Intrinsic value of Huazhu Group Limited - HTHT

Previous Close

$31.40

  Intrinsic Value

$79.43

stock screener

  Rating & Target

str. buy

+153%

Previous close

$31.40

 
Intrinsic value

$79.43

 
Up/down potential

+153%

 
Rating

str. buy

We calculate the intrinsic value of HTHT 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 0001), $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 9.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.20
  28.58
  26.22
  24.10
  22.19
  20.47
  18.92
  17.53
  16.28
  15.15
  14.14
  13.22
  12.40
  11.66
  10.99
  10.39
  9.85
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
Revenue, $m
  1,620
  2,083
  2,630
  3,263
  3,988
  4,804
  5,713
  6,715
  7,808
  8,990
  10,261
  11,618
  13,059
  14,581
  16,184
  17,867
  19,627
  21,466
  23,384
  25,381
  27,458
  29,618
  31,863
  34,196
  36,621
  39,140
  41,760
  44,484
  47,318
  50,268
Variable operating expenses, $m
  1,092
  1,384
  1,729
  2,130
  2,587
  3,103
  3,677
  4,309
  5,000
  5,747
  6,481
  7,338
  8,248
  9,210
  10,222
  11,285
  12,397
  13,558
  14,770
  16,031
  17,343
  18,707
  20,125
  21,599
  23,130
  24,722
  26,376
  28,097
  29,887
  31,750
Fixed operating expenses, $m
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  275
  281
  287
  293
  300
  306
  313
  320
  327
  334
Total operating expenses, $m
  1,270
  1,566
  1,915
  2,320
  2,781
  3,301
  3,880
  4,516
  5,212
  5,963
  6,702
  7,564
  8,479
  9,446
  10,463
  11,531
  12,649
  13,815
  15,033
  16,300
  17,618
  18,988
  20,412
  21,892
  23,430
  25,028
  26,689
  28,417
  30,214
  32,084
Operating income, $m
  351
  517
  715
  944
  1,207
  1,503
  1,834
  2,198
  2,596
  3,027
  3,559
  4,054
  4,580
  5,136
  5,721
  6,335
  6,978
  7,650
  8,351
  9,081
  9,840
  10,630
  11,451
  12,304
  13,191
  14,112
  15,071
  16,067
  17,104
  18,184
EBITDA, $m
  546
  749
  989
  1,269
  1,588
  1,949
  2,351
  2,794
  3,278
  3,802
  4,365
  4,966
  5,605
  6,280
  6,992
  7,738
  8,520
  9,336
  10,187
  11,074
  11,996
  12,956
  13,953
  14,989
  16,066
  17,186
  18,350
  19,560
  20,820
  22,131
Interest expense (income), $m
  1
  41
  69
  102
  141
  187
  239
  297
  363
  435
  513
  598
  689
  787
  890
  999
  1,114
  1,235
  1,361
  1,494
  1,631
  1,774
  1,924
  2,079
  2,240
  2,407
  2,581
  2,762
  2,950
  3,146
  3,349
Earnings before tax, $m
  309
  448
  612
  803
  1,020
  1,264
  1,536
  1,835
  2,162
  2,514
  2,961
  3,365
  3,793
  4,246
  4,722
  5,221
  5,743
  6,289
  6,858
  7,450
  8,066
  8,706
  9,372
  10,064
  10,783
  11,531
  12,308
  13,117
  13,959
  14,835
Tax expense, $m
  84
  121
  165
  217
  275
  341
  415
  496
  584
  679
  799
  908
  1,024
  1,146
  1,275
  1,410
  1,551
  1,698
  1,852
  2,011
  2,178
  2,351
  2,530
  2,717
  2,912
  3,113
  3,323
  3,542
  3,769
  4,005
Net income, $m
  226
  327
  447
  586
  744
  923
  1,121
  1,340
  1,578
  1,835
  2,162
  2,456
  2,769
  3,099
  3,447
  3,811
  4,193
  4,591
  5,006
  5,438
  5,888
  6,356
  6,842
  7,347
  7,872
  8,418
  8,985
  9,575
  10,190
  10,829

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,273
  4,209
  5,313
  6,593
  8,056
  9,705
  11,541
  13,565
  15,773
  18,163
  20,730
  23,471
  26,381
  29,457
  32,696
  36,094
  39,651
  43,366
  47,240
  51,274
  55,471
  59,834
  64,370
  69,083
  73,981
  79,072
  84,364
  89,867
  95,593
  101,552
Adjusted assets (=assets-cash), $m
  3,273
  4,209
  5,313
  6,593
  8,056
  9,705
  11,541
  13,565
  15,773
  18,163
  20,730
  23,471
  26,381
  29,457
  32,696
  36,094
  39,651
  43,366
  47,240
  51,274
  55,471
  59,834
  64,370
  69,083
  73,981
  79,072
  84,364
  89,867
  95,593
  101,552
Revenue / Adjusted assets
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
Average production assets, $m
  1,031
  1,325
  1,673
  2,076
  2,536
  3,055
  3,633
  4,270
  4,966
  5,718
  6,526
  7,389
  8,305
  9,274
  10,293
  11,363
  12,483
  13,653
  14,872
  16,142
  17,463
  18,837
  20,265
  21,749
  23,291
  24,893
  26,559
  28,292
  30,095
  31,971
Working capital, $m
  -447
  -575
  -726
  -901
  -1,101
  -1,326
  -1,577
  -1,853
  -2,155
  -2,481
  -2,832
  -3,207
  -3,604
  -4,024
  -4,467
  -4,931
  -5,417
  -5,925
  -6,454
  -7,005
  -7,578
  -8,175
  -8,794
  -9,438
  -10,107
  -10,803
  -11,526
  -12,278
  -13,060
  -13,874
Total debt, $m
  1,276
  1,892
  2,618
  3,461
  4,423
  5,508
  6,717
  8,048
  9,501
  11,074
  12,763
  14,566
  16,481
  18,505
  20,636
  22,872
  25,213
  27,657
  30,206
  32,861
  35,622
  38,494
  41,478
  44,579
  47,802
  51,152
  54,634
  58,255
  62,023
  65,944
Total liabilities, $m
  2,154
  2,769
  3,496
  4,338
  5,301
  6,386
  7,594
  8,926
  10,379
  11,951
  13,640
  15,444
  17,359
  19,383
  21,514
  23,750
  26,090
  28,535
  31,084
  33,738
  36,500
  39,371
  42,355
  45,457
  48,680
  52,029
  55,511
  59,133
  62,900
  66,821
Total equity, $m
  1,119
  1,439
  1,817
  2,255
  2,755
  3,319
  3,947
  4,639
  5,394
  6,212
  7,090
  8,027
  9,022
  10,074
  11,182
  12,344
  13,561
  14,831
  16,156
  17,536
  18,971
  20,463
  22,015
  23,626
  25,302
  27,042
  28,852
  30,735
  32,693
  34,731
Total liabilities and equity, $m
  3,273
  4,208
  5,313
  6,593
  8,056
  9,705
  11,541
  13,565
  15,773
  18,163
  20,730
  23,471
  26,381
  29,457
  32,696
  36,094
  39,651
  43,366
  47,240
  51,274
  55,471
  59,834
  64,370
  69,083
  73,982
  79,071
  84,363
  89,868
  95,593
  101,552
Debt-to-equity ratio
  1.140
  1.310
  1.440
  1.530
  1.610
  1.660
  1.700
  1.730
  1.760
  1.780
  1.800
  1.810
  1.830
  1.840
  1.850
  1.850
  1.860
  1.860
  1.870
  1.870
  1.880
  1.880
  1.880
  1.890
  1.890
  1.890
  1.890
  1.900
  1.900
  1.900
Adjusted equity ratio
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  226
  327
  447
  586
  744
  923
  1,121
  1,340
  1,578
  1,835
  2,162
  2,456
  2,769
  3,099
  3,447
  3,811
  4,193
  4,591
  5,006
  5,438
  5,888
  6,356
  6,842
  7,347
  7,872
  8,418
  8,985
  9,575
  10,190
  10,829
Depreciation, amort., depletion, $m
  196
  232
  275
  325
  382
  446
  517
  596
  681
  774
  806
  912
  1,025
  1,145
  1,271
  1,403
  1,541
  1,685
  1,836
  1,993
  2,156
  2,326
  2,502
  2,685
  2,875
  3,073
  3,279
  3,493
  3,715
  3,947
Funds from operations, $m
  422
  559
  722
  911
  1,126
  1,368
  1,638
  1,935
  2,259
  2,610
  2,967
  3,369
  3,794
  4,244
  4,718
  5,214
  5,734
  6,276
  6,842
  7,431
  8,044
  8,681
  9,344
  10,032
  10,747
