Tui Ag (Tui:Ln)

TUI AG (TUI:LN)

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 Business Description and Key Statistics

TUI is engaged in the tourism business. Co.'s segments include Current YTY % Chg Hotels & Resorts, Cruises and TUI Musement. The Hotels & Resorts segment comprises all Group-owned hotels and hotel Revenue LFY (M) 6,255 -58.0 companies in TUI Group. The segment comprises majority EPS Diluted LFY -4.20 participations in hotels, joint ventures with local partners, stakes in companies. The Cruises segment consists of the joint venture TUI Market Value (M) 1,936 Cruises, its subsidiary Hapag-Lloyd Cruises and the British cruise business Marella Cruises. The TUI Musement segment comprises Shares Outstanding LFY (000) 590,415 the companies providing services in the destinations. Book Value Per Share -0.60 EBITDA Margin % -14.00

Net Margin % -39.5 Website: www.tuigroup.com Long-Term Debt / Capital % 94.4 ICB Industry: Consumer Discretionary Dividends and Yield TTM 0.00 - 0.00% ICB Subsector: Travel and Tourism Payout Ratio TTM % 0.0 Address: Karl-Wiechert-Allee 4 Hanover 60-Day Average Volume (000) 2,847 DEU 52-Week High & Low 546.60 - 265.90 Employees: 48,330 Price / 52-Week High & Low 0.60 - 1.23

Price, Moving Averages & Volume

560.3 560.3 TUI AG is currently trading at 327.90 which is 3.1% above its 50 day moving average price 522.6 522.6 of 318.08 and 13.6% below its 200 day moving average price 484.8 484.8 of 379.32. TUI:LN is currently 40.0% 447.0 447.0 below its 52-week high price of 546.60 and is 23.3% above its 52-week low price of 265.90. 409.3 409.3 Over the past 52-weeks, TUI:LN is up 23.3% while on a 371.5 371.5 calendar year-to-date basis it is down 28.5%.

333.7 333.7 The Relative Strength Index (RSI) indicator for TUI:LN is currently 60.16. An RSI value 295.9 295.9 of 70 and above is considered overbought and 30 and below 258.2 258.2 oversold. 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 Volume (000) 30,732 30,732

23,049 23,049

15,366 15,366

7,683 7,683 Mean (4345.37)

0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 1.83 2.31 50-Day Average Price 318.08 1-Week % 8.33 8.07 Price / 50-Day Average 1.03 4-Week % 2.44 3.86 200-Day Average Price 379.32 52-Week % 23.32 -1.03 Price / 200-Day Average 0.86 RSI - Relative Strength Index 60.16 Quarter-to-Date % -11.26 -12.39

Year-to-Date % -28.47 -38.69 Risk Metrics Last Month % -6.75 -8.67 Price Volatility 12.63 Last Quarter % 0.63 -4.04 Sharpe Ratio -0.06 Last Calendar Year % -51.94 -38.95 Sortino Ratio -0.10

5-Year Price Performance vs. FTSE 350

TUI AG Current: 0.30 CAGR: -21.5% Over the past five years, TUI FTSE 350 Index Current: 1.18 CAGR: 3.4% AG's stock price is down 70.1% which is 88.5% below 1.7 1.7 the FTSE 350 Index performance of 18.4% over the same period. TUI AG's 1.6 1.6 cumulative annualized growth rate (CAGR) over the five year 1.4 1.4 period has been -21.5% while that of the FTSE 350 Index has been 3.4%. 1.3 1.3 Over the past year, TUI AG's stock price performance of ^NMX:LN 1.2 1.2 23.3% has underperformed that of the FTSE 350 Index by 1.1 1.1 1.0%. On a year-to-date basis, TUI AG's stock price performance of -28.5% has 0.9 0.9 underperformed the FTSE 350 Index by 38.7%. 0.8 0.8 Over the past week, TUI AG's stock price performance of 0.7 0.7 8.3% has outperformed that of the FTSE 350 Index by 8.1%. 0.6 0.6

0.4 0.4

0.3 TUI:LN 0.3

0.2 0.2 2017 2018 2019 2020 2021 2022

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % -24.6 -16.9 -7.0 Gross Margin % -25.0 6.0 8.9 Revenues Per Share % -24.7 -24.9 -13.5 EBITDA Margin % -14.0 3.9 4.7 EBITDA % -100.0 -100.0 -100.0 Pre-Tax Margin % -37.9 -1.6 0.1 EPS Diluted % -100.0 -100.0 -100.0 Net Margin % -39.5 -1.5 -0.4 Free Cash Flow % -100.0 Return on Equity % -100.0 6.8 6.2 Cash from Operations % -99.9 -99.9 -99.9 Return on Capital % -52.8 3.6 3.3 Book Value % -100.0 -100.0 -100.0 Return on Assets % -19.6 1.0 0.9

