Company Valuation: Atour Lifestyle Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 16,208 16,938 27,006 37,918 35,814 - -
Change - 4.5% 59.44% 40.41% -5.55% - -
Enterprise Value (EV) 1 14,764 14,169 22,184 34,866 30,418 28,918 27,484
Change - -4.03% 56.57% 57.17% -12.76% -4.93% -4.96%
P/E ratio 159x 23.1x 21.4x 23.7x 18x 14.9x 13x
PBR 13.6x 8.05x 9.16x 10.6x 7.36x 5.87x 4.8x
PEG - 0x 0.3x 0.9x 0.7x 0.7x 0.9x
Capitalization / Revenue 7.16x 3.63x 3.73x 3.87x 2.9x 2.44x 2.11x
EV / Revenue 6.52x 3.04x 3.06x 3.56x 2.47x 1.97x 1.62x
EV / EBITDA 34.8x 11.7x 12.5x 14.1x 10.4x 8.21x 6.72x
EV / EBIT 45x 15.3x 13.7x 15.1x 10.9x 8.44x 6.91x
EV / FCF 60.4x 7.28x 13.3x 18.3x 14x 10.8x 9.33x
FCF Yield 1.66% 13.7% 7.53% 5.47% 7.16% 9.29% 10.7%
Dividend per Share 2 - 1.087 - - 6.967 8.783 9.931
Rate of return - 0.88% - - 2.67% 3.37% 3.81%
EPS 2 0.78 5.34 9.18 11.61 14.44 17.43 20.05
Distribution rate - 20.4% - - 48.3% 50.4% 49.5%
Net sales 1 2,263 4,666 7,248 9,790 12,331 14,686 16,946
EBITDA 1 424.4 1,207 1,772 2,481 2,920 3,521 4,087
EBIT 1 328.2 924 1,622 2,307 2,790 3,424 3,978
Net income 1 98.1 737.1 1,275 1,621 2,016 2,452 2,905
Net Debt 1 -1,444 -2,769 -4,823 -3,052 -5,397 -6,896 -8,330
Reference price 2 124.29 123.10 196.27 275.58 260.54 260.54 260.54
Nbr of stocks (in thousands) 130,407 137,595 137,595 137,595 137,460 - -
Announcement Date 30/03/23 28/03/24 25/03/25 17/03/26 - - -
1CNY in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.05x2.47x10.42x2.67% 5.27B
19.28x3.59x10.26x4.16% 14.91B
18.31x5.81x11.71x2.1% 6.13B
11.43x3.01x8.34x4.4% 5.11B
18.13x4.1x10.44x1.1% 4.76B
20.67x1.91x8.85x2.71% 3.26B
16.87x1.81x7.19x3.39% 2.36B
17.61x1.33x8.6x1.95% 2.33B
Average 17.54x 3.00x 9.48x 2.81% 5.52B
Weighted average by Cap. 17.85x 3.41x 9.92x 3.13%

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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