Global Business Travel Group, Inc.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 2✗ 26▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio2.9x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)P/E 43.2x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value1.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.1%, ROC=47.6%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS43.2x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)20.1x

  ✗Dreman< 8x

  Price / Book Value per Share2.9x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=43.2x, OE Yield=3.7%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=43.2x, FCF Yield=2.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=43.2x, P/B=2.9x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share45.0x

  ✗Ackman<= 25

  Price vs. Trailing Low174% of trailing low ($5.47)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+1.85%; #2773/6340 (top 43.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.3303; #3560/6449 (top 55.2%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS43.2x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+856.8%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.6400; #2319/5247 (top 44.2%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+2.06%; #2249/4519 (top 49.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+62.12%; #542/6202 (top 8.7%)

  ✓OshaughnessyTop 10% of eligible cross-section
• Valuation models0% pass✗ 6▾

  GBTG overvalued: all 6 models price fair value below $9.50 (median $4.09)

  Graham fair value$4.02

  ✗Graham-136.3% margin vs $9.50

  Buffett fair value$4.17

  ✗Buffett-127.8% margin vs $9.50

  Greenblatt fair value$1.27

  ✗Greenblatt-648.0% margin vs $9.50

  Munger fair value$3.45

  ✗Munger-175.4% margin vs $9.50

  Pabrai fair value$7.10

  ✗Pabrai-33.8% margin vs $9.50

  Ackman fair value$6.13

  ✗Ackman-55.0% margin vs $9.50
• Profitability6% pass✓ 7✗ 28▾

  15 of 16 flag GBTG's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)1/7 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)2/7 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-33.5%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)4.8% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$174.0M

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 43.2x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE5.6%

  ✗Lynch> 15%

  EBIT / Enterprise Value1.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.1%, ROC=47.6%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets2.26%

  ✓PiotroskiROA > 0

  ROA Change YoY-3.70% -> 2.26% (delta: +5.96%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.74%, ROA=2.26%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue1.4%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity5.6%

  ✗Dreman> 12%

  Margin of SafetyP/E=43.2x, P/B=2.9x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-5.7% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency2/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue2.1%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity5.6%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-0.3% (2023) -> 4.8% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin -0.3% -> 4.8%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+1.85%; #2773/6340 (top 43.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+5.61%; #2390/5226 (top 45.7%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0301; #1918/5884 (top 32.6%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth13% pass✓ 5✗ 8▾

  7 of 8 flag GBTG's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 43.2x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.51 (2022) -> $0.22 (2025)

  ✓DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency2/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth12.2%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency2/3 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue up, operating margin -0.3% -> 4.8%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR27.9%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency13% pass✓ 1✗ 10▾

  7 of 8 flag GBTG's efficiency — Graham, Buffett, Piotroski +4 more

  Current Ratio1.20

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-6.0%

  ✗Buffett> 10%

  ROIC - WACC-16.0%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)47.6%

  ✓Greenblatt> 25%

  Current Ratio Change YoY1.64 -> 1.14

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.67x -> 0.55x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.20

  ✗Dreman> 1.5

  Return on Invested Capital1.7%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-0.2%; FY2024: ROIC=3.7%; FY2025: ROIC=3.4%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC3.4% (RR=100% x ROIC=3.4%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 3.4%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts20% pass✓ 3✗ 12▾

  Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (2/9)✗LynchFAIL (1/7)✗GreenblattRank #1305✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage25% pass✓ 4✗ 11▾

  9 of 12 flag GBTG's debt & leverage — Graham, Buffett, Lynch +6 more

  Total Debt / Shareholders' Equity0.92

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current AssetsLT Debt $1.5B vs NCA $292.0M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.92, IC: 0.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.92

  ✗Lynch< 0.33

  Cash - Long-term Debt$-933.0M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change37.67% -> 27.66%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.20

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.92

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=0.7x, D/EBITDA=5.2x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.92

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.9225; #3130/4210 (top 74.3%)

  ✗AsnessTop 30% of eligible cross-section
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag GBTG's cash flow — Lynch, Dreman, Pabrai +4 more

  Free Cash Flow Proxy$174.0M

  ✓BuffettPositive and growing

  FCF Positive and Growing$102.0M

  ✗LynchPositive and growing

  Operating Cash Flow$233.0M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.74%, ROA=2.26%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)20.1x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=43.2x, FCF Yield=2.1%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive3/6 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap2.2%

  ✗Ackman>= 4%

  Price / FCF per Share45.0x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency3/7 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$102.0M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+2.06%; #2249/4519 (top 49.8%)

  ✗OshaughnessyTop 10% of eligible cross-section