Ctrip Remains Undervalued; Lower Base and Margin Improvement Will Drive Share Price
We believe Ctrip remains inexpensive for long-term investors seeking exposure to rising Chinese domestic and international travel demand. Our fair value estimate for narrow-moat Ctrip is $57 per ADR, which implies a 2018 adjusted price/earnings multiple of 75 times on the back of 64% earnings per share growth in 2018 and 46% growth in 2019. Share price catalysts will include higher year-over-year growth later this year as comparisons become easier and faster-than-expected non-GAAP operating marg...
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