Intrinsic value of InterContinental Hotels Group ADR - IHG

Previous Close

$65.38

  Intrinsic Value

$10.51

stock screener

  Rating & Target

str. sell

-84%

Previous close

$65.38

 
Intrinsic value

$10.51

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of IHG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  1,715
  1,855
  1,931
  2,012
  2,098
  2,189
  2,286
  2,388
  2,496
  2,610
  2,731
  2,858
  2,992
  3,133
  3,281
  3,438
  3,603
  3,776
  3,959
  4,151
  4,353
  4,565
  4,788
  5,023
  5,270
  5,529
  5,801
  6,088
  6,388
  6,705
  7,037
Variable operating expenses, $m
 
  1,115
  1,154
  1,197
  1,242
  1,289
  1,339
  1,393
  1,449
  1,509
  1,571
  1,491
  1,561
  1,635
  1,712
  1,794
  1,880
  1,970
  2,066
  2,166
  2,271
  2,382
  2,498
  2,621
  2,749
  2,885
  3,027
  3,176
  3,333
  3,498
  3,671
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,037
  1,115
  1,154
  1,197
  1,242
  1,289
  1,339
  1,393
  1,449
  1,509
  1,571
  1,491
  1,561
  1,635
  1,712
  1,794
  1,880
  1,970
  2,066
  2,166
  2,271
  2,382
  2,498
  2,621
  2,749
  2,885
  3,027
  3,176
  3,333
  3,498
  3,671
Operating income, $m
  678
  741
  777
  816
  857
  900
  947
  995
  1,047
  1,102
  1,159
  1,367
  1,431
  1,498
  1,569
  1,644
  1,723
  1,806
  1,893
  1,985
  2,082
  2,183
  2,290
  2,402
  2,520
  2,644
  2,774
  2,911
  3,055
  3,206
  3,365
EBITDA, $m
  774
  1,075
  1,119
  1,166
  1,215
  1,268
  1,324
  1,383
  1,446
  1,512
  1,582
  1,655
  1,733
  1,815
  1,901
  1,991
  2,087
  2,187
  2,293
  2,404
  2,521
  2,644
  2,773
  2,909
  3,052
  3,202
  3,360
  3,526
  3,700
  3,883
  4,076
Interest expense (income), $m
  80
  109
  52
  58
  65
  73
  81
  89
  98
  107
  117
  127
  138
  150
  162
  175
  189
  203
  218
  234
  250
  268
  286
  305
  326
  347
  369
  393
  418
  444
  471
Earnings before tax, $m
  591
  632
  725
  757
  792
  828
  866
  906
  949
  994
  1,042
  1,239
  1,292
  1,348
  1,407
  1,469
  1,534
  1,603
  1,675
  1,751
  1,831
  1,915
  2,004
  2,097
  2,194
  2,297
  2,405
  2,518
  2,637
  2,763
  2,894
Tax expense, $m
  174
  171
  196
  204
  214
  223
  234
  245
  256
  269
  281
  335
  349
  364
  380
  397
  414
  433
  452
  473
  494
  517
  541
  566
  593
  620
  649
  680
  712
  746
  781
Net income, $m
  414
  461
  529
  553
  578
  604
  632
  662
  693
  726
  761
  905
  943
  984
  1,027
  1,072
  1,120
  1,170
  1,223
  1,279
  1,337
  1,398
  1,463
  1,531
  1,602
  1,677
  1,756
  1,838
  1,925
  2,017
  2,113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  226
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,927
  3,301
  3,437
  3,581
  3,734
  3,896
  4,068
  4,249
  4,442
  4,644
  4,859
  5,085
  5,323
  5,574
  5,839
  6,117
  6,410
  6,719
  7,044
  7,385
  7,745
  8,123
  8,520
  8,937
  9,376
  9,838
  10,323
  10,832
  11,367
  11,930
  12,521
Adjusted assets (=assets-cash), $m
  2,701
  3,301
  3,437
  3,581
  3,734
  3,896
  4,068
  4,249
  4,442
  4,644
  4,859
  5,085
  5,323
  5,574
  5,839
  6,117
  6,410
  6,719
  7,044
  7,385
  7,745
  8,123
  8,520
  8,937
  9,376
  9,838
  10,323
  10,832
  11,367
  11,930
  12,521
Revenue / Adjusted assets
  0.635
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
  0.562
Average production assets, $m
  1,450
  1,874
  1,951
  2,032
  2,119
  2,211
  2,309
  2,412
  2,521
  2,636
  2,758
  2,886
  3,021
  3,164
  3,314
  3,472
  3,639
  3,814
  3,998
  4,192
  4,396
  4,611
  4,836
  5,073
  5,322
  5,584
  5,859
  6,148
  6,452
  6,772
  7,107
Working capital, $m
  -356
  -922
  -960
  -1,000
  -1,043
  -1,088
  -1,136
  -1,187
  -1,241
  -1,297
  -1,357
  -1,420
  -1,487
  -1,557
  -1,631
  -1,709
  -1,791
  -1,877
  -1,967
  -2,063
  -2,163
  -2,269
  -2,380
  -2,496
  -2,619
  -2,748
  -2,883
  -3,026
  -3,175
  -3,332
  -3,497
Total debt, $m
  1,712
  957
  1,079
  1,209
  1,346
  1,492
  1,647
  1,810
  1,983
  2,166
  2,359
  2,562
  2,777
  3,003
  3,241
  3,491
  3,755
  4,033
  4,325
  4,633
  4,956
  5,296
  5,654
  6,030
  6,425
  6,840
  7,276
  7,735
  8,217
  8,723
  9,255
Total liabilities, $m
  3,694
  2,971
  3,093
  3,223
  3,360
  3,506
  3,661
  3,824
  3,997
  4,180
  4,373
  4,576
  4,791
  5,017
  5,255
  5,505
  5,769
  6,047
  6,339
  6,647
  6,970
  7,310
  7,668
