Intrinsic value of InterContinental Hotels Group ADR - IHG

Previous Close

$51.83

  Intrinsic Value

$16.25

stock screener

  Rating & Target

str. sell

-69%

  Value-price divergence*

+105%

Previous close

$51.83

 
Intrinsic value

$16.25

 
Up/down potential

-69%

 
Rating

str. sell

 
Value-price divergence*

+105%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 10.3

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,715
  1,749
  1,790
  1,836
  1,887
  1,944
  2,007
  2,076
  2,149
  2,229
  2,315
  2,406
  2,504
  2,608
  2,718
  2,836
  2,960
  3,092
  3,231
  3,378
  3,533
  3,697
  3,869
  4,051
  4,243
  4,445
  4,658
  4,882
  5,117
  5,365
  5,626
Variable operating expenses, $m
 
  295
  301
  309
  317
  325
  335
  346
  357
  370
  383
  374
  389
  405
  423
  441
  460
  481
  502
  525
  549
  575
  602
  630
  660
  691
  724
  759
  796
  834
  875
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
  295
  301
  309
  317
  325
  335
  346
  357
  370
  383
  374
  389
  405
  423
  441
  460
  481
  502
  525
  549
  575
  602
  630
  660
  691
  724
  759
  796
  834
  875
Operating income, $m
  678
  1,454
  1,488
  1,527
  1,571
  1,619
  1,672
  1,730
  1,792
  1,859
  1,932
  2,032
  2,115
  2,202
  2,296
  2,395
  2,500
  2,611
  2,728
  2,852
  2,984
  3,122
  3,268
  3,421
  3,583
  3,754
  3,934
  4,123
  4,322
  4,531
  4,751
EBITDA, $m
  774
  1,562
  1,598
  1,639
  1,685
  1,736
  1,792
  1,853
  1,919
  1,990
  2,067
  2,148
  2,236
  2,328
  2,427
  2,532
  2,643
  2,760
  2,884
  3,016
  3,154
  3,300
  3,455
  3,617
  3,788
  3,969
  4,159
  4,358
  4,569
  4,790
  5,023
Interest expense (income), $m
  80
  80
  33
  36
  39
  43
  47
  52
  57
  62
  68
  74
  81
  88
  95
  103
  112
  121
  130
  140
  151
  162
  174
  186
  199
  213
  228
  243
  259
  276
  294
Earnings before tax, $m
  591
  1,374
  1,455
  1,491
  1,531
  1,576
  1,625
  1,678
  1,735
  1,797
  1,864
  1,958
  2,034
  2,115
  2,201
  2,292
  2,388
  2,490
  2,598
  2,712
  2,833
  2,960
  3,094
  3,235
  3,384
  3,541
  3,706
  3,880
  4,062
  4,255
  4,457
Tax expense, $m
  174
  371
  393
  403
  413
  425
  439
  453
  469
  485
  503
  529
  549
  571
  594
  619
  645
  672
  702
  732
  765
  799
  835
  874
  914
  956
  1,001
  1,047
  1,097
  1,149
  1,203
Net income, $m
  414
  1,003
  1,062
  1,088
  1,118
  1,150
  1,186
  1,225
  1,267
  1,312
  1,361
  1,430
  1,485
  1,544
  1,607
  1,673
  1,743
  1,818
  1,897
  1,980
  2,068
  2,161
  2,259
  2,362
  2,470
  2,585
  2,705
  2,832
  2,966
  3,106
  3,254

