Company Valuation: Trip.com Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 99,699 1,52,265 1,64,071 3,30,388 3,28,741 2,00,685 - -
Change - 52.72% 7.75% 101.37% -0.5% -38.95% - -
Enterprise Value (EV) 1 1,29,462 1,79,629 1,67,435 2,90,387 3,13,055 1,33,953 1,12,932 92,950
Change - 38.75% -6.79% 73.43% 7.81% -57.21% -15.69% -17.69%
P/E ratio -180x 111x 17.3x 20.2x 10.6x 12.6x 10.9x 9.98x
PBR 0.91x 1.37x 1.35x 2.31x 1.94x 1.12x 1.01x 0.9x
PEG - -0x 0x 0.3x 0.1x -0.3x 0.7x 1.04x
Capitalization / Revenue 4.98x 7.6x 3.69x 6.2x 5.27x 2.83x 2.52x 2.24x
EV / Revenue 6.47x 8.96x 3.76x 5.45x 5.02x 1.89x 1.42x 1.04x
EV / EBITDA 100x 83.5x 12x 17x 16.6x 6.39x 4.63x 3.37x
EV / EBIT -91.8x 2,041x 14.8x 20.5x 19.8x 7.54x 5.45x 4.03x
EV / FCF 68x 83.8x 7.82x 15.3x 23x 7.18x 5.65x 4.07x
FCF Yield 1.47% 1.19% 12.8% 6.55% 4.34% 13.9% 17.7% 24.6%
Dividend per Share 2 - - - 2.175 2.051 2.413 2.045 2.638
Rate of return - - - 0.43% 0.41% 0.76% 0.64% 0.83%
EPS 2 -0.87 2.14 14.78 24.78 47.67 25.28 29.13 31.93
Distribution rate - - - 8.78% 4.3% 9.55% 7.02% 8.26%
Net sales 1 20,023 20,039 44,510 53,294 62,409 70,858 79,670 89,436
EBITDA 1 1,291 2,151 13,975 17,070 18,888 20,961 24,366 27,579
EBIT 1 -1,411 88 11,324 14,177 15,773 17,764 20,726 23,079
Net income 1 -550 1,403 9,918 17,067 33,294 18,455 20,862 23,058
Net Debt 1 29,763 27,364 3,364 -40,001 -15,686 -66,732 -87,753 -1,07,735
Reference price 2 156.40 237.26 255.34 501.16 502.97 318.70 318.70 318.70
Nbr of stocks (in thousands) 6,37,456 6,41,754 6,42,550 6,59,252 6,53,603 6,29,705 - -
Announcement Date 23/03/22 06/03/23 21/02/24 24/02/25 25/02/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.61x1.89x6.39x0.76% 2.96TCr
15.69x4.3x11.53x1.03% 13TCr
14.58x1.64x6.52x0.8% 2.77TCr
110.27x3.99x23.65x-.--% 389.24Cr
12.07x0.65x3.88x3.97% 161.11Cr
39.55x1.42x7.16x1.56% 151.56Cr
21.32x0.81x4.84x-.--% 139.05Cr
52.51x4.61x31.79x-.--% 135.28Cr
10.56x2.2x5.38x-.--% 106.55Cr
Average 32.13x 2.39x 11.24x 0.9% 2.17TCr
Weighted average by Cap. 17.38x 3.46x 10.25x 0.94%

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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