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

6/10

	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

	Name	Current	Vs Industry		Vs History
	5-Day RSI	100
	9-Day RSI	100
	14-Day RSI	99.99
	6-1 Month Momentum %	19.81
	12-1 Month Momentum %	13.24

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	24.33
	Forward PE Ratio	21.35
	PE Ratio without NRI	18.53
	Shiller PE Ratio	107.05
	PS Ratio	5.49
	PB Ratio	1.99
	Price-to-Tangible-Book	4.85
	Price-to-Operating-Cash-Flow	88.27
	EV-to-EBIT	16.92
	EV-to-Forward-EBIT	18.08
	EV-to-EBITDA	16.92
	EV-to-Forward-EBITDA	17.02
	EV-to-Revenue	4.86
	EV-to-Forward-Revenue	4.16
	EV-to-FCF	98.94
	Price-to-Projected-FCF	1.9
	Price-to-Median-PS-Value	0.91
	Price-to-Graham-Number	2.01
	Earnings Yield (Greenblatt) %	5.91
	Forward Rate of Return (Yacktman) %	-10.83

GF Value: $63.07

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