  8,044
  8,439
  8,854
  9,290
  9,749
  10,231
  10,737
  11,269
Total equity, $m
  -767
  330
  344
  358
  373
  390
  407
  425
  444
  464
  486
  508
  532
  557
  584
  612
  641
  672
  704
  739
  774
  812
  852
  894
  938
  984
  1,032
  1,083
  1,137
  1,193
  1,252
Total liabilities and equity, $m
  2,927
  3,301
  3,437
  3,581
  3,733
  3,896
  4,068
  4,249
  4,441
  4,644
  4,859
  5,084
  5,323
  5,574
  5,839
  6,117
  6,410
  6,719
  7,043
  7,386
  7,744
  8,122
  8,520
  8,938
  9,377
  9,838
  10,322
  10,832
  11,368
  11,930
  12,521
Debt-to-equity ratio
  -2.232
  2.900
  3.140
  3.380
  3.610
  3.830
  4.050
  4.260
  4.470
  4.660
  4.850
  5.040
  5.220
  5.390
  5.550
  5.710
  5.860
  6.000
  6.140
  6.270
  6.400
  6.520
  6.640
  6.750
  6.850
  6.950
  7.050
  7.140
  7.230
  7.310
  7.390
Adjusted equity ratio
  -0.335
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  414
  461
  529
  553
  578
  604
  632
  662
  693
  726
  761
  905
  943
  984
  1,027
  1,072
  1,120
  1,170
  1,223
  1,279
  1,337
  1,398
  1,463
  1,531
  1,602
  1,677
  1,756
  1,838
  1,925
  2,017
  2,113
Depreciation, amort., depletion, $m
  96
  334
  342
  350
  359
  368
  378
  388
  399
  410
  422
  289
  302
  316
  331
  347
  364
  381
  400
  419
  440
  461
  484
  507
  532
  558
  586
  615
  645
  677
  711
Funds from operations, $m
  611
  795
  871
  903
  936
  972
  1,010
  1,050
  1,092
  1,136
  1,183
  1,193
  1,246
  1,301
  1,359
  1,420
  1,484
  1,552
  1,623
  1,698
  1,776
  1,859
  1,946
  2,038
  2,134
  2,235
  2,342
  2,453
  2,571
  2,694
  2,823
Change in working capital, $m
  -141
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
Cash from operations, $m
  752
  831
  909
  943
  979
  1,017
  1,058
  1,100
  1,145
  1,193
  1,243
  1,256
  1,312
  1,371
  1,432
  1,497
  1,566
  1,638
  1,714
  1,793
  1,877
  1,965
  2,057
  2,155
  2,257
  2,364
  2,477
  2,596
  2,720
  2,851
  2,988
Maintenance CAPEX, $m
  0
  -180
  -187
  -195
  -203
  -212
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -302
  -316
  -331
  -347
  -364
  -381
  -400
  -419
  -440
  -461
  -484
  -507
  -532
  -558
  -586
  -615
  -645
  -677
New CAPEX, $m
  -212
  -72
  -77
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -122
  -128
  -135
  -143
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -214
  -225
  -237
  -249
  -262
  -275
  -289
  -304
  -319
  -335
Cash from investing activities, $m
  -216
  -252
  -264
  -277
  -290
  -304
  -319
  -334
  -350
  -367
  -386
  -404
  -424
  -445
  -466
  -489
  -513
  -539
  -565
  -594
  -623
  -654
  -686
  -721
  -756
  -794
  -833
  -875
  -919
  -964
  -1,012
Free cash flow, $m
  536
  578
  645
  666
  689
  713
  739
  766
  795
  826
  858
  852
  888
  926
  966
  1,008
  1,052
  1,099
  1,148
  1,199
  1,254
  1,311
  1,371
  1,434
  1,500
  1,570
  1,643
  1,720
  1,801
  1,886
  1,976
Issuance/(repayment) of debt, $m
  253
  -1,062
  122
  130
  138
  146
  155
  164
  173
  183
  193
  203
  214
  226
  238
  251
  264
  278
  292
  307
  323
  340
  358
  376
  395
  415
  436
  459
  482
  506
  532
Issuance/(repurchase) of shares, $m
  -10
  727
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  237
  -335
  122
  130
  138
  146
  155
  164
  173
  183
  193
  203
  214
  226
  238
  251
  264
  278
  292
  307
  323
  340
  358
  376
  395
  415
  436
  459
  482
  506
  532
Total cash flow (excl. dividends), $m
  712
  243
  767
  796
  827
  859
  894
  930
  968
  1,008
  1,051
  1,056
  1,103
  1,152
  1,204
  1,259
  1,316
  1,377
  1,440
  1,507
  1,577
  1,651
  1,728
  1,810
  1,895
  1,985
  2,080
  2,179
  2,283
  2,393
  2,508
Retained Cash Flow (-), $m
  1,076
  -1,188
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -54
  -56
  -59
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -945
  753
  781
  811
  843
  876
  912
  949
  988
  1,029
  1,033
  1,079
  1,127
  1,178
  1,231
  1,287
  1,346
  1,408
  1,473
  1,541
  1,613
  1,689
  1,768
  1,851
  1,939
  2,031
  2,128
  2,230
  2,336
  2,449
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  -860
  619
  574
  528
  480
  432
  384
  338
  293
  250
  203
  168
  137
  110
  86
  66
  50
  37
  26
  18
  13
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

