Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 78% of sales from accommodation reservations and transportation ticketing in 2020. The rest of revenue comes from package tours and corporate travel. Prior to the pandemic in 2019, the company generated 25% of revenue from international business, which is important to its margin expansion. Most of sales come from websites and mobile platforms, while the rest come from call centers. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

Financial Strength

6/10

Name	Current	Vs Industry
Cash-To-Debt	1.36
Equity-to-Asset	0.56
Debt-to-Equity	0.37
Debt-to-EBITDA	3.55
Interest Coverage	5.46
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	1.83	Distress Grey Safe
Beneish M-Score	-2.51	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

7/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	-18
	3-Year EBITDA Growth Rate	-24.1
	3-Year EPS without NRI Growth Rate	-38.7
	3-Year FCF Growth Rate	-31.3
	3-Year Book Growth Rate	0.1
	Future 3-5Y EPS without NRI Growth Rate	66.78
	Future 3-5Y Total Revenue Growth Rate	52

Momentum Rank

1/10

	Name	Current	Vs Industry		Vs History

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	1.23
	Quick Ratio	1.23
	Cash Ratio	0.85
	Days Sales Outstanding	81.75
	Days Payable	614.6

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Average Share Buyback Ratio	-2.9
	Shareholder Yield %	2.29

Profitability Rank

5/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	81.76
	Operating Margin %	25.41
	Net Margin %	22.33
	ROE %	8.35
	ROA %	4.63
	ROIC %	4.95
	ROC (Joel Greenblatt) %	215.74
	ROCE %	9.05
	Years of Profitability over Past 10-Year	7

GF Value Rank

7/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	24.47
	Forward PE Ratio	21.46
	PE Ratio without NRI	18.64
	Shiller PE Ratio	105.69
	PS Ratio	5.45
	PB Ratio	1.98
	Price-to-Tangible-Book	4.81
	Price-to-Operating-Cash-Flow	87.69
	EV-to-EBIT	17.04
	EV-to-EBITDA	17.04
	EV-to-Revenue	4.9
	EV-to-FCF	99.31
	Price-to-Median-PS-Value	0.91
	Price-to-Graham-Number	2.21
	Earnings Yield (Greenblatt) %	5.87
	Forward Rate of Return (Yacktman) %	-10.84

GF Value: $26.56

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