FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 09 December 2019 Elegant Hotels Group EHG Travel & Leisure — GBP 1.0975 at close 09 December 2019

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 09-Dec-2019 09-Dec-2019 09-Dec-2019

1.2 160 160 1D WTD MTD YTD Absolute 0.0 0.0 0.2 62.6 150 150 1.1 Rel.Sector 0.9 0.9 2.7 47.5 Rel.Market 0.1 0.1 1.4 48.6

140 140 1 VALUATION 130 130 0.9 Trailing

120 120

RelativePrice RelativePrice

0.8 PE 13.8

Absolute Price (local (local Absolutecurrency) Price 110 110 EV/EBITDA 11.2 0.7 100 100 PB 1.1 PCF 12.2 0.6 90 90 Div Yield 3.6 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Price/Sales 2.1 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.6

100 100 100 Div Payout 0.0 90 90 90 ROE 8.3

80 80 80

70 Index) Share

Share Sector) Share - - 70 70 60 DESCRIPTION 60 60 50 50 50 The company operates hotels and restaurants in the 40

RSI RSI (Absolute) Caribbean. 40 40 30 20 30 30

10 20 20

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 10 10 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Elegant Hotels Group 09 December 2019

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

29-Nov-2019 29-Nov-2019 29-Nov-2019 35 17 4 16 3.5 30 15 14 3 25 13 +1SD 2.5 +1SD 12 20 +1SD 11 2 15 10 Avg Avg 9 1.5 8 Avg 10 -1SD 1 7 -1SD 5 6 0.5 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018

Restaurant Group 105.7 55.2 Dominos Pizza Group 25.0 The Gym Group 52.0 On The Beach Group 19.0 SSP Group 9.1 On The Beach Group 37.4 InterContinental Hotels Group 16.6 Compass Group 9.0 Group 36.3 Flutter Entertainment 15.9 5.9 Flutter Entertainment 35.5 Dominos Pizza Group 14.9 Wetherspoon(J D) 5.3 Travel & Leisure 20.9 Elegant Hotels Group 11.2 Travel & Leisure 2.6 Elegant Hotels Group 13.8 Travel & Leisure 8.2 Elegant Hotels Group 1.1 FirstGroup -21.9 Holdings 5.0 Whitbread 1.0 Marstons -45.0 FirstGroup 4.2 Ei Group 1.0 DP Eurasia -47.6 Go-Ahead Group 4.1 FirstGroup 0.9 GVC Holdings -82.4 Stagecoach Group 3.6 InterContinental Hotels Group 0.0 Trainline -120.0 International Consolidated Airlines Group 3.1 Trainline 0.0 -150 -100 -50 0 50 100 150 0 10 20 30 40 50 60 0 5 10 15 20 25 30

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

29-Nov-2019 29-Nov-2019 29-Nov-2019 20 9 3

18 8 +1SD 2.5 16 7 +1SD 14 6 Avg +1SD 2 12 5 Avg

10 Avg 4 -1SD 1.5 -1SD 8 3 -1SD 6 2 1 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018

Trainline 36.9 Hostelworld Group 9.1 Trainline 10.7 On The Beach Group 25.7 William Hill 6.6 On The Beach Group 4.2 Flutter Entertainment 21.7 Stagecoach Group 5.8 InterContinental Hotels Group 3.8 18.6 TUI AG 5.8 Flutter Entertainment 3.8 InterContinental Hotels Group 18.3 Group 5.6 The Gym Group 3.0 Elegant Hotels Group 12.2 Elegant Hotels Group 3.6 Elegant Hotels Group 2.1 Travel & Leisure 9.4 Travel & Leisure 2.9 Travel & Leisure 1.0 Carnival 6.0 Wizz Air Holdings 0.0 International Consolidated Airlines Group 0.5 Go-Ahead Group 4.4 Gamesys Group 0.0 Stagecoach Group 0.4 International Consolidated Airlines Group 4.0 FirstGroup 0.0 TUI AG 0.4 3.6 Ei Group 0.0 Go-Ahead Group 0.2 FirstGroup 2.6 DP Eurasia 0.0 FirstGroup 0.2 0 5 10 15 20 25 30 35 40 0 1 2 3 4 5 6 7 8 9 10 0 2 4 6 8 10 12 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Elegant Hotels Group 09 December 2019