Revenue (M) TUI AG's cumulative annualized revenue growth Current: 6255.14 Median: 14595.10 High: 15373.79 Low: 6255.14 CAGR: -17.5% rate over the charted period is 17,197.5 17,197.5 15,373.8 -17.5%. This compares to 14,595.1 14,904.6 13,531.7 cumulatative annualized 13,398.1 13,398.1 growth of -24.6% over the past 3 years. 9,598.6 9,598.6 6,255.1 5,799.2 5,799.2 2016 2017 2018 2019 2020 2021 TUI AG's cumulative EPS Diluted annualized EPS growth rate Current: -4.20 Median: 0.87 High: 1.39 Low: -4.76 CAGR: -1.1% over the charted period is 2.62 2.62 -1.1%. This compares to 1.39 0.98 0.87 0.56 cumulatative annualized 0.06 0.06 growth of -100.0% over the past 3 years. -2.50 -2.50 -4.20 -5.07 -5.07 2016 2017 2018 2019 2020 2021

Net Profit Margin % TUI AG's net profit margin of -39.5% is 38.1% below the Current: -39.55 Median: 3.47 High: 5.51 Low: -39.55 CAGR: -11.8% period's mean net margin of 7.8 7.8 Mean (-1.48) -1.5%. During the charted period, the observed net profit -8.8 -8.8 margin high and low were 5.5% and -39.5% respectively. -25.3 -25.3

-41.8 -41.8 2016 2017 2018 2019 2020 2021 TUI AG's return on equity of Return on Equity % -100.0% is 106.8% below the Current: -100.00 Median: 23.50 High: 49.40 Low: -100.00 CAGR: -100.0% period's mean return on equity 56.9 56.9 of 6.8%. During the charted period, the observed ROE Mean (6.76) 2.1 2.1 high and low were 49.4% and -100.0% respectively. -52.7 -52.7

-107.5 -107.5 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 99.9 17.0 Earnings Yield % -98.04 6.47

Price / Sales 0.3 0.4 Free Cash Flow Yield % 0.00 1.86

Price / Operating Cash Flow 99.9 8.9 Dividend Yield % 0.00 5.48

Price / Book Value 49.9 3.2 Enterprise Value / EBITDA 50.0 8.6

Price / EPS TTM TUI AG is trading at 99.90 times its EPS generated Current: 99.90 Median: 16.96 High: 99.90 Low: 7.25 CAGR: 60.7% during the latest fiscal year. 104.5 104.5 This multiple is above the historically observed median 70.6 70.6 of 16.96, while high and low observations have been 99.90 and 7.25. 36.6 36.6 Median (16.96) 2.6 2.6 2016 2017 2018 2019 2020 2021 Price / Sales TUI AG is trading at a Price to Sales ratio of 0.31 based on Current: 0.31 Median: 0.41 High: 0.70 Low: 0.15 CAGR: -5.0% sales generated during the 0.73 0.73 latest fiscal year. This ratio is below the historically observed 0.53 0.53 median ratio of 0.41, while Median (0.41) high and low observations have been 0.70 and 0.15. 0.32 0.32

0.12 0.12 2016 2017 2018 2019 2020 2021 TUI AG is trading at a Price to Price / Book Value Book ratio of 49.90 based on Current: 49.90 Median: 3.18 High: 49.90 Low: 0.57 CAGR: 63.7% book value at the latest fiscal 52.4 52.4 year end. This ratio is above the historically observed median of 3.18, while high and 34.3 34.3 low observations have been 49.90 and 0.57. 16.2 16.2

Median (3.18) -1.9 -1.9 2016 2017 2018 2019 2020 2021 TUI AG has a Free Cash Flow Free Cash Flow Yield % Yield of 0.00% based on free Current: 0.00 Median: 1.86 High: 5.59 Low: 0.00 CAGR: 0.0% cash flow generated during the 5.9 5.9 latest fiscal year. This value is below the historically observed median yield of 1.86%, while 3.8 3.8 high and low observations have been 5.59 and 0.00. Median (1.86) 1.8 1.8

-0.3 -0.3 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 Dividends Data

Dividends Per Share TTM 0.00 Payout Ratio TTM % 0.00% Dividend Yield TTM % 0.00%

Rate Ex Date Record Date Payment Date Currency Note 0.540 12-02-2020 13-02-2020 25-02-2020 EUR FINAL GROSS 0.720 13-02-2019 14-02-2019 26-02-2019 EUR FINAL GROSS 0.650 14-02-2018 15-02-2018 27-02-2018 EUR FINAL GROSS 0.630 15-02-2017 16-02-2017 28-02-2017 EUR FINAL GROSS 0.560 10-02-2016 09-02-2016 17-02-2016 EUR FINAL GROSS