InterContinental Hotels Group PLC is a hotel company. The Company franchises its brands to, and manages hotels on behalf of, third-party hotel owners. Its segments include The Americas; Europe; Asia, Middle East and Africa (AMEA); Greater China, and Central. It operates a portfolio of hotel brands, including InterContinental, HUALUXE, Kimpton, Crowne Plaza, Hotel Indigo, EVEN Hotels, Holiday Inn, Holiday Inn Express, Staybridge Suites Hotels, Holiday Inn Resort, Holiday Inn Club Vacations and Candlewood Suites Hotels. As of December 31, 2016, The Americas pipeline totaled 945 hotels (102,451 rooms). As of December 31, 2016, the Europe pipeline totaled 137 hotels (23,954 rooms). As of December 31, 2016, the AMEA pipeline totaled 149 hotels (39,643 rooms). As of December 31, 2016, the Greater China pipeline totaled 239 hotels (64,028 rooms). As of April 21, 2017, it had 5,200 hotels and 777,000 rooms in its system. As of April 21, 2017, it operated in over 100 countries globally.

FINANCIAL RATIOS  of  InterContinental Hotels Group ADR (IHG)

Valuation Ratios
P/E Ratio 29.9
Price to Sales 7.2
Price to Book -16.1
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 22.9
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity -209.4%
Total Debt to Equity -223.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 14.1%
Ret/ On Assets - 3 Yr. Avg. 22.7%
Return On Total Capital 28.4%
Ret/ On T. Cap. - 3 Yr. Avg. 48.5%
Return On Equity -180.8%
Return On Equity - 3 Yr. Avg. -288.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 66.2%
Gross Margin - 3 Yr. Avg. 63.6%
EBITDA Margin 44.7%
EBITDA Margin - 3 Yr. Avg. 58.1%
Operating Margin 39.5%
Oper. Margin - 3 Yr. Avg. 53.1%
Pre-Tax Margin 34.5%
Pre-Tax Margin - 3 Yr. Avg. 48.4%
Net Profit Margin 24.1%
Net Profit Margin - 3 Yr. Avg. 37.7%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.8%
Payout Ratio 408.9%

