October 28, 2020

UPDATE: Stifel initiates coverage on Qunar Cayman Islands on Fair Valuation


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2011-07-28-03-535x535-300x300By Dwight Einhorn, Benzinga Staff Writer

In a report published Tuesday, Stifel analyst George Askew initiated coverage on Qunar Cayman Islands Ltd. (NASDAQ: QUNR [FREE Stock Trend Analysis]) with a Hold rating.

In the report, Stifel noted, “We are initiating coverage of Qunar Cayman Islands Limited (QUNR) with a Hold rating on the shares. Since Qunar’s initial public offering at $15.00 at the end of October 2013, the shares have risen 64.7% compared to a 2.3% increase in the S&P500 Index. Based on the current share price of $24.70, the company’s enterprise value to adjusted EBITDA multiple is 13.9x our 2016 estimated adjusted EBITDA of $200.4 million, a fair valuation we believe. We have significant respect for the company’s management, business model, and franchise. We look forward to becoming more constructive on the shares at a more compelling valuation.”

Qunar Cayman Islands closed on Monday at $24.70.

For more on this story go to:


Related story:

Qunar Rides China Travel Tail Wind: Pacific Crest

By Doug Tsuruoka, Investor’s Business Daily

Qunar Cayman Islands (QUNR) stock was up 4% in midday trading in the stock market today, after Pacific Crest Securities initiated coverage on the Chinese metasearch travel website with an outperform rating and a price target of 34.

Qunar stock was trading near 25.75 midday Tuesday. The company made its U.S. IPO on Nov. 1, pricing shares at $15 and hitting its all-time high in its first day on the market, at 34.99.

Pacific Crest analysts Cheng Cheng and Chad Bartley said in a Tuesday report that Qunar’s software-as-a-service platform, strong brand recognition and traffic cooperation with Baidu (BIDU) “uniquely positions it to enjoy the rapid growth in China’s online travel market.” China search engine Baidu owns 61% of Qunar.

With online travel penetration in China estimated at 7% vs. 50% in the U.S. and 40% in Europe, the analysts said Qunar will have “strong secular tail wind for years.” They also say Qunar will benefit as it increases monetization of its traffic share and expands its hotel business. “We believe Qunar should be able to sustain 60%-plus revenue growth through 2016,” the report said.

TripAdvisor (TRIP) partly competes against Qunar in China through its travel review and content website Daodao and its consumer travel site and hotel and flight search engine Kuxun.cn. Expedia (EXPE) also runs Chinese travel website eLong (LONG).

Pacific Crest says China’s online travel market is projected to grow at a 28% compound annual rate through 2015.

For more on this story go to:


See also iNews Cayman related story published November 25 2013 “Qunar Cayman Islands’ CEO Discusses Q3 2013 Results – Earnings Call Transcript” at: https://www.ieyenews.com/wordpress/qunar-cayman-islands-ceo-discusses-q3-2013-results-earnings-call-transcript/


Published November 20 2013 “Qunar Cayman Islands Ltd. (QUNR) is falling after Q3 report” at: https://www.ieyenews.com/wordpress/qunar-cayman-islands-ltd-qunr-is-falling-after-q3-report/


Published November 7 2013 “Deutsche Bank appointed as Depositary Bank for Qunar Cayman at: https://www.ieyenews.com/wordpress/deutsche-bank-appointed-as-depositary-bank-for-qunar-cayman/


Published November 3 2013 “Qunar shares nearly double in 1st day of trading” at:



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