Leisure & Hotels: IHG vs CPG, Previews & Comps: 'Weekend Break' No. 1,147

Research evidence excerpt

Leisure & Hotels: IHG vs CPG, Previews & Comps: 'Weekend Break' No. 1,147

Foundation

May 15, 2026 09:44 AM GMT

Morgan Stanley & Co. International plc+MLeisure & Hotels | Europe Jamie Rollo

Equity Analyst

IHG vs CPG, Previews & Comps: Jamie.Rollo@morganstanley.comEd Young +44 20 7425-3281

Ed.Young@morganstanley.com +44 20 7677-1761

'Weekend Break' No. 1,147 Axel Stasse

Axel.Stasse@morganstanley.com +44 20 7425-2429

IHG and CPG, arguably the highest quality stocks in our James S Harden

coverage, have seen diverging valuations, with IHG's P/E to ResearchJames.Harden@morganstanley.comAssociate +44 20 7677-0986

Growth multiple rising from 1.6x historically to 2.0x, whereas Morgan Stanley & Co. LLC

CPG's has fallen from 2.5x to 1.9x, with both offering a similar Stephen W Grambling

EPS growth algorithm. Our weekly also includes previews of EquityStephen.Grambling@morganstanley.comAnalyst +1 212 761-1010

upcoming results (SSP, M&B, Cirsa and NEW! Whitbread), a

Leisure and Hotels

summary of our latest research, and global valuation comps. Europe

Industry View Attractive

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Exhibit 1: Chart of the Week: IHG's P/E to Growth multiple has increased from

1.6x to 2.0x, whereas CPG's has fallen from 2.5x to 1.9x over the same period,

both offer a similar EPS growth algorithm

IHG vs CPG PEG: 2026 vs History

3.0x

2015-19 Current

2.5x

2.0x

1.5x

1.0x

0.5x

0.0x

IHG CPG

Source: Note P/E based on 12 month forward consensus EPS expectations, EPS growth also consensus, and current PEG takes

current NTM cons P/E and VA cons EPS CAGR FY25-30 Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,