Investor Presentaiton
Valuation of assets still at a substantial discount
Fibra Hotel's assets continue to trade at a substantial discount
FIHO - Q4 2016
# of hotels
# of rooms
# of shares with econ. rights (mm)
a
Share price
b
Fx
Total
85
Operating
12,023
78
10,812
Distributions
494.3
$14.50
20.0
FibraHotelmx
Q4 2016
'17 Guide
$1.22
$1.25
Dividend Yield
8.4%
8.6%
Illustrative calcularion - Net debt of operating rooms
Ps.
C
Net debt
(2,019)
US$
(101.0)
d
Dividend payable
(150.5)
(7.5)
c+d=e
Net debt
(2,169.5)
(108.5)
f
Cash invested in development
726.7
36.3
Comparisons
Price per key
Per key (Ps Discount to
000's)
current
g
Recent opening (Vallarta, Nogales, Vallejo, Mochis, Cuautitlan)
e+f+g=h Pro-forma cash (op.) properties
885.3
44.3
(557.5)
(27.9)
Average Market
transactions
$1,546.0 (50.0%)
i
Illustrative calculations - Current price per key of operating keys
Operating rooms (excluding recently opened)
Ps.
US$
10,002
10,002
a*i=j
Market Cap
7,166.9
358.3
h
Pro-forma cash for operating hotels
m
j+h=k Enterprise Value
k/i=l
EV per operating hotel key
Historical cost of Fibra Hotel portfolio
Discount to FIHO historical cost
557.5
7,724.5
27.9
FIHO's historical
cost per key
$948.0
(18.5%)
Ps./key
772,292.6
386.2
US$/key
38,614.6
Average cost to develop new hotels
948.0
(18.5%)
Full service
$2,000.0 (61.4%)
Select service
$1,300.0 (40.6%)
EV per m2 constructed (@50m2 per room)
Ps./m2
15,445.9
US$/ m2
772.3
Illustrative value of Fibra Hotel CBFI's at replacement value
Ps.
US$
Limited service
FIHO weighted
average
$750.0
3.0%
$1,258.9
(38.7%)
FIHO weighted avg. room replacement value (at today's dev. costs
Replacement value of operating rooms
1,258.9
62.9
12,591.7
629.6
Value from developments, recently opened hotels and net debt
Illustrative Fibra Hotel market value at room cost
(557.5)
(27.9)
Comparison BV
NAV/CBFI
Discount
12,034.2
601.7
FIHO BV/CBFI
$18.78 (22.8%)
Illustrative Fibra Hotel value per CBFI at replacement value
Ps. per CBFI
$24.35
US$ per CBFI
$1.22
Note: Illustrative calculations including company estimates. Prices of 14.50 as of February 2017 and fx of 1 USD @ 20.0 Pesos
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