Financials GreenTree Hospitality Group Ltd.

Equities

GHG

US39579V1008

Hotels, Motels & Cruise Lines

Market Closed - Nyse Other stock markets 04:10:00 2024-05-24 pm EDT			5-day change	1st Jan Change
2.85 ^USD	-1.72%		-12.04%	-24.20%

Mar. 27	Greentree Hospitality Group Ltd. Reports Unaudited Consolidated Impairment Charges for the Quarter Fourth Quarter Ended December 31, 2023	CI
Mar. 26	GreenTree Hospitality Group Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,801	8,934	5,184	2,637	2,727	2,096	-	-
Enterprise Value (EV) ¹	6,897	7,928	5,594	2,362	2,727	1,253	799	391
P/E ratio	17.6 x	34.4 x	24.5 x	-6.4 x	10.3 x	5.73 x	4.94 x	3.86 x
Yield	2.31%	-	7.37%	-	-	5.23%	6.06%	7.8%
Capitalization / Revenue	7.14 x	9.61 x	4.3 x	2.79 x	1.68 x	1.23 x	1.15 x	1.07 x
EV / Revenue	6.32 x	8.52 x	4.64 x	2.5 x	1.68 x	0.74 x	0.44 x	0.2 x
EV / EBITDA	11.6 x	22.3 x	17.6 x	11.2 x	5.28 x	2.33 x	1.33 x	0.53 x
EV / FCF	16,569,305 x	42,769,426 x	-33,290,113 x	-	-	-	-	-
FCF Yield	0%	0%	-0%	-	-	-	-	-
Price to Book	4.2 x	4.28 x	2.79 x	1.8 x	-	-	-	-
Nbr of stocks (in thousands)	101,866	102,179	103,050	103,050	102,179	101,544	-	-
Reference price ²	76.58	87.44	50.31	25.59	26.69	20.64	20.64	20.64
Announcement Date	4/14/20	4/14/21	5/12/22	4/7/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,092	930	1,206	945.1	1,627	1,699	1,829	1,967
EBITDA ¹	594.1	355.5	317.7	211.6	516.6	536.9	601.6	732.6
EBIT ¹	504.6	319.3	241.7	-437.7	311.8	440.4	502.3	630.4
Operating Margin	46.21%	34.33%	20.04%	-46.32%	19.16%	25.93%	27.47%	32.05%
Earnings before Tax (EBT) ¹	626.1	354.3	312.8	-453.7	356.5	475.9	552.2	706.3
Net income ¹	442.7	261.3	211.6	-376.4	265.8	367.5	426.7	546.2
Net margin	40.55%	28.1%	17.54%	-39.82%	16.33%	21.64%	23.33%	27.77%
EPS ²	4.340	2.540	2.050	-4.000	2.600	3.600	4.180	5.350
Free Cash Flow	416.2	185.4	-168	-	-	-	-	-
FCF margin	38.12%	19.93%	-13.93%	-	-	-	-	-
FCF Conversion (EBITDA)	70.06%	52.15%	-	-	-	-	-	-
FCF Conversion (Net income)	94.02%	70.93%	-	-	-	-	-	-
Dividend per Share ²	1.766	-	3.706	-	-	1.080	1.250	1.610
Announcement Date	4/14/20	4/14/21	5/12/22	4/7/23	3/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	310.4	307.4	415	460.9	372.2
EBITDA	73.72	68.77	-	-	-
EBIT ¹	54.88	36.15	98.61	137.8	23.06
Operating Margin	17.68%	11.76%	23.76%	29.9%	6.2%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	34.44	25.93	-	-	-
Net margin	11.09%	8.44%	-	-	-
EPS ²	0.3300	0.2500	1.220	1.150	0.1100
Dividend per Share	-	-	-	-	-
Announcement Date	1/12/22	5/12/22	9/18/23	11/21/23	3/26/24

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	410	-	-	-	-	-
Net Cash position ¹	904	1,006	-	275	-	843	1,297	1,705
Leverage (Debt/EBITDA)	-	-	1.289 x	-	-	-	-	-
Free Cash Flow	416	185	-168	-	-	-	-	-
ROE (net income / shareholders' equity)	25.7%	13.2%	10.7%	-22.8%	-	-	-	-
ROA (Net income/ Total Assets)	12.8%	6.61%	4.53%	-	-	-	-	-
Assets ¹	3,448	3,956	4,667	-	-	-	-	-
Book Value Per Share	18.20	20.40	18.00	14.20	-	-	-	-
Cash Flow per Share	5.040	-	-	-	-	-	-	-
Capex	97.7	112	561	-	-	-	-	-
Capex / Sales	8.95%	12.04%	46.52%	-	-	-	-	-
Announcement Date	4/14/20	4/14/21	5/12/22	4/7/23	3/26/24	-	-	-

¹CNY in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for GreenTree Hospitality Group Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

20.64 CNY

Average target price

32.19 CNY

Spread / Average Target

+55.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hotels & Motels

	1st Jan change	Capi.
GREENTREE HOSPITALITY GROUP LTD.	-24.20%	289M
H WORLD GROUP LIMITED	+8.94%	11.43B
WHITBREAD PLC	-19.99%	6.79B
WYNDHAM HOTELS & RESORTS, INC.	-12.51%	5.67B
CHOICE HOTELS INTERNATIONAL, INC.	+1.87%	5.52B
SHANGHAI JIN JIANG INTERNATIONAL HOTELS CO., LTD.	-6.66%	3.76B
SHANGRI-LA ASIA LIMITED	+6.16%	2.59B
ATOUR LIFESTYLE HOLDINGS LIMITED	+1.32%	2.42B
BTG HOTELS (GROUP) CO., LTD.	-8.32%	2.21B
MINOR HOTELS EUROPE & AMERICAS, S.A.	+9.31%	2.17B

Hotels & Motels