Hilton's brand advantage continues to strengthen, driven by expanding loyalty and brand launches.
We don’t expect any significant change to our $66 fair value estimate on narrow-moat Hilton after the company’s fourth-quarter update tracked near our forecasts. With strong brands and loyalty membership, we continue to see Hilton as one of the best positioned for long-term growth in