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
  2,985
  3,054
  3,132
  3,220
  3,318
  3,425
  3,542
  3,668
  3,804
  3,950
  4,106
  4,273
  4,450
  4,639
  4,839
  5,051
  5,276
  5,513
  5,764
  6,029
  6,308
  6,603
  6,913
  7,241
  7,585
  7,948
  8,330
  8,732
  9,155
  9,600
Adjusted assets (=assets-cash), $m
  2,701
  2,985
  3,054
  3,132
  3,220
  3,318
  3,425
  3,542
  3,668
  3,804
  3,950
  4,106
  4,273
  4,450
  4,639
  4,839
  5,051
  5,276
  5,513
  5,764
  6,029
  6,308
  6,603
  6,913
  7,241
  7,585
  7,948
  8,330
  8,732
  9,155
  9,600
Revenue / Adjusted assets
  0.635
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
Average production assets, $m
  1,450
  1,478
  1,512
  1,551
  1,595
  1,643
  1,696
  1,754
  1,816
  1,884
  1,956
  2,033
  2,116
  2,204
  2,297
  2,396
  2,501
  2,612
  2,730
  2,854
  2,985
  3,124
  3,270
  3,423
  3,585
  3,756
  3,936
  4,125
  4,324
  4,533
  4,754
Working capital, $m
  -356
  -175
  -179
  -184
  -189
  -194
  -201
  -208
  -215
  -223
  -231
  -241
  -250
  -261
  -272
  -284
  -296
  -309
  -323
  -338
  -353
  -370
  -387
  -405
  -424
  -445
  -466
  -488
  -512
  -537
  -563
Total debt, $m
  1,712
  705
  766
  837
  916
  1,004
  1,101
  1,206
  1,319
  1,442
  1,573
  1,714
  1,864
  2,023
  2,193
  2,373
  2,564
  2,766
  2,980
  3,205
  3,444
  3,695
  3,961
  4,240
  4,535
  4,845
  5,172
  5,515
  5,877
  6,258
  6,658
Total liabilities, $m
  3,694
  2,687
  2,748
  2,819
  2,898
  2,986
  3,083
  3,188
  3,301
  3,424
  3,555
  3,696
  3,846
  4,005
  4,175
  4,355
  4,546
  4,748
  4,962
  5,187
  5,426
  5,677
  5,943
  6,222
  6,517
  6,827
  7,154
  7,497
  7,859
  8,240
  8,640
Total equity, $m
  -767
  299
  305
  313
  322
  332
  343
  354
  367
  380
  395
  411
  427
  445
  464
  484
  505
  528
  551
  576
  603
  631
  660
  691
  724
  759
  795
  833
  873
  916
  960
Total liabilities and equity, $m
  2,927
  2,986
  3,053
  3,132
  3,220
  3,318
  3,426
  3,542
  3,668
  3,804
  3,950
  4,107
  4,273
  4,450
  4,639
  4,839
  5,051
  5,276
  5,513
  5,763
  6,029
  6,308
  6,603
  6,913
  7,241
  7,586
  7,949
  8,330
  8,732
  9,156
  9,600
Debt-to-equity ratio
  -2.232
  2.360
  2.510
  2.670
  2.850
  3.030
  3.210
  3.400
  3.600
  3.790
  3.980
  4.170
  4.360
  4.550
  4.730
  4.900
  5.080
  5.240
  5.400
  5.560
  5.710
  5.860
  6.000
  6.130
  6.260
  6.390
  6.510
  6.620
  6.730
  6.840
  6.940
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
  1,003
  1,062
  1,088
  1,118
  1,150
  1,186
  1,225
  1,267
  1,312
  1,361
  1,430
  1,485
  1,544
  1,607
  1,673
  1,743
  1,818
  1,897
  1,980
  2,068
  2,161
  2,259
  2,362
  2,470
  2,585
  2,705
  2,832
  2,966
  3,106
  3,254
Depreciation, amort., depletion, $m
  96
  108
  110
  112
  114
  117
  120
  123
  127
  131
  135
  116
  121
  126
  131
  137
  143
  149
  156
  163
  171
  178
  187
  196
  205
  215
  225
  236
  247
  259
  272
Funds from operations, $m
  667
  1,110
  1,172
  1,200
  1,232
  1,267
  1,306
  1,348
  1,394
  1,443
  1,496
  1,546
  1,606
  1,670
  1,738
  1,810
  1,886
  1,967
  2,053
  2,143
  2,239
  2,339
  2,445
  2,557
  2,675
  2,799
  2,930
  3,068
  3,213
  3,365
  3,525
Change in working capital, $m
  -85
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
Cash from operations, $m
  752
  1,114
  1,176
  1,205
  1,237
  1,273
  1,312
  1,355
  1,401
  1,451
  1,504
  1,555
  1,616
  1,680
  1,749
  1,822
  1,899
  1,980
  2,067
  2,158
  2,254
  2,356
  2,463
  2,576
  2,694
  2,820
  2,951
  3,090
  3,236
  3,390
  3,551
Maintenance CAPEX, $m
  0
  -83
  -84
  -86
  -89
  -91
  -94
  -97
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -171
  -178
  -187
  -196
  -205
  -215
  -225
  -236
  -247
  -259
New CAPEX, $m
  -212
  -28
  -34
  -39
  -44
  -48
  -53
  -58
  -63
  -67
  -72
  -77
  -83
  -88
  -93
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
Cash from investing activities, $m
  -216
  -111
  -118
  -125
  -133
  -139
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
  -294
  -309
  -324
  -341
  -358
  -376
  -395
  -414
  -435
  -456
  -479
Free cash flow, $m
  536
  1,003
  1,057
  1,080
  1,105
  1,134
  1,165
  1,200
  1,239
  1,280
  1,324
  1,366
  1,417
  1,471
  1,530
  1,591
  1,657
  1,726
  1,800
  1,878
  1,960
  2,047
  2,138
  2,235
  2,337
  2,444
  2,557
  2,676
  2,801
  2,933
  3,072
Issuance/(repayment) of debt, $m
  253
  -1,007
  62
  71
  79
  88
  96
  105
  114
  122
  131
  141
  150
  160
  170
  180
  191
  202
  214
  226
  238
  252
  265
  280
  295
  310
  327
  344
  362
  381
  400
Issuance/(repurchase) of shares, $m
  -10
  63
  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
  -944
  62
  71
  79
  88
  96
  105
  114
  122
  131
  141
  150
  160
  170
  180
  191
  202
  214
  226
  238
  252
  265
  280
  295
  310
  327
  344
  362
  381
  400
Total cash flow (excl. dividends), $m
  712
  58
  1,119
  1,150
  1,184
  1,222
  1,262
  1,305
  1,352
  1,402
  1,456
  1,506
  1,567
  1,631
  1,699
  1,771
  1,848
  1,928
  2,014
  2,103
  2,198
  2,298
  2,404
  2,515
  2,631
  2,754
  2,884
  3,020
  3,163
  3,314
  3,472
Retained Cash Flow (-), $m
  1,076
  -1,066
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
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
 
