Choice Hotels International, Inc. (CHH)

Industry: Travel Lodging 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
0OQ0.L	8	Pierre et Vacances	4,326	14.54	14.54	0.97	0.65	2.42	1.45
H	9	Hyatt Hotels Corpo	4,284	-	-	26.03	26.03	23.03	13.31
1179.HK	10	H World Group Limi	3,521	1.94	1.94	4.45	4.45	4.31	6.07
0OHG.L	11	Minor Hotels Europ	2,909	10.47	10.47	8.78	7.32	6.39	5.42
0045.HK	12	The Hongkong and S	2,473	-	-	9.76	9.95	22.73	18.54
FTAL.TA	13	Fattal Holdings (1	2,324	53.17	53.17	12.46	10.18	20.57	9.82
600754.SS	14	Shanghai Jin Jiang	1,918	44.43	43.91	18.76	15.80	12.93	26.33
CHH	15	Choice Hotels Inte	1,596	12.89	10.04	10.82	8.58	12.11	12.15
600138.SS	16	China Cyts Tours H	1,552	55.66	55.66	18.60	14.84	15.63	20.09
WH	17	Wyndham Hotels & R	1,436	18.06	18.06	14.03	12.47	12.86	9.22
MCG	18	Membership Collect	1,342	-	-	-	-	-	89.39
SHCO	19	Soho House & Co In	1,289	-	-	22.40	22.40	-	176.82
600258.SS	20	BTG Hotels (Group)	1,085	19.56	19.56	14.48	7.51	11.49	19.97
STAY	21	Extended Stay Amer	1,036	37.51	38.64	14.46	15.35	32.58	7,911.17
INDHOTEL.BO	22	The Indian Hotels	1,020	60.82	60.82	33.74	19.44	61.62	21.74
0QS9.L	23	eDreams ODIGEO S.A	807	12.70	12.70	7.85	7.85	10.80	10.70

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	18.06	18.06	13.24	10.06	12.86	13.31
Full Range Median Multiple	19.56	19.56	14.24	11.32	12.93	18.54
Industry Multiple	29.90	29.95	14.77	12.45	18.26	556.00
Market Implied Multiple	13.01	10.14	10.90	8.64	12.19	12.24
Company (CHH) Multiple	12.89	10.04	10.82	8.58	12.11	12.15
(*) Net Income / EBITDA / Revenue	382	490	637	804	570	568
Winsorized Enterprise Value	N/A	N/A	8,442	8,091	7,328	7,559
Full Range Median Enterprise Value	N/A	N/A	9,079	9,104	7,365	10,528
(-) Net Debt	1,976	1,976	1,976	1,976	1,976	1,976
Winsorized Equity Value	6,900	8,856	6,466	6,115	5,352	5,583
Full Range Median Equity Value	7,475	9,594	7,104	7,129	5,389	8,552
(/) Shares Outstanding	46	46	46	46	46	46
Winsorized Fair Value	$149.84	$192.32	$140.42	$132.80	$116.22	$121.25
Full Range Median Fair Value	$162.32	$208.34	$154.26	$154.80	$117.02	$185.71
Current Price	$107.95	$107.95	$107.95	$107.95	$107.95	$107.95
Upside / Downside	38.81%	78.16%	30.08%	23.02%	7.66%	12.32%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$104.89	$134.63	$98.29	$92.96	$81.35	$84.87
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy