Intrinsic value of Huazhu Group ADR - HTHT

Previous Close

$27.14

  Intrinsic Value

$305.96

stock screener

  Rating & Target

str. buy

+999%

Previous close

$27.14

 
Intrinsic value

$305.96

 
Up/down potential

+999%

 
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 2.0

 

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
  3,987
  4,804
  5,713
  6,714
  7,807
  8,990
  10,261
  11,617
  13,058
  14,580
  16,183
  17,865
  19,626
  21,465
  23,382
  25,379
  27,456
  29,616
  31,861
  34,194
  36,618
  39,138
  41,757
  44,481
  47,315
  50,265
Variable operating expenses, $m
  1,094
  1,389
  1,737
  2,141
  2,603
  3,123
  3,703
  4,341
  5,038
  5,792
  6,541
  7,405
  8,324
  9,294
  10,316
  11,388
  12,510
  13,683
  14,905
  16,178
  17,502
  18,879
  20,310
  21,797
  23,342
  24,948
  26,618
  28,354
  30,161
  32,041
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
  1,272
  1,571
  1,923
  2,331
  2,797
  3,321
  3,906
  4,548
  5,250
  6,008
  6,762
  7,631
  8,555
  9,530
  10,557
  11,634
  12,762
  13,940
  15,168
  16,447
  17,777
  19,160
  20,597
  22,090
  23,642
  25,254
  26,931
  28,674
  30,488
  32,375
Operating income, $m
  348
  512
  706
  932
  1,190
  1,482
  1,807
  2,166
  2,558
  2,982
  3,499
  3,986
  4,503
  5,050
  5,626
  6,231
  6,864
  7,525
  8,214
  8,932
  9,680
  10,457
  11,264
  12,104
  12,976
  13,883
  14,826
  15,807
  16,827
  17,890
EBITDA, $m
  537
  737
  974
  1,250
  1,565
  1,920
  2,317
  2,754
  3,232
  3,749
  4,305
  4,898
  5,529
  6,195
  6,897
  7,633
  8,405
  9,210
  10,050
  10,925
  11,835
  12,782
  13,766
  14,789
  15,852
  16,956
  18,105
  19,300
  20,542
  21,836
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
  1,493
  1,631
  1,774
  1,923
  2,079
  2,240
  2,407
  2,581
  2,762
  2,950
  3,146
  3,349
Earnings before tax, $m
  307
  443
  604
  791
  1,004
  1,243
  1,510
  1,803
  2,123
  2,469
  2,901
  3,297
  3,717
  4,160
  4,627
  5,116
  5,629
  6,163
  6,721
  7,301
  7,905
  8,533
  9,186
  9,864
  10,569
  11,302
  12,064
  12,857
  13,682
  14,541
Tax expense, $m
  83
  120
  163
  213
  271
  336
  408
  487
  573
  667
  783
  890
  1,004
  1,123
  1,249
  1,381
  1,520
  1,664
  1,815
  1,971
  2,134
  2,304
  2,480
  2,663
  2,854
  3,052
  3,257
  3,471
  3,694
  3,926
Net income, $m
  224
  324
  441
  577
  733
  908
  1,102
  1,316
  1,550
  1,802
  2,118
  2,407
  2,713
  3,037
  3,378
  3,735
  4,109
  4,499
  4,906
  5,330
  5,771
  6,229
  6,706
  7,201
  7,716
  8,251
  8,807
  9,386
  9,988
  10,615

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
  5,312
  6,592
  8,055
  9,704
  11,541
  13,564
  15,772
  18,161
  20,729
  23,469
  26,379
  29,455
  32,693
  36,092
  39,648
  43,363
  47,237
  51,270
  55,467
  59,830
  64,365
  69,078
  73,976
  79,066
  84,358
  89,861
  95,586
  101,545
Adjusted assets (=assets-cash), $m
  3,273
  4,209
  5,312
  6,592
  8,055
  9,704
  11,541
  13,564
  15,772
  18,161
  20,729
  23,469
  26,379
  29,455
  32,693
  36,092
  39,648
  43,363
  47,237
  51,270
  55,467
  59,830
  64,365
  69,078
  73,976
  79,066
  84,358
  89,861
  95,586
  101,545
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
  1,030
  1,325
  1,672
  2,075
  2,536
  3,055
  3,633
  4,270
  4,965
  5,718
  6,526
  7,389
  8,305
  9,273
  10,293
  11,362
  12,482
  13,652
  14,871
  16,141
  17,462
  18,836
  20,264
  21,747
  23,289
  24,892
  26,558
  28,290
  30,092
  31,968
Working capital, $m
  -447
  -575
  -726
  -901
  -1,101
  -1,326
  -1,577
  -1,853
  -2,155
  -2,481
  -2,832
  -3,206
  -3,604
  -4,024
  -4,467
  -4,931
  -5,417
  -5,924
  -6,453
  -7,005
  -7,578
  -8,174
  -8,794
  -9,437
  -10,107
  -10,802
  -11,525
  -12,277
  -13,059
  -13,873
Total debt, $m
  1,276
  1,892
  2,618
  3,460
  4,423
  5,508
  6,716
  8,048
  9,500
  11,073
  12,762
  14,565
  16,480
  18,504
  20,635
  22,871
  25,211
  27,655
  30,204
  32,858
  35,620
  38,491
  41,475
  44,576
  47,799
  51,148
  54,630
  58,251
  62,018
  65,939
Total liabilities, $m
  2,154
  2,769
  3,495
  4,338
  5,300
  6,385
  7,594
  8,925
  10,378
  11,950
  13,639
  15,443
  17,358
  19,381
  21,512
  23,748
  26,089
  28,533
  31,082
  33,736
  36,497
  39,368
  42,352
  45,454
  48,676
  52,026
  55,508
  59,129
  62,896
  66,817
Total equity, $m
  1,119
  1,439
  1,817
  2,255
  2,755
  3,319
  3,947
  4,639
  5,394
  6,211
  7,089
  8,026
  9,022
  10,074
  11,181
  12,343
  13,560
  14,830
  16,155
  17,534
  18,970
  20,462
  22,013
  23,625
  25,300
  27,041
  28,850
  30,732
  32,690
  34,728
Total liabilities and equity, $m
  3,273
  4,208
  5,312
  6,593
  8,055
  9,704
  11,541
  13,564
  15,772
  18,161
  20,728
  23,469
  26,380
  29,455
  32,693
  36,091
  39,649
  43,363
  47,237
  51,270
  55,467
  59,830
  64,365
  69,079
  73,976
  79,067
  84,358
  89,861
  95,586
  101,545
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
  224
  324
  441
  577
  733
  908
  1,102
  1,316
  1,550
  1,802
  2,118
  2,407
  2,713
  3,037
  3,378
  3,735
  4,109
  4,499
  4,906
  5,330
  5,771
  6,229
  6,706
  7,201
  7,716
  8,251
  8,807
  9,386
  9,988
  10,615
Depreciation, amort., depletion, $m
  188
  225
  268
  317
  374
  438
  510
  588
  674
  767
  806
  912
  1,025
  1,145
  1,271
  1,403
  1,541
  1,685
  1,836
  1,993
  2,156
  2,325
  2,502
  2,685
  2,875
  3,073
  3,279
  3,493
  3,715
  3,947
Funds from operations, $m
  413
  548
  709
  895
  1,107
  1,346
  1,612
  1,905
  2,224
  2,569
  2,923
  3,319
  3,739
  4,182
  4,648
  5,138
  5,650
  6,185
  6,742
  7,323
  7,927
  8,555
  9,207
  9,886
  10,591
  11,324
  12,086
  12,878
  13,703
  14,561
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
  519
  676
  860
  1,070
  1,307
  1,571
  1,863
  2,181
  2,526
  2,896
  3,274
  3,693
  4,136
  4,602
  5,091
  5,602
  6,136
  6,692
  7,271
  7,874
  8,500
  9,151
  9,827
  10,530
  11,260
  12,019
  12,809
  13,630
  14,485
  15,375
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
  -2,325
  -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
  -1,019
  -1,070
  -1,120
  -1,169
  -1,219
  -1,270
  -1,321
  -1,374
  -1,428
  -1,484
  -1,542
  -1,602
  -1,666
  -1,732
  -1,802
  -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
  -2,164
  -2,341
  -2,523
  -2,710
  -2,904
  -3,106
  -3,314
  -3,530
  -3,753
  -3,986
  -4,227
  -4,477
  -4,739
  -5,011
  -5,295
  -5,591
Free cash flow, $m
  177
  255
  349
  460
  590
  739
  908
  1,096
  1,303
  1,530
  1,760
  2,025
  2,308
  2,608
  2,926
  3,262
  3,613
  3,982
  4,367
  4,768
  5,186
  5,621
  6,074
  6,544
  7,033
  7,541
  8,070
  8,619
  9,190
  9,784
Issuance/(repayment) of debt, $m
  513
  616
  726
  842
  963
  1,085
  1,208
  1,331
  1,453
  1,572
  1,689
  1,803
  1,915
  2,024
  2,131
  2,236
  2,340
  2,444
  2,549
  2,654
  2,761
  2,871
  2,984
  3,101
  3,223
  3,349
  3,482
  3,621
  3,767
  3,921
Issuance/(repurchase) of shares, $m
  41
  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  
  554
  616
  726
  842
  963
  1,085
  1,208
  1,331
  1,453
  1,572
  1,689
  1,803
  1,915
  2,024
  2,131
  2,236
  2,340
  2,444
  2,549
  2,654
  2,761
  2,871
  2,984
  3,101
  3,223
  3,349
  3,482
  3,621
  3,767
  3,921
Total cash flow (excl. dividends), $m
  732
  870
  1,075
  1,302
  1,553
  1,824
  2,116
  2,427
  2,756
  3,103
  3,449
  3,828
  4,223
  4,632
  5,057
  5,498
  5,954
  6,426
  6,915
  7,422
  7,947
  8,492
  9,058
  9,645
  10,256
  10,891
  11,552
  12,240
  12,957
  13,705
Retained Cash Flow (-), $m
  -266
  -320
  -377
  -438
  -500
  -564
  -628
  -692
  -755
  -817
  -878
  -937
  -995
  -1,052
  -1,107
  -1,162
  -1,216
  -1,270
  -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
  585
  550
  697
  865
  1,052
  1,260
  1,488
  1,735
  2,001
  2,286
  2,571
  2,891
  3,227
  3,580
  3,950
  4,335
  4,737
  5,156
  5,591
  6,043
  6,512
  7,000
  7,507
  8,033
  8,581
  9,150
  9,742
  10,358
  10,999
  11,667
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
  561
  504
  607
  712
  816
  915
  1,005
  1,084
  1,150
  1,198
  1,221
  1,234
  1,227
  1,202
  1,160
  1,102
  1,031
  949
  861
  768
  674
  581
  492
  409
  334
  267
  209
  160
  120
  88
Current shareholders' claim on cash, %
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7

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 ADR (HTHT)

Valuation Ratios
P/E Ratio 65.1
Price to Sales 8
Price to Book 9.7
Price to Tangible Book
Price to Cash Flow 25.5
Price to Free Cash Flow 34.2
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 $1234.91475212 million for the last fiscal year's total revenue generated by Huazhu Group ADR. The default revenue input number comes from 0001 income statement of Huazhu 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 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 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 Huazhu 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 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 ADR.

Corporate tax rate of 27% is the nominal tax rate for Huazhu 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 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 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 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 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 72.859 million for Huazhu 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 Huazhu Group ADR at the current share price and the inputted number of shares is $2.0 billion.

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