  -1,007
  1,112
  1,142
  1,176
  1,212
  1,251
  1,294
  1,340
  1,389
  1,441
  1,491
  1,550
  1,613
  1,680
  1,751
  1,826
  1,906
  1,990
  2,078
  2,172
  2,270
  2,374
  2,483
  2,599
  2,720
  2,847
  2,982
  3,123
  3,272
  3,428
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  -922
  925
  855
  784
  713
  643
  573
  506
  441
  380
  321
  268
  221
  179
  142
  111
  85
  64
  46
  33
  23
  16
  10
  7
  4
  2
  1
  1
  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 owns, manages, franchises, and leases hotels. The company operates hotels, resorts, and restaurants under the InterContinental, Kimpton, Hotel Indigo, EVEN, HUALUXE, Holiday Inn, Holiday Inn Express, Staybridge Suites, Crowne Plaza, Holiday Inn Club Vacations, Holiday Inn Resort, and Candlewood Suites brand names. It also manages IHG Rewards Club, a hotel loyalty program with approximately 92 million members worldwide. As of August 25, 2016, the company owned, managed, franchised, and leased approximately 5,000 hotels and 750,000 guest rooms in approximately 100 countries. InterContinental Hotels Group PLC was founded in 1967 and is headquartered in Denham, the United Kingdom.

FINANCIAL RATIOS  of  InterContinental Hotels Group ADR (IHG)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 5.7
Price to Book -12.8
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 18.2
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 $1715 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 2% 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 9.2%, 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 16.9%.

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 4.7% 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 84.5%.

Life of production assets of 17.5 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 -10%. 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 - $-767 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 198.018 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 $10.3 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 100.30 530.50  str.buy
H Hyatt Hotels 56.69 19.34  str.sell
HLT Hilton Worldwi 62.44 166.52  str.buy
CHH Choice Hotels 61.75 5.61  str.sell
WYN Wyndham Worldw 99.10 58.46  sell
RLH Red Lion Hotel 7.15 1.61  str.sell
HTHT China Lodging 99.80 50.75  sell

COMPANY NEWS

▶ [$$] A light dusting proves a hard sell for IHG   [Aug-08-17 02:19PM  Financial Times]
▶ [$$] Recruiters turn to AI algorithms to spot high-fliers   [Jul-13-17 12:11AM  Financial Times]
▶ [$$] Hilton extends global launch of digital hotel key   [Jul-06-17 11:01PM  Financial Times]
▶ The 2 Best Dividend Stocks in the Hotel Industry   [Jun-13-17 05:15PM  Motley Fool]
▶ [$$] For Hotels, Theres No Room Left for Online Travel Agencies   [May-30-17 12:33AM  The Wall Street Journal]
▶ [$$] Hotels Remove Welcome Mat for Online Travel Agencies   [May-28-17 09:21AM  The Wall Street Journal]
▶ [$$] Richard Solomons to step down from IHG   [May-05-17 04:17AM  Financial Times]
▶ What Are Analysts Estimating for Hilton in 1Q17?   [Apr-25-17 02:47PM  Market Realist]
▶ 10 Largest Hotel Chains In The World in 2017   [Apr-24-17 12:46PM  Insider Monkey]
▶ [$$] Editor's News Picks   [07:27AM  The Wall Street Journal]
▶ City of Seminole's first hotel set to respond to pent-up demand   [Apr-07-17 03:15PM  American City Business Journals]
▶ 10 Best Hotel Chains For Business Travelers   [Mar-16-17 11:31AM  Insider Monkey]
▶ 10 Best Hotel Chains For Business Travelers   [11:31AM  at Insider Monkey]
▶ IHG(R) Rewards Club Enhances Commitment to Its Members   [Mar-01-17 03:57AM  PR Newswire]
▶ FTSE 100 closes in the red as HSBC slides by most since 2009   [Feb-21-17 12:57PM  at MarketWatch]
▶ StartMonday and Atlas Hotels Start Now   [Feb-02-17 04:00AM  Marketwired]
▶ More Brands, Positive Momentum for Room Key(SM)   [Dec-06-16 10:00AM  PR Newswire]
▶ Hedge Funds Are Selling Sabre Corp (SABR)   [09:05AM  at Insider Monkey]
▶ Hedge Funds Are Dumping Foot Locker, Inc. (FL)   [Nov-26-16 08:47AM  at Insider Monkey]
▶ [$$] Room for some profit taking at InterContinental   [Nov-11-16 12:56PM  at Financial Times]
▶ Premier Opens Holiday Inn Perth City Centre Redevelopment   [Oct-31-16 08:00AM  Business Wire]
▶ LGBT community says Georgia should avoid discriminatory laws   [Oct-21-16 12:45PM  at bizjournals.com]
Stock chart of IHG 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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