  11,491
  12,264
  13,068
  13,905
  14,776
Change in working capital, $m
  -106
  -128
  -151
  -175
  -200
  -225
  -251
  -276
  -302
  -326
  -351
  -374
  -398
  -420
  -442
  -464
  -486
  -508
  -529
  -551
  -573
  -596
  -620
  -644
  -669
  -695
  -723
  -752
  -782
  -814
Cash from operations, $m
  528
  687
  873
  1,085
  1,326
  1,594
  1,889
  2,212
  2,561
  2,936
  3,318
  3,743
  4,192
  4,664
  5,160
  5,678
  6,220
  6,784
  7,371
  7,982
  8,617
  9,277
  9,963
  10,676
  11,416
  12,186
  12,987
  13,820
  14,687
  15,590
Maintenance CAPEX, $m
  -97
  -127
  -164
  -206
  -256
  -313
  -377
  -449
  -527
  -613
  -706
  -806
  -912
  -1,025
  -1,145
  -1,271
  -1,403
  -1,541
  -1,685
  -1,836
  -1,993
  -2,156
  -2,326
  -2,502
  -2,685
  -2,875
  -3,073
  -3,279
  -3,493
  -3,715
New CAPEX, $m
  -245
  -295
  -347
  -403
  -461
  -519
  -578
  -637
  -695
  -752
  -808
  -863
  -916
  -968
  -1,020
  -1,070
  -1,120
  -1,170
  -1,220
  -1,270
  -1,321
  -1,374
  -1,428
  -1,484
  -1,542
  -1,603
  -1,666
  -1,733
  -1,803
  -1,876
Cash from investing activities, $m
  -342
  -422
  -511
  -609
  -717
  -832
  -955
  -1,086
  -1,222
  -1,365
  -1,514
  -1,669
  -1,828
  -1,993
  -2,165
  -2,341
  -2,523
  -2,711
  -2,905
  -3,106
  -3,314
  -3,530
  -3,754
  -3,986
  -4,227
  -4,478
  -4,739
  -5,012
  -5,296
  -5,591
Free cash flow, $m
  186
  265
  362
  476
  609
  761
  934
  1,126
  1,339
  1,571
  1,804
  2,074
  2,363
  2,671
  2,996
  3,338
  3,697
  4,073
  4,466
  4,876
  5,303
  5,748
  6,210
  6,690
  7,189
  7,708
  8,248
  8,809
  9,392
  9,999
Issuance/(repayment) of debt, $m
  513
  616
  726
  842
  963
  1,085
  1,208
  1,331
  1,453
  1,572
  1,689
  1,804
  1,915
  2,024
  2,131
  2,236
  2,341
  2,445
  2,549
  2,654
  2,762
  2,871
  2,984
  3,101
  3,223
  3,350
  3,482
  3,621
  3,767
  3,921
Issuance/(repurchase) of shares, $m
  40
  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  
  553
  616
  726
  842
  963
  1,085
  1,208
  1,331
  1,453
  1,572
  1,689
  1,804
  1,915
  2,024
  2,131
  2,236
  2,341
  2,445
  2,549
  2,654
  2,762
  2,871
  2,984
  3,101
  3,223
  3,350
  3,482
  3,621
  3,767
  3,921
Total cash flow (excl. dividends), $m
  739
  881
  1,088
  1,318
  1,572
  1,847
  2,142
  2,458
  2,792
  3,143
  3,493
  3,878
  4,278
  4,695
  5,126
  5,574
  6,038
  6,518
  7,015
  7,531
  8,065
  8,619
  9,194
  9,791
  10,412
  11,058
  11,730
  12,430
  13,159
  13,920
Retained Cash Flow (-), $m
  -266
  -320
  -377
  -438
  -500
  -564
  -628
  -692
  -755
  -817
  -878
  -937
  -995
  -1,052
  -1,108
  -1,162
  -1,217
  -1,271
  -1,325
  -1,380
  -1,435
  -1,492
  -1,551
  -1,612
  -1,675
  -1,741
  -1,810
  -1,882
  -1,958
  -2,038
Prev. year cash balance distribution, $m
  119
  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
  592
  561
  710
  880
  1,071
  1,283
  1,514
  1,766
  2,036
  2,326
  2,615
  2,941
  3,283
  3,643
  4,019
  4,412
  4,821
  5,247
  5,690
  6,151
  6,630
  7,127
  7,643
  8,180
  8,737
  9,317
  9,920
  10,548
  11,201
  11,882
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  568
  514
  618
  725
  830
  931
  1,023
  1,104
  1,170
  1,219
  1,242
  1,255
  1,248
  1,223
  1,180
  1,121
  1,049
  966
  876
  782
  686
  591
  501
  417
  340
  272
  213
  163
  122
  89
Current shareholders' claim on cash, %
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

