Atour Lifestyle Holdings Ltd ADR (ATAT) is undervalued and H World Group Limited ADR (HTHT) is slightly undervalued.
Against our estimates of intrinsic value, ATAT trades at the wider discount: a margin of safety of +53%, against +11% for HTHT.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.6% (average of 3 methods) values the shares at $70.60; the price of $33.21 is 53% below that value, and 79% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 10.9% (average of 3 methods) values the shares at $48.85; the price of $43.33 is 11% below that value, and 71% of that value comes from beyond year five.
Leak Score 51/100 on 3 of 12 signals
| Metric | ATAT | HTHT |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $33.21 | $43.33 |
| Intrinsic value | $70.60 | $48.85 |
| Margin of safety | +53% | +11% |
| Leak Score | 100/100 (3/12) | 51/100 (3/12) |
| Market cap | $3.7B | $13.3B |
| Revenue growth, 5 years | 43.1% | 19.0% |
| Operating margin | 21.2% | 27.3% |
| Net margin | 16.8% | 18.9% |
| Return on equity | 58.8% | 38.2% |
| Debt to equity | 0.38 | 2.43 |
| P/E | 16.4x | 19.6x |
| Forward P/E | 11.8x | 14.3x |
| P/B | 9.2x | 6.4x |
| Dividend yield | 2.5% | 4.8% |