Company Valuation: H World Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 76,499 94,634 75,588 73,623 101,249 93,744 - -
Change - 23.71% -20.13% -2.6% 37.52% -7.41% - -
Enterprise Value (EV) 1 81,316 101,740 71,003 67,042 96,679 86,433 83,678 80,882
Change - 25.12% -30.21% -5.58% 44.21% -10.6% -3.19% -3.34%
P/E ratio -159x -50x 18.9x 25x 20.6x 17.7x 14.9x 13.2x
PBR 6.76x 9.81x 6.22x 6.17x - 6.71x 5.25x 4.31x
PEG - -0x -0x -1.1x 0.3x 2.26x 0.8x 1.1x
Capitalization / Revenue 5.98x 6.83x 3.45x 3.08x 4x 3.48x 3.28x 3.08x
EV / Revenue 6.36x 7.34x 3.24x 2.81x 3.82x 3.2x 2.93x 2.65x
EV / EBITDA 51.8x 167x 10.3x 9.83x 11.4x 9.21x 7.99x 7.09x
EV / EBIT 496x -346x 15.1x 12.9x 14.2x 10.9x 9.23x 8.1x
EV / FCF -244x 229x 10.5x 10.1x 12.8x 13.3x 9.9x 8.55x
FCF Yield -0.41% 0.44% 9.54% 9.87% 7.8% 7.49% 10.1% 11.7%
Dividend per Share 2 1.378 1.454 6.695 11.6 14.5 13.6 14.22 15.18
Rate of return 0.58% 0.5% 2.82% 4.81% 4.41% 4.46% 4.67% 4.98%
EPS 2 -1.49 -5.85 12.55 9.64 15.97 17.22 20.52 23.06
Distribution rate -92.5% -24.9% 53.3% 120% 90.8% 79% 69.3% 65.9%
Net sales 1 12,787 13,862 21,882 23,891 25,307 26,971 28,603 30,470
EBITDA 1 1,571 610 6,874 6,820 8,473 9,384 10,473 11,409
EBIT 1 164 -294 4,714 5,200 6,819 7,963 9,064 9,987
Net income 1 -465 -1,821 4,085 3,048 5,080 5,425 6,252 7,018
Net Debt 1 4,817 7,106 -4,585 -6,581 -4,570 -7,310 -10,066 -12,862
Reference price 2 237.21 292.58 237.12 241.09 329.09 304.83 304.83 304.83
Nbr of stocks (in thousands) 322,500 323,446 318,774 305,375 307,668 307,524 - -
Announcement Date 3/23/22 3/27/23 3/20/24 3/20/25 3/18/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
17.7x3.2x9.21x4.46% 13.84B
18.34x5.81x11.71x2.1% 6.14B
12.72x3.12x8.66x4.03% 5.26B
18.58x4.22x10.74x1.06% 4.95B
15.39x2.17x8.97x3.19% 4.59B
18.32x1.75x8.07x3.06% 2.91B
16.62x1.25x8.09x2.06% 2.16B
15.35x1.63x6.35x3.73% 2.15B
Average 16.63x 2.89x 8.97x 2.96% 5.25B
Weighted average by Cap. 16.89x 3.30x 9.38x 3.26%

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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