China Lodging Group, Limited is a holding company. The Company is a multi-brand hotel group in China with leased, manachised and franchised models. Under the lease model, the Company directly operates hotels located on leased properties. Under the manachise model, the Company manages manachised hotels through the on-site hotel managers the Company appoints and collects fees from franchisees. Under the franchise model, the Company provides training, reservation and support services to the franchised hotels and collects fees from franchisees. The Company has approximately 620 leased hotels; over 2,070 manachised hotels and approximately 80 franchised hotels in operation and over 20 leased hotels and approximately 660 manachised and franchised hotels under development. The Company offers approximately seven hotel brands that focus on various segments of customers: Joya Hotel, Manxin Hotels & Resorts, JI Hotel, Starway Hotel, Elan Hotel, HanTing Hotel and Hi Inn.

FINANCIAL RATIOS  of  Huazhu Group Limited (HTHT)

Valuation Ratios
P/E Ratio 75.3
Price to Sales 9.2
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 29.5
Price to Free Cash Flow 39.5
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.2%
Cap. Spend. - 3 Yr. Gr. Rate -13.6%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 5.5%
Interest Coverage 157
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 65.4%
Gross Margin - 3 Yr. Avg. 64.5%
EBITDA Margin 27.3%
EBITDA Margin - 3 Yr. Avg. 23.4%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.6%
Payout Ratio 34.5%

HTHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HTHT stock intrinsic value calculation we used $1235 million for the last fiscal year's total revenue generated by Huazhu Group Limited. The default revenue input number comes from 0001 income statement of Huazhu Group Limited. 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 HTHT stock valuation model: a) initial revenue growth rate of 31.2% 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 4.3%, whose default value for HTHT is calculated based on our internal credit rating of Huazhu Group Limited, 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 Huazhu Group Limited.
    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 HTHT stock the variable cost ratio is equal to 68.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $174 million in the base year in the intrinsic value calculation for HTHT 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 Huazhu Group Limited.

Corporate tax rate of 27% is the nominal tax rate for Huazhu Group Limited. 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 HTHT 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 HTHT are equal to 63.6%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Huazhu Group Limited 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 HTHT is equal to -27.6%. 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 - $973.200725514 million for Huazhu Group Limited - 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 290.984 million for Huazhu Group Limited 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 Huazhu Group Limited at the current share price and the inputted number of shares is $9.1 billion.

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