Financials BTG Hotels (Group) Co., Ltd.

Equities

600258

CNE0000012Q3

Hotels, Motels & Cruise Lines

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
14.95 ^CNY	-0.20%		-2.54%	-4.29%

Apr. 28	BTG Hotels Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 20	BTG Hotels Co., Ltd. agreed to acquire 9% stake in Beijing Huanhui Real Estate Co., Ltd. from Beijing Tourism Group Co.,Ltd. for CNY 9.71 million	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,357	20,959	29,302	27,748	17,441	16,693	-	-
Enterprise Value (EV) ¹	21,385	22,199	28,454	29,233	17,811	16,542	15,516	16,693
P/E ratio	22.8 x	-41.8 x	467 x	-47.6 x	21.9 x	18.1 x	15.7 x	14 x
Yield	0.34%	-	0.1%	-	1.41%	1.73%	2%	2.27%
Capitalization / Revenue	2.45 x	3.97 x	4.76 x	5.45 x	2.24 x	2.03 x	1.9 x	1.85 x
EV / Revenue	2.57 x	4.2 x	4.62 x	5.74 x	2.29 x	2.01 x	1.77 x	1.85 x
EV / EBITDA	10.1 x	88.2 x	40.6 x	5,698 x	9.82 x	8.09 x	6.94 x	5.53 x
EV / FCF	20.7 x	-162 x	17.7 x	34.6 x	5.2 x	17.4 x	10.2 x	15.5 x
FCF Yield	4.84%	-0.62%	5.66%	2.89%	19.2%	5.76%	9.78%	6.47%
Price to Book	2.28 x	2.5 x	2.64 x	2.65 x	1.57 x	1.42 x	1.31 x	1.23 x
Nbr of stocks (in thousands)	987,723	987,715	1,121,383	1,118,859	1,116,603	1,116,603	-	-
Reference price ²	20.61	21.22	26.13	24.80	15.62	14.95	14.95	14.95
Announcement Date	4/20/20	4/26/21	3/5/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,311	5,282	6,153	5,089	7,793	8,225	8,780	9,040
EBITDA ¹	2,126	251.7	700.2	5.131	1,814	2,044	2,234	3,020
EBIT ¹	1,274	-567.7	4.034	-744.7	1,087	1,261	1,464	1,648
Operating Margin	15.33%	-10.75%	0.07%	-14.63%	13.95%	15.33%	16.68%	18.23%
Earnings before Tax (EBT) ¹	1,277	-585.4	6.038	-728	1,107	1,245	1,462	1,675
Net income ¹	885	-496	55.68	-582.2	795.1	939.3	1,070	1,194
Net margin	10.65%	-9.39%	0.9%	-11.44%	10.2%	11.42%	12.19%	13.21%
EPS ²	0.9031	-0.5074	0.0560	-0.5215	0.7120	0.8267	0.9528	1.069
Free Cash Flow ¹	1,034	-136.7	1,610	845.8	3,426	952	1,518	1,080
FCF margin	12.44%	-2.59%	26.16%	16.62%	43.96%	11.57%	17.28%	11.95%
FCF Conversion (EBITDA)	48.65%	-	229.88%	16,484.89%	188.83%	46.58%	67.92%	35.77%
FCF Conversion (Net income)	116.86%	-	2,890.87%	-	430.9%	101.35%	141.78%	90.42%
Dividend per Share ²	0.0700	-	0.0260	-	0.2200	0.2582	0.2983	0.3392
Announcement Date	4/20/20	4/26/21	3/5/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,427	1,212	1,118	1,507	1,252	1,656	1,953	2,303	1,882	1,845	2,070	2,498	1,920	1,920	2,104
EBITDA	23.03	-	-	232.9	-	-	-	-	-	-	-	-	-	-	-
EBIT	-158.6	-276	-218.1	32.24	-282.8	115.4	266.7	569.4	135.4	169.2	-	-	-	-	-
Operating Margin	-11.12%	-22.77%	-19.51%	2.14%	-22.6%	6.97%	13.66%	24.73%	7.19%	9.17%	-	-	-	-	-
Earnings before Tax (EBT)	-159.3	-271.3	-220.3	34.12	-270.6	118.8	270.5	571.1	147	-	-	-	-	-	-
Net income	-69.41	-232.4	-151.6	52.9	-251.1	77.19	203.2	404.2	110.4	-	-	-	-	-	-
Net margin	-4.86%	-19.17%	-13.55%	3.51%	-20.07%	4.66%	10.41%	17.56%	5.87%	-	-	-	-	-	-
EPS ²	-0.0716	-0.2081	-0.1300	0.0400	-0.2200	0.0691	0.1800	0.3600	0.1000	0.1080	0.1926	0.3588	0.1351	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	0.3675	-	-	-	0.4533
Announcement Date	3/5/22	4/28/22	8/29/22	10/28/22	3/30/23	4/27/23	8/30/23	10/29/23	3/28/24	4/28/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,028	1,240	-	1,485	370	-	-	-
Net Cash position ¹	-	-	848	-	-	151	1,177	-
Leverage (Debt/EBITDA)	0.4836 x	4.926 x	-	289.5 x	0.2038 x	-	-	-
Free Cash Flow ¹	1,034	-137	1,610	846	3,426	952	1,518	1,080
ROE (net income / shareholders' equity)	10.4%	-5.72%	0.67%	-5.4%	7.35%	7.87%	8.44%	8.8%
ROA (Net income/ Total Assets)	-	-2.94%	0.21%	-2.57%	3.13%	3.6%	3.9%	4.45%
Assets ¹	-	16,871	26,300	22,661	25,374	26,077	27,434	26,813
Book Value Per Share ²	9.060	8.480	9.900	9.370	9.970	10.60	11.40	12.20
Cash Flow per Share ²	1.830	0.4500	2.320	1.330	3.590	2.650	2.430	2.810
Capex ¹	770	551	699	647	588	718	820	754
Capex / Sales	9.27%	10.43%	11.36%	12.7%	7.54%	8.73%	9.34%	8.34%
Announcement Date	4/20/20	4/26/21	3/5/22	3/30/23	3/28/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BTG Hotels (Group) Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.95 CNY

Average target price

18.91 CNY

Spread / Average Target

+26.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hotels & Motels

	1st Jan change	Capi.
BTG HOTELS (GROUP) CO., LTD.	-4.29%	2.31B
H WORLD GROUP LIMITED	+19.47%	12.54B
WHITBREAD PLC	-16.06%	7.02B
CHOICE HOTELS INTERNATIONAL, INC.	+3.41%	5.6B
SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD.	-1.17%	3.98B
SHANGRI-LA ASIA LIMITED	+7.84%	2.63B
ATOUR LIFESTYLE HOLDINGS LIMITED	+3.63%	2.48B
CHALET HOTELS LIMITED	+19.48%	2.17B
MANDARIN ORIENTAL INTERNATIONAL LIMITED	+7.69%	2.12B
MINOR HOTELS EUROPE & AMERICAS, S.A.	+1.55%	2B

Hotels & Motels