Dividend Growth and Yield

Dividends Per Share TTM TUI AG's trailing 12-month dividend per share is 0.00 and Current: 0.00 Median: 0.63 High: 0.72 Low: 0.00 CAGR: 0.0% its dividend has grown at a 0.76 0.76 cumulative annualized rate of 0.0% over the charted period. 0.62 0.62 This compares to dividend growth of -100.00% over the 0.49 0.49 past year and cumulative annualized growth of -100.00% over the past 3 0.36 0.36 years.

0.23 0.23

0.10 0.10

-0.04 -0.04 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % TUI AG's current dividend yield is 0.00% based on trailing 12 Current: 0.00 Median: 5.48 High: 21.56 Low: 0.00 CAGR: 0.0% month dividends. The current 22.64 22.64 yield is below the historically observed median of 5.48% 18.69 18.69 and, over the charted time period, the observed high yield 14.73 14.73 has been 21.56% and the observed low yield has been 0.00%. 10.78 10.78

6.83 6.83

2.87 2.87

-1.08 -1.08 2016 2017 2018 2019 2020 2021

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -38.9 -18.5 1.8 22.2 42.5 -60.4 -44.9 -29.3 -13.8 1.8

Saga plc 38.8 Air Partner Plc -23.1

FirstGroup Plc 24.0 On The Beach Group PLC -23.6 22.6 Air Partner Plc Ten Lifestyle Group PLC -34.9 Ten Lifestyle Group PLC 18.1 Hostelworld Group PLC -37.2 Stagecoach Group Plc 16.3 FirstGroup Plc -41.0 Peer Group Average 9.4 Peer Group Average -41.1 National Express Group Plc 4.5 National Express Group Plc -49.4 On The Beach Group PLC -0.1 -51.9 Hostelworld Group PLC -0.6 TUI AG The Go-Ahead Group PLC -1.4 Stagecoach Group Plc -53.7 TUI AG -28.5 The Go-Ahead Group PLC -55.4

-38.9 -18.5 1.8 22.2 42.5 -60.4 -44.9 -29.3 -13.8 1.8

Price / EPS TTM Price / Book Value 0.0 26.1 52.2 78.3 104.4 0.0 13.1 26.2 39.3 52.4

The Go-Ahead Group PLC 99.9 TUI AG 49.9 TUI AG 99.9 Stagecoach Group Plc 7.8 FirstGroup Plc 99.9 Peer Group Average 6.9 On The Beach Group PLC 99.9 Ten Lifestyle Group PLC 5.4 Saga plc 99.9 On The Beach Group PLC 3.8 Ten Lifestyle Group PLC 99.9 Air Partner Plc 2.7 Hanatour Service Inc 99.9 The Go-Ahead Group PLC 1.8 Peer Group Average 67.5 National Express Group Plc 1.2 Stagecoach Group Plc 14.4 FirstGroup Plc 0.9 Hostelworld Group PLC 10.5 Hanatour Service Inc 0.9 Air Partner Plc 9.7 Saga plc 0.7 National Express Group Plc 9.0 Hostelworld Group PLC 0.7 0.0 26.1 52.2 78.3 104.4 0.0 13.1 26.2 39.3 52.4

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -118.4 -82.4 -46.4 -10.5 25.5 -31.3 -18.6 -5.9 6.8 19.5

National Express Group Plc 19.0 Ten Lifestyle Group PLC 17.2 Air Partner Plc 15.3 Hanatour Service Inc 13.4 Ten Lifestyle Group PLC -2.0 National Express Group Plc 8.0 Stagecoach Group Plc -18.8 Air Partner Plc 5.8 On The Beach Group PLC -36.6 FirstGroup Plc 5.1 Peer Group Average -52.3 The Go-Ahead Group PLC 3.9 The Go-Ahead Group PLC -100.0 Peer Group Average -1.9 Hanatour Service Inc -100.0 On The Beach Group PLC -11.8 Saga plc -100.0 TUI AG -16.9 FirstGroup Plc -100.0 Saga plc -18.9 TUI AG -100.0 Stagecoach Group Plc -24.8

-118.4 -82.4 -46.4 -10.5 25.5 -31.3 -18.6 -5.9 6.8 19.5

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Consumer Discretionary/Travel and Tourism Price: 327.90 GBX Report Date: September 24, 2021

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