Financials Choice Hotels International, Inc.

Equities

CHH

US1699051066

Hotels, Motels & Cruise Lines

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
119 ^USD	+0.08%		+2.32%	+5.08%

Apr. 24	Baird Adjusts Price Target on Choice Hotels International to $137 From $140, Keeps Outperform Rating	MT
Apr. 19	Barclays Cuts Price Target on Choice Hotels International to $114 From $122, Maintains Underweight Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,729	5,886	8,640	5,959	5,601	5,913	-	-
Enterprise Value (EV) ¹	6,547	6,710	9,189	7,121	7,142	7,326	7,258	7,277
P/E ratio	26 x	79.1 x	30.3 x	18.8 x	22.3 x	20.8 x	17.8 x	15.4 x
Yield	0.84%	0.21%	0.44%	0.84%	1.02%	0.97%	0.98%	1.02%
Capitalization / Revenue	5.14 x	7.6 x	8.08 x	4.25 x	3.63 x	3.7 x	3.61 x	3.48 x
EV / Revenue	5.87 x	8.67 x	8.59 x	5.08 x	4.63 x	4.59 x	4.43 x	4.29 x
EV / EBITDA	17.9 x	27.8 x	22.8 x	14.9 x	13.2 x	12.6 x	12.1 x	11.8 x
EV / FCF	25.2 x	87.8 x	29.7 x	25.7 x	39.6 x	22.8 x	20.9 x	-
FCF Yield	3.96%	1.14%	3.37%	3.89%	2.52%	4.39%	4.78%	-
Price to Book	-245 x	-1,031 x	32.6 x	38 x	161 x	25.8 x	12.6 x	8.54 x
Nbr of stocks (in thousands)	55,392	55,148	55,391	52,902	49,431	49,667	-	-
Reference price ²	103.4	106.7	156.0	112.6	113.3	119.0	119.0	119.0
Announcement Date	2/18/20	2/17/21	2/16/22	2/15/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,115	774.1	1,069	1,402	1,544	1,597	1,640	1,698
EBITDA ¹	364.9	241.1	403.6	478.6	540.5	581.1	601.8	618.3
EBIT ¹	318.6	122.1	428.9	462.4	378.8	472.3	501.6	522.6
Operating Margin	28.58%	15.77%	40.11%	32.98%	24.53%	29.57%	30.59%	30.78%
Earnings before Tax (EBT) ¹	269.9	53.01	376.5	436.8	337	381.5	429	488.5
Net income ¹	222.9	75.39	289	332.2	258.5	274.5	323.5	363.8
Net margin	19.99%	9.74%	27.02%	23.69%	16.74%	17.19%	19.73%	21.42%
EPS ²	3.980	1.350	5.150	5.990	5.070	5.734	6.679	7.710
Free Cash Flow ¹	259.3	76.46	309.4	277.1	180.3	321.7	346.6	-
FCF margin	23.26%	9.88%	28.94%	19.77%	11.67%	20.15%	21.14%	-
FCF Conversion (EBITDA)	71.08%	31.71%	76.67%	57.9%	33.36%	55.36%	57.6%	-
FCF Conversion (Net income)	116.36%	101.42%	107.08%	83.43%	69.74%	117.19%	107.14%	-
Dividend per Share ²	0.8700	0.2250	0.6880	0.9500	1.150	1.159	1.163	1.210
Announcement Date	2/18/20	2/17/21	2/16/22	2/15/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	323.4	284.6	257.7	368	414.3	362	332.8	427.4	425.6	358.4	343	443	447.2	376	348.5
EBITDA ¹	133.2	95.51	96.64	129.6	139.4	112.5	106.4	153.1	155.9	125	116.6	166.9	168.1	134.6	120
EBIT ¹	159.1	106.8	99.4	154.1	131.6	77.28	77.85	124.4	135	41.48	87.37	138.3	141.4	108.9	95.39
Operating Margin	49.2%	37.52%	38.57%	41.87%	31.78%	21.35%	23.39%	29.1%	31.73%	11.57%	25.48%	31.23%	31.63%	28.95%	27.38%
Earnings before Tax (EBT) ¹	151.6	84.34	87.74	142.1	136.8	70.17	67.5	112.5	121.2	35.68	64.54	111.5	113.4	84.85	76
Net income ¹	116.7	64.08	67.39	106.2	103.1	55.51	52.82	84.71	92.02	28.95	46	84.2	87.52	63.8	59.4
Net margin	36.07%	22.51%	26.15%	28.85%	24.88%	15.34%	15.87%	19.82%	21.62%	8.08%	13.41%	19.01%	19.57%	16.97%	17.05%
EPS ²	2.080	1.140	1.200	1.890	1.850	1.040	1.020	1.650	1.810	0.5800	0.9080	1.700	1.836	1.350	1.205
Dividend per Share ²	0.2250	0.2375	0.2375	0.2375	0.2375	0.2375	0.2875	0.2875	0.2875	0.2875	0.2904	0.2904	0.2904	0.2904	0.2980
Announcement Date	11/4/21	2/16/22	5/10/22	8/4/22	11/7/22	2/15/23	5/9/23	8/8/23	11/7/23	2/20/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	818	824	549	1,162	1,541	1,413	1,345	1,364
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.242 x	3.418 x	1.36 x	2.428 x	2.852 x	2.432 x	2.235 x	2.206 x
Free Cash Flow ¹	259	76.5	309	277	180	322	347	-
ROE (net income / shareholders' equity)	-	-846%	109%	139%	327%	254%	105%	168%
ROA (Net income/ Total Assets)	17.7%	5.07%	16.4%	14.5%	13.9%	17.2%	18.2%	14.1%
Assets ¹	1,263	1,487	1,760	2,289	1,866	1,598	1,779	2,580
Book Value Per Share ²	-0.4200	-0.1000	4.790	2.960	0.7000	4.610	9.470	13.90
Cash Flow per Share ²	4.830	1.980	6.840	6.660	5.820	6.810	7.500	-
Capex ¹	57.3	33.6	74.3	90	116	108	98.6	109
Capex / Sales	5.14%	4.34%	6.95%	6.42%	7.53%	6.76%	6.01%	6.42%
Announcement Date	2/18/20	2/17/21	2/16/22	2/15/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Choice Hotels International, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

119 USD

Average target price

127.7 USD

Spread / Average Target

+7.25%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hotels & Motels

	1st Jan change	Capi.
CHOICE HOTELS INTERNATIONAL, INC.	+5.08%	5.91B
H WORLD GROUP LIMITED	+19.80%	12.57B
WHITBREAD PLC	-16.77%	6.95B
WYNDHAM HOTELS & RESORTS, INC.	-8.23%	5.95B
SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD.	-7.69%	3.72B
SHANGRI-LA ASIA LIMITED	+5.97%	2.58B
ATOUR LIFESTYLE HOLDINGS LIMITED	+7.49%	2.57B
CHALET HOTELS LIMITED	+26.90%	2.31B
BTG HOTELS (GROUP) CO., LTD.	-3.46%	2.32B
MANDARIN ORIENTAL INTERNATIONAL LIMITED	+10.26%	2.17B

Hotels & Motels