Company Valuation: H World Group Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 76,499 94,634 75,588 73,623 101,249 92,938 - -
Change - 23.71% -20.13% -2.6% 37.52% -8.21% - -
Enterprise Value (EV) 1 81,316 101,740 71,003 67,042 96,679 85,628 82,872 80,076
Change - 25.12% -30.21% -5.58% 44.21% -11.43% -3.22% -3.37%
P/E Ratio -159x -50x 18.9x 25x 20.6x 17.6x 14.7x 13.1x
PBR 6.76x 9.81x 6.22x 6.17x - 6.65x 5.21x 4.27x
PEG - -0x -0x -1.1x 0.3x 2.25x 0.8x 1.1x
Capitalization / Revenue 5.98x 6.83x 3.45x 3.08x 4x 3.45x 3.25x 3.05x
EV / Revenue 6.36x 7.34x 3.24x 2.81x 3.82x 3.17x 2.9x 2.63x
EV / EBITDA 51.8x 167x 10.3x 9.83x 11.4x 9.12x 7.91x 7.02x
EV / EBIT 496x -346x 15.1x 12.9x 14.2x 10.8x 9.14x 8.02x
EV / FCF -244x 229x 10.5x 10.1x 12.8x 13.2x 9.8x 8.46x
FCF Yield -0.41% 0.44% 9.54% 9.87% 7.8% 7.57% 10.2% 11.8%
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% 4.5% 4.71% 5.02%
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% 65.8%
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 2 237.21 292.58 237.12 241.09 329.09 302.21 302.21 302.21
Nbr of stocks (in thousands) 322,500 323,446 318,774 305,375 307,668 307,524 - -
Announcement Date 23/03/22 27/03/23 20/03/24 20/03/25 18/03/26 - - -
1CNY in Million2CNY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.68x3.2x9.2x4.47% 13.81B
17.32x5.58x11.25x2.22% 5.8B
12.53x1.55x4.3x4.09% 5.17B
18.17x4.15x10.57x1.08% 4.84B
15.37x2.16x8.95x3.19% 4.59B
17.73x1.68x7.99x3.12% 2.8B
17.11x1.29x8.34x2% 2.22B
14.71x1.5x5.87x3.74% 2.06B
Average 16.33x 2.64x 8.31x 2.99% 5.16B
Weighted average by Cap. 16.61x 3.03x 8.71x 3.3%

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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