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Established in 1984, China Tourism Group Duty Free is China’s largest and the world’s second-largest travel retailer in 2024 with revenue of CNY 56.5 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 30 provinces in China, as well as overseas. The company also operates a duty-paid business and its 2024 revenue mix comprised 69% duty-free sales and 31% duty-paid sales and others. CTG Duty Free is 50.3% owned by China Tourism Group, a state-owned enterprise that falls directly under the state-owned Asset Supervision and Administration Commission of the State Council.
2008
16.8K+
LTM Revenue $8.0B
LTM EBITDA $948M
$15.0B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
China Tourism Group Duty has a last 12-month revenue of $8.0B and a last 12-month EBITDA of $948M.
In the most recent fiscal year, China Tourism Group Duty achieved revenue of $7.8B and an EBITDA of $1.1B.
China Tourism Group Duty expects next 12-month revenue of XXX and NTM EBITDA of XXX
See China Tourism Group Duty valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $9.3B | $7.8B | XXX | XXX | XXX |
| Gross Profit | $2.1B | $3.0B | XXX | XXX | XXX |
| Gross Margin | 23% | 38% | XXX | XXX | XXX |
| EBITDA | $1.4B | $1.1B | XXX | XXX | XXX |
| EBITDA Margin | 15% | 14% | XXX | XXX | XXX |
| Net Profit | $693M | $925M | XXX | XXX | XXX |
| Net Margin | 7% | 12% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, China Tourism Group Duty's stock price is CNY 67 (or $9).
China Tourism Group Duty has current market cap of CNY 139B (or $19.1B), and EV of CNY 109B (or $15.0B).
See China Tourism Group Duty trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $15.0B | $19.1B | XXX | XXX | XXX | XXX | $0.30 |
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Sign UpAs of April 15, 2025, China Tourism Group Duty has market cap of $19.1B and EV of $15.0B.
China Tourism Group Duty's trades at 1.9x LTM EV/Revenue multiple, and 15.8x LTM EBITDA.
Analysts estimate China Tourism Group Duty's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for China Tourism Group Duty and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $15.0B | XXX | XXX | XXX |
| EV/Revenue | 1.9x | XXX | XXX | XXX |
| EV/EBITDA | 14.2x | XXX | XXX | XXX |
| P/E | 32.5x | XXX | XXX | XXX |
| P/E/Growth | 2.2x | XXX | XXX | XXX |
| EV/FCF | 16.0x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpChina Tourism Group Duty's NTM/LTM revenue growth is 9%
China Tourism Group Duty's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.1M for the same period.
Over next 12 months, China Tourism Group Duty's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate China Tourism Group Duty's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for China Tourism Group Duty and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | -16% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 14% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -25% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 23% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.5M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.1M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 3% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 1% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 0% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 22% | XXX | XXX | XXX | XXX |
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| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| ADNOC | XXX | XXX | XXX | XXX | XXX | XXX |
| Lulu Retail | XXX | XXX | XXX | XXX | XXX | XXX |
| Envela | XXX | XXX | XXX | XXX | XXX | XXX |
| Adairs | XXX | XXX | XXX | XXX | XXX | XXX |
| Eagers Automotive | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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China Tourism Group Duty acquired XXX companies to date.
Last acquisition by China Tourism Group Duty was XXXXXXXX, XXXXX XXXXX XXXXXX . China Tourism Group Duty acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was China Tourism Group Duty founded? | China Tourism Group Duty was founded in 2008. |
| Where is China Tourism Group Duty headquartered? | China Tourism Group Duty is headquartered in China. |
| How many employees does China Tourism Group Duty have? | As of today, China Tourism Group Duty has 16.8K+ employees. |
| Is China Tourism Group Duty publicy listed? | Yes, China Tourism Group Duty is a public company listed on SHG. |
| What is the stock symbol of China Tourism Group Duty? | China Tourism Group Duty trades under 601888 ticker. |
| When did China Tourism Group Duty go public? | China Tourism Group Duty went public in 2009. |
| Who are competitors of China Tourism Group Duty? | Similar companies to China Tourism Group Duty include e.g. ADNOC, Lulu Retail, Envela, Adairs. |
| What is the current market cap of China Tourism Group Duty? | China Tourism Group Duty's current market cap is $19.1B |
| What is the current revenue of China Tourism Group Duty? | China Tourism Group Duty's last 12-month revenue is $8.0B. |
| What is the current EBITDA of China Tourism Group Duty? | China Tourism Group Duty's last 12-month EBITDA is $948M. |
| What is the current EV/Revenue multiple of China Tourism Group Duty? | Current revenue multiple of China Tourism Group Duty is 1.9x. |
| What is the current EV/EBITDA multiple of China Tourism Group Duty? | Current EBITDA multiple of China Tourism Group Duty is 15.8x. |
| What is the current revenue growth of China Tourism Group Duty? | China Tourism Group Duty revenue growth between 2023 and 2024 was -16%. |
| Is China Tourism Group Duty profitable? | Yes, China Tourism Group Duty is EBITDA-positive (as of the last 12 months). |
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