EV/EBITDA를 이용한 호텔 개발사업 가치평가

Hotel Development Project Valuation Using EV/EBITDA: Focusing on the Serviced Residence in the Philippine Mactan Island

Enterprise valuation based on accounting and financial theory is used in today’s capital markets in various fields such as portfolio management, mergers and acquisitions, and IPOs. Therefore, research on the valuation model has been actively conducted. As a result, many theoretically excellent valuation methods have emerged, but most studies have focused on finding a single methodology that is consistently applied to all industries and companies, also many studies have focused only on theoretical excellence rather than practical application. In particular, the relative valuation method using multiple values is widely used in practice due to its ease of use, but research on this method is still not enough compared to other valuation models that show strength in theory. In order to overcome this limitation, in this study, the EV/EBITDA method, one of the most commonly used valuation models, was used in the method of calculating the public offering price of new public stocks. Using the EV/EBITDA method, the future hotel operation plan and investment value aspect were evaluated by analyzing the business performance for a certain period after the opening of the 765-room serviced residence hotel, which is to be developed in the coastal area of Mactan, Philippines. As a result of this study, the analyzed EV/EBITDA of the serviced residence hotel is 2.33, which is undervalued compared to its competitors, confirming that it has attractiveness of investment from an investor’s point of view.