MakeMyTrip Limited (MMYT) vs Viking Holdings Ltd. (VIK)

MakeMyTrip Limited and Viking Holdings Ltd. are both Travel Services companies. Viking Holdings Ltd. is the larger, with a market value of $37.5B against $4.4B — 8.5× the size. Viking Holdings Ltd. trades at the lower P/E: 27.5× against 133×. Viking Holdings Ltd. grew revenue faster over the last twelve months: 20.0% against 6.86%. Viking Holdings Ltd. has the higher net margin (19.3% vs 3.23%) and the higher return on invested capital (26.5% vs 16.6%). Across the 19 metrics below, Viking Holdings Ltd. leads on 13 and MakeMyTrip Limited on 6.

Valuation

Metric MMYT VIK Travel Services median
P/E 133.14 27.53 17.32
P/S 4.26 5.34 2.68
P/B n/m 22.54 2.59
Price to free cash flow 39.63 32.27 11.42
EV/EBITDA 32.47 20.41 13.51
EV/Sales 4.88 5.66 3.14
Earnings yield 0.75% 3.63% 3.63%
Free cash flow yield 2.52% 3.10% 3.89%

Profitability

Metric MMYT VIK Travel Services median
Gross margin 76.78% 43.21% 76.78%
Operating margin 15.02% 23.27% 15.09%
Net margin 3.23% 19.33% 7.49%
Free cash flow margin 15.78% 16.56% 3.61%
Return on equity 2,808.04% 194.53% 8.82%
Return on assets 1.03% 10.82% 3.46%
Return on invested capital 16.60% 26.45% 5.08%

Growth

Metric MMYT VIK Travel Services median
Revenue growth (TTM) 6.86% 20.02% 12.85%
EPS growth (last fiscal year) (56.63%) 613.89% 7.79%
Revenue growth, 5-year CAGR 44.90% — 29.37%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric MMYT VIK Travel Services median
Debt to equity (24.20) 3.73 0.24
Current ratio 3.13 0.81 1.21
Net debt to EBITDA 3.48 1.07 1.04

Dividend

Metric MMYT VIK Travel Services median
Dividend yield — — 1.74%
Payout ratio — — 0.20

Size

Metric MMYT VIK Travel Services median
Market cap 4.40b 37.47b 4.20b

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