Inspirato Financial Projections and Business Highlights
INSPIRATO
Inspirato is priced at a compelling valuation for PIPE investors
Consumer Platform Supply /
Subscription Leaders:
bumble chewy
TEV / FY22E Revenue Median Multiples
Traditional
hims hers
matchgroup
NETFLIX
Spotify
PELOTON
Online Travel:
Vacation Rental:
bluegreenvacations
Hilton Grand Vacations
MARRIOTT
VACATIONS
WORLDWIDE
TRAVEL+
LEISURE
airbnb
Expedia®
INSPIRATO
BOOKING
HOLDINGS
Tripadvisor
Trip.com
Implied (Disc.) /
Prem. Revenue
Multiple
Recent Travel & Prop
Tech SPACS/IPOs:
Membership
MCGood
Collective
Group
Sonder
Traditional Hospitality:
ACCOR HOTELS Hilton
HYATT
vacasa
3.0x-
Inspirato
Transaction
5.3x
4.4x
4.3x
All Peer Median:
3.7x
-3.2x
2.5x
Consumer
Online Travel
Platform Supply/
Traditional
Hospitality
Recent Travel &
Subscription
Leaders
Prop Tech
SPACS/IPOS 2
Traditional
Vacation Rental
(43.1%)
(30.3%)
(30.1%)
(3.8%)
22.1%
'21E - '23E
Revenue CAGR
51.0%
19.8%
31.9%
29.9%
49.9%
12.8%
Growth-Adjusted
Revenue Multiple¹
0.06x
0.27x
0.14x
0.14x
0.06x
0.19x
Marriott
Implied (Disc.) /
Prem. On Growth-
Adj. Basis
(77.9%)
(56.4%)
(59.0%)
(5.9%)
(69.4%)
INTERCONTINENTAL.
HOTELS & RESORTS
pebblebrook
Source: FactSet as of 10/26/2021 and company financial model as of 05/07/2021
Notes:
1.
2.
Calculated as TEV/FY22E revenue multiple divided by FY21-FY23 revenue CAGR
Total Enterprise Value based on valuation and implied transaction multiple for Vacasa and Sonder as these transactions are still pending
Transaction is priced below most peer multiples
CONFIDENTIAL 45View entire presentation