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

29-Nov-2019 29-Nov-2019 29-Nov-2019 3 70 25

2.5 60 20 50 2 40 +1SD 1.5 +1SD 15 30 1 20 Avg Avg 10 0.5 10 +1SD -1SD 0 0 Avg 5 -1SD Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018

Dominos Pizza Group 81.5 Restaurant Group 100.0 Dominos Pizza Group 50.0 Stagecoach Group 3.4 Hostelworld Group 100.0 888 Holdings 50.0 Wetherspoon(J D) 2.5 InterContinental Hotels Group 100.0 International Consolidated Airlines Group 42.4 William Hill 2.4 Stagecoach Group 100.0 Compass Group 37.3 PPHE Hotel Group 2.4 TUI AG 100.0 SSP Group 36.0 Travel & Leisure 0.7 Travel & Leisure 78.5 Travel & Leisure 12.6 Elegant Hotels Group 0.6 FirstGroup 0.0 Elegant Hotels Group 8.3 Flutter Entertainment 0.1 Elegant Hotels Group 0.0 GVC Holdings -2.8 Wizz Air Holdings 0.0 Ei Group 0.0 FirstGroup -4.4 Hostelworld Group 0.0 William Hill 0.0 DP Eurasia -7.0 888 Holdings 0.0 Marstons 0.0 Ei Group -14.7 On The Beach Group 0.0 GVC Holdings 0.0 William Hill -50.0 0 10 20 30 40 50 60 70 80 90 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

25 4.5 30

4 25 20 DOM 3.5

3 20

15 2.5

15 PB 2

10 1.5 10 SSPGCPG 1 SGC 5 5 WMH JDW OTB 888 0.5 DPEU BOWL TEG GOG GYMGYSRNK Travel & Leisure PPHNEX WIZZTUI IAG 0 0 GVC RTN FLTR EZJ FGPEIGMARS HSWFSTAMABWTBEHGPTEC CINECCL 2015 2016 2017 2018 2019 0 0 10 20 30 40 50 60 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Elegant Hotels Group 09 December 2019

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

Elegant Hotels Gr oup 09 Decem ber 2019 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

Beijing +86 10 5833 2202 +44 (0) 20 7866 1810 Rio de Janeiro +55 (21) 3736 3726 Tokyo +81 (3) 3581 2811 Boston +1 888 747 FTSE (3873) Milan +39 02 3604 6953 San Francisco +1 888 747 FTSE (3873) Toronto +1 416 572 7979 Chicago +1 888 747 FTSE (3873) Mumbai +91 22 6649 4180 Seattle +1 888 747 FTSE (3873) Dubai +971 4 375 1868 New York +1 888 747 FTSE (3873) Shanghai +86 21 6058 9131 Hong Kong +852 2164 3333 Paris +33 (0)1 53 76 82 89 Sydney +61 (0)2 9293 2864

© 2019 Group companies. London Stock Exchange Group companies includes FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital Markets Inc (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®”, “FTSE TMX®” and “FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes are trade marks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the index/indexes referred to above or the fitness or suitability of the index/indexes for any particular purpose to which it/they might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this publication should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies’ index values and the use of their indexes to create financial products require a licence with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors. The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB. Past performance is no guarantee of future results. Charts and graphs are provided for illustrative purposes only. Index returns shown may not represent the results of the actual trading of investable assets. Certain returns shown may reflect back-tested performance. All performance presented prior to the index inception date is back-tested performance. Back-tested performance is not actual performance, but is hypothetical. The back-test calculations are based on the same methodology that was in effect when the index was officially launched. However, back- tested data may reflect the application of the index methodology with the benefit of hindsight, and the historic calculations of an index may change from month to month based on revisions to the underlying economic data used in the calculation of the index.

4 of 4