动态视角本文我们将进一步对比中外酒管集团(华住、亚朵、万豪国际、希尔顿、温德姆)股东回报差异及其原因。通过分析EBITDA→自由现金流→可用于股东回报现金→分红/回购的股东回报传导链条中的各环节,我们认为国内酒管集团(华住、亚朵)领先于自由现金流转化效率,但资本结构选择相对谨慎(处于净现金状态);海外酒管集团则依赖于净负债增加以增厚可用于股东回报的现金。往前看,我们认为资本开支逐步减少有望...
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