IHG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IHG stock intrinsic value calculation we used $1784 million for the last fiscal year's total revenue generated by InterContinental Hotels Group ADR. The default revenue input number comes from 2016 income statement of InterContinental Hotels Group ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IHG stock valuation model: a) initial revenue growth rate of 4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.8%, whose default value for IHG is calculated based on our internal credit rating of InterContinental Hotels Group ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of InterContinental Hotels Group ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IHG stock the variable cost ratio is equal to 60.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IHG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for InterContinental Hotels Group ADR.

Corporate tax rate of 27% is the nominal tax rate for InterContinental Hotels Group ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IHG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IHG are equal to 101%.

Life of production assets of 10 years is the average useful life of capital assets used in InterContinental Hotels Group ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IHG is equal to -49.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-858 million for InterContinental Hotels Group ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 189 million for InterContinental Hotels Group ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of InterContinental Hotels Group ADR at the current share price and the inputted number of shares is $12.4 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 133.05 361.06  str.buy
H Hyatt Hotels 82.30 5.52  str.sell
HLT Hilton Worldwi 81.96 132.77  str.buy
CHH Choice Hotels 79.05 19.04  str.sell
WYN Wyndham Worldw 108.44 56.34  sell
RLH Red Lion Hotel 12.00 1.16  str.sell
HTHT China Lodging 41.02 9.11  str.sell

COMPANY NEWS

▶ Chicago-based travel software Journera raises $9 million   [Jul-12-18 09:54AM  American City Business Journals]
▶ How Holiday Inn does a milk-and-cookies pop-up in Millennium Park   [Jun-20-18 03:18PM  American City Business Journals]
▶ Hospitality Notes: Big-name hotel interest; Visitation grows to 53 million   [Apr-27-18 11:00AM  American City Business Journals]
▶ Five hotel companies eye big project at Georgia World Congress Center (Video)   [Apr-24-18 02:36PM  American City Business Journals]
▶ Developer secures funds for hotel in funky Music Row building   [Apr-23-18 12:50PM  American City Business Journals]
▶ IHG Plans to Grow in Mideast   [01:48AM  Bloomberg]
▶ IHG launching new brand, eight hotels in Georgia (Photos)   [Apr-13-18 03:00AM  American City Business Journals]
▶ Exclusive: New owner of iconic Nob Hill hotel proposes adding rooms, amenity space   [Apr-11-18 05:08PM  American City Business Journals]
▶ Mass. data breaches hit record high last year, thanks to Equifax   [Mar-30-18 05:10AM  American City Business Journals]
▶ [$$] Travelling right: hotels bed in a new generation   [Mar-13-18 01:00AM  Financial Times]
▶ IHG Ramps Up M&A to Boost Scale   [Mar-06-18 02:17AM  Bloomberg Video]
▶ C-suite changes continue at InterContinental Hotels Group   [Mar-01-18 11:04AM  American City Business Journals]
▶ [$$] Hotels Check Into Technology Arms Race   [11:48AM  The Wall Street Journal]
▶ Kimpton serving up mussels and beer in new eatery   [Jan-19-18 10:51AM  American City Business Journals]
▶ Big Pharma Gets Taste of Own Medicine   [Jan-11-18 10:44AM  The Wall Street Journal]
▶ Great Dividend Stocks For Every Portfolio   [Dec-24-17 03:02AM  Simply Wall St.]
▶ UK Companies with the Best Shareholder Perks   [Nov-08-17 02:59PM  Investopedia]
▶ [$$] Intercontinental helped by hurricane demand spike   [Nov-01-17 02:45PM  Financial Times]
▶ InterContinental to launch new brands in China and APAC   [Oct-17-17 07:29PM  CNBC Videos]
▶ Puerto Rico working on tourism comeback   [Oct-16-17 10:31AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Oct 16th, 2017   [07:20AM  Yahoo Finance Video]
▶ How Airbnb plans to use AI to make travel more personalized for you   [Oct-09-17 10:31AM  Yahoo Finance Video]
▶ [$$] The Best and Worst Hotels for Cashing in Rewards Points for 2017   [Oct-05-17 12:32AM  The Wall Street Journal]
Financial statements of IHG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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