Financials Intercontinental Hotels Group PLC

Equities

IHG

GB00BHJYC057

Hotels, Motels & Cruise Lines

Market Closed - London S.E. Other stock markets 11:35:19 2024-05-10 am EDT			5-day change	1st Jan Change
7,890 ^GBX	+1.26%		+2.12%	+11.28%

May. 07	Bank of America Lifts InterContinental Hotels PT, Keeps at Buy	MT
May. 07	AstraZeneca target raised; Antofagasta lowered	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,478	11,664	11,688	10,029	14,798	16,015	-	-
Enterprise Value (EV) ¹	15,143	14,193	13,569	11,880	17,070	18,492	18,538	18,742
P/E ratio	33 x	-44.9 x	44.5 x	27.9 x	20.5 x	22.8 x	19.9 x	18 x
Yield	0.58%	-	1.33%	2.41%	1.69%	1.77%	1.97%	2.13%
Capitalization / Revenue	5.99 x	11.8 x	8.41 x	5.44 x	6.84 x	6.91 x	6.53 x	6.14 x
EV / Revenue	7.27 x	14.3 x	9.76 x	6.45 x	7.89 x	7.97 x	7.55 x	7.18 x
EV / EBITDA	15.4 x	43.1 x	21.5 x	13.3 x	15.7 x	15.5 x	14.4 x	13.5 x
EV / FCF	29.8 x	489 x	23.2 x	21.8 x	22.8 x	25.2 x	23.5 x	22 x
FCF Yield	3.36%	0.2%	4.3%	4.6%	4.38%	3.97%	4.25%	4.55%
Price to Book	-8.58 x	-6.29 x	-8.04 x	-6.43 x	-7.87 x	-7.1 x	-7.29 x	-7.44 x
Nbr of stocks (in thousands)	180,692	181,873	180,695	174,789	163,965	162,194	-	-
Reference price ²	69.06	64.13	64.68	57.38	90.25	98.74	98.74	98.74
Announcement Date	2/18/20	2/23/21	2/22/22	2/21/23	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	2,083	992	1,390	1,843	2,164	2,319	2,454	2,609
EBITDA ¹	981	329	632	896	1,086	1,190	1,288	1,386
EBIT ¹	865	219	534	828	1,019	1,112	1,205	1,299
Operating Margin	41.53%	22.08%	38.42%	44.93%	47.09%	47.96%	49.11%	49.81%
Earnings before Tax (EBT) ¹	542	-280	361	540	1,010	981.9	1,071	1,170
Net income ¹	385	-260	266	375	750	716.2	786.5	858.4
Net margin	18.48%	-26.21%	19.14%	20.35%	34.66%	30.88%	32.05%	32.9%
EPS ²	2.092	-1.429	1.454	2.060	4.412	4.337	4.950	5.486
Free Cash Flow ¹	509	29	584	546	748	733.4	788.2	851.9
FCF margin	24.44%	2.92%	42.01%	29.63%	34.57%	31.62%	32.12%	32.65%
FCF Conversion (EBITDA)	51.89%	8.81%	92.41%	60.94%	68.88%	61.62%	61.2%	61.46%
FCF Conversion (Net income)	132.21%	-	219.55%	145.6%	99.73%	102.39%	100.21%	99.24%
Dividend per Share ²	0.3990	-	0.8590	1.384	1.523	1.752	1.942	2.102
Announcement Date	2/18/20	2/23/21	2/22/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 S1	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	1,071	488	504	565	-	825	-	-	840	-	-	1,003	1,031	1,133	486	-	1,107	-	-	1,218	-	1,182	1,293
EBITDA	515	-	200	-	-	399	-	-	-	-	-	483	513	573	-	-	561	-	-	636	-	-	-
EBIT	455	74	145	188	-	346	-	-	377	-	-	451	479	540	-	-	520.4	-	-	604.3	-	586.1	661.5
Operating Margin	42.48%	15.16%	28.77%	33.27%	-	41.94%	-	-	44.88%	-	-	44.97%	46.46%	47.66%	-	-	47.02%	-	-	49.61%	-	49.57%	51.16%
Earnings before Tax (EBT)	167	-	-	-	-	-	-	-	-	-	-	241	567	443	-	-	452	-	-	517	-	-	-
Net income ¹	79	-	-50	-	109	-	108	108	-	79.5	79.5	159	459	291	147.6	147.6	330	210.2	195.3	377	168	-	-
Net margin	7.38%	-	-9.92%	-	-	-	-	-	-	-	-	15.85%	44.52%	25.68%	30.38%	-	29.81%	-	-	30.95%	-	-	-
EPS ²	-	-	-	-	0.5900	-	0.5800	0.5800	-	0.4400	0.4520	0.8920	2.653	1.774	0.9148	0.9148	2.022	1.303	1.210	2.359	-	-	-
Dividend per Share ²	-	-	-	-	-	0.8590	0.2200	0.2200	0.4390	0.4700	0.4740	0.9450	0.4830	1.040	-	-	0.4830	-	1.650	1.200	-	-	-
Announcement Date	2/18/20	8/11/20	2/23/21	8/10/21	3/2/23	2/22/22	8/9/22	8/9/22	8/9/22	3/2/23	2/21/23	2/21/23	8/8/23	2/20/24	-	-	-	-	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,665	2,529	1,881	1,851	2,272	2,478	2,523	2,727
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.717 x	7.687 x	2.976 x	2.066 x	2.092 x	2.082 x	1.959 x	1.968 x
Free Cash Flow ¹	509	29	584	546	748	733	788	852
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	9.54%	-5.63%	5.52%	8.4%	16.6%	15.6%	16.7%	17.2%
Assets ¹	4,034	4,617	4,823	4,466	4,515	4,599	4,712	5,002
Book Value Per Share ²	-8.050	-10.20	-8.050	-8.920	-11.50	-13.90	-13.50	-13.30
Cash Flow per Share ²	3.550	0.7500	3.460	3.550	5.250	5.390	5.920	6.390
Capex ¹	265	78	52	100	145	165	164	167
Capex / Sales	12.72%	7.86%	3.74%	5.43%	6.7%	7.1%	6.7%	6.4%
Announcement Date	2/18/20	2/23/21	2/22/22	2/21/23	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 Intercontinental Hotels Group PLC

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

98.74 USD

Average target price

95.94 USD

Spread / Average Target

-2.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Hotels, Motels & Cruise Lines

	1st Jan change	Capi.
INTERCONTINENTAL HOTELS GROUP PLC	+11.28%	16.01B
HILTON WORLDWIDE HOLDINGS INC.	+14.27%	52.03B
HYATT HOTELS CORPORATION	+16.71%	15.4B
ACCOR	+19.80%	11.05B
THE INDIAN HOTELS COMPANY LIMITED	+24.01%	9.26B
MINOR INTERNATIONAL	+11.86%	5.09B
HILTON GRAND VACATIONS INC.	+4.83%	4.37B
ASSET WORLD CORP	+19.66%	3.71B
EIH LIMITED	+94.71%	3.64B
MARRIOTT VACATIONS WORLDWIDE CORPORATION	+17.21%	3.5B

Other Hotels, Motels & Cruise Lines