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Ctrip.com’s Valuation: What’s Priced In?

What Can You Expect from Ctrip.com's 4Q15 Earnings?

(Continued from Prior Part)

Current valuation

Ctrip.com (CTRP) is currently trading at a forward PE (price-to-earnings) multiple of 57.4x. Ctrip.com’s valuation is higher than its average valuation of 34x as of January 2008.

Ctrip’s valuation is also significantly higher than Priceline’s (PCLN) forward PE multiple of 15.06x and Expedia’s (EXPE) multiple of 17.2x. TripAdvisor (TRIP) is trading at a multiple of 31.5x. These players are, however, not strictly comparable.

Ctrip’s EBITDA (earnings before interest, tax...


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