	100.25	36.26	72.42

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.91	11.50	7.69	4.78	11.26	13.93
Full Range Median Multiple	16.61	12.91	8.78	5.75	11.70	16.37
Industry Multiple	24.65	24.01	15.58	14.74	12.98	18.44
Market Implied Multiple	11.65	11.65	8.78	6.58	9.46	6.37
Company (TNL) Multiple	9.57	9.57	7.85	5.88	8.47	5.70
(*) Net Income / EBITDA / Revenue	411	411	923	1,232	856	1,271
Winsorized Enterprise Value	N/A	N/A	7,099	5,886	9,636	17,696
Full Range Median Enterprise Value	N/A	N/A	8,106	7,082	10,018	20,806
(-) Net Debt	3,314	3,314	3,314	3,314	3,314	3,314
Winsorized Equity Value	5,306	4,726	3,785	2,572	6,322	14,382
Full Range Median Equity Value	6,826	5,306	4,792	3,768	6,704	17,492
(/) Shares Outstanding	66	66	66	66	66	66
Winsorized Fair Value	$80.27	$71.50	$57.26	$38.91	$95.64	$217.58
Full Range Median Fair Value	$103.27	$80.27	$72.49	$57.00	$101.42	$264.63
Current Price	$72.41	$72.41	$72.41	$72.41	$72.41	$72.41
Upside / Downside	10.85%	-1.26%	-20.92%	-46.27%	32.08%	200.48%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$56.19	$50.05	$40.08	$27.23	$66.95	$152.31
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY