Financials Intercontinental Hotels Group PLC

Equities

IHG

GB00BHJYC057

Hotels, Motels & Cruise Lines

Market Closed - London S.E. Other stock markets 11:35:23 2024-04-26 am EDT			5-day change	1st Jan Change
8,034 ^GBX	+0.40%		+2.79%	+13.31%

Apr. 24	European Equities Traded in the US as American Depositary Receipts Trend Lower in Wednesday Trading	MT
Apr. 21	InterContinental Hotels Group Opens New Property in Abu Dhabi	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,478	11,664	11,688	10,029	14,798	16,253	-	-
Enterprise Value (EV) ¹	15,143	14,193	13,569	11,880	17,070	18,747	18,780	18,987
P/E ratio	33 x	-44.9 x	44.5 x	27.9 x	20.5 x	23.3 x	20.5 x	18.6 x
Yield	0.58%	-	1.33%	2.41%	1.69%	1.74%	1.91%	2.07%
Capitalization / Revenue	5.99 x	11.8 x	8.41 x	5.44 x	6.84 x	7.04 x	6.67 x	6.28 x
EV / Revenue	7.27 x	14.3 x	9.76 x	6.45 x	7.89 x	8.12 x	7.71 x	7.33 x
EV / EBITDA	15.4 x	43.1 x	21.5 x	13.3 x	15.7 x	15.9 x	14.8 x	13.9 x
EV / FCF	29.8 x	489 x	23.2 x	21.8 x	22.8 x	25.8 x	24.2 x	22.6 x
FCF Yield	3.36%	0.2%	4.3%	4.6%	4.38%	3.87%	4.13%	4.42%
Price to Book	-8.58 x	-6.29 x	-8.04 x	-6.43 x	-7.87 x	-7.22 x	-7.39 x	-7.5 x
Nbr of stocks (in thousands)	180,692	181,873	180,695	174,789	163,965	162,414	-	-
Reference price ²	69.06	64.13	64.68	57.38	90.25	100.1	100.1	100.1
Announcement Date	2/18/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,083	992	1,390	1,843	2,164	2,309	2,435	2,589
EBITDA ¹	981	329	632	896	1,086	1,181	1,273	1,370
EBIT ¹	865	219	534	828	1,019	1,105	1,189	1,280
Operating Margin	41.53%	22.08%	38.42%	44.93%	47.09%	47.85%	48.82%	49.45%
Earnings before Tax (EBT) ¹	542	-280	361	540	1,010	976.3	1,063	1,164
Net income ¹	385	-260	266	375	750	710.2	778.1	850.6
Net margin	18.48%	-26.21%	19.14%	20.35%	34.66%	30.75%	31.95%	32.85%
EPS ²	2.092	-1.429	1.454	2.060	4.412	4.294	4.872	5.372
Free Cash Flow ¹	509	29	584	546	748	725.8	775.3	838.7
FCF margin	24.44%	2.92%	42.01%	29.63%	34.57%	31.43%	31.84%	32.39%
FCF Conversion (EBITDA)	51.89%	8.81%	92.41%	60.94%	68.88%	61.45%	60.89%	61.2%
FCF Conversion (Net income)	132.21%	-	219.55%	145.6%	99.73%	102.2%	99.63%	98.6%
Dividend per Share ²	0.3990	-	0.8590	1.384	1.523	1.736	1.910	2.069
Announcement Date	2/18/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	1,071	488	504	565	-	825	-	-	840	-	-	1,003	1,031	1,133	486	-	1,103	-	-	1,203	-	1,164	1,274
EBITDA	515	-	200	-	-	399	-	-	-	-	-	483	513	573	-	-	551	-	-	619	-	-	-
EBIT	455	74	145	188	-	346	-	-	377	-	-	451	479	540	-	-	521.2	-	-	584.2	-	577.2	-
Operating Margin	42.48%	15.16%	28.77%	33.27%	-	41.94%	-	-	44.88%	-	-	44.97%	46.46%	47.66%	-	-	47.25%	-	-	48.58%	-	49.58%	-
Earnings before Tax (EBT)	167	-	-	-	-	-	-	-	-	-	-	241	567	443	-	-	442	-	-	499	-	-	-
Net income ¹	79	-	-50	-	109	-	108	108	-	79.5	79.5	159	459	291	151.3	151.3	322	215.4	200.1	364	172	-	-
Net margin	7.38%	-	-9.92%	-	-	-	-	-	-	-	-	15.85%	44.52%	25.68%	31.12%	-	29.19%	-	-	30.27%	-	-	-
EPS ²	-	-	-	-	0.5900	-	0.5800	0.5800	-	0.4400	0.4520	0.8920	2.653	1.774	0.9372	0.9372	1.977	1.335	1.240	2.279	-	-	-
Dividend per Share ²	-	-	-	-	-	0.8590	0.2200	0.2200	0.4390	0.4700	0.4740	0.9450	0.4830	1.040	-	-	0.4830	-	1.691	1.160	-	-	-
Announcement Date	2/18/20	8/11/20	2/23/21	8/10/21	3/2/23	2/22/22	8/9/22	8/9/22	8/9/22	3/2/23	2/21/23	2/21/23	8/8/23	2/20/24	-	-	-	-	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,665	2,529	1,881	1,851	2,272	2,495	2,528	2,735
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.717 x	7.687 x	2.976 x	2.066 x	2.092 x	2.112 x	1.985 x	1.995 x
Free Cash Flow ¹	509	29	584	546	748	726	775	839
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	9.54%	-5.63%	5.52%	8.4%	16.6%	15.5%	16.6%	17.1%
Assets ¹	4,034	4,617	4,823	4,466	4,515	4,595	4,681	4,970
Book Value Per Share ²	-8.050	-10.20	-8.050	-8.920	-11.50	-13.90	-13.50	-13.40
Cash Flow per Share ²	3.550	0.7500	3.460	3.550	5.250	5.300	5.800	6.310
Capex ¹	265	78	52	100	145	165	166	167
Capex / Sales	12.72%	7.86%	3.74%	5.43%	6.7%	7.15%	6.82%	6.44%
Announcement Date	2/18/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Intercontinental Hotels Group PLC

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

100.1 USD

Average target price

95.47 USD

Spread / Average Target

-4.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Hotels, Motels & Cruise Lines

	1st Jan change	Capi.
INTERCONTINENTAL HOTELS GROUP PLC	+13.31%	16.25B
MARRIOTT INTERNATIONAL, INC.	+6.80%	69.42B
HYATT HOTELS CORPORATION	+16.03%	15.31B
ACCOR	+22.20%	11.17B
THE INDIAN HOTELS COMPANY LIMITED	+29.70%	9.7B
MINOR INTERNATIONAL	+11.86%	5.05B
HILTON GRAND VACATIONS INC.	+10.35%	4.64B
ASSET WORLD CORP	+23.03%	3.79B
MARRIOTT VACATIONS WORLDWIDE CORPORATION	+18.82%	3.55B
EIH LIMITED	+90.34%	3.56B

Other Hotels, Motels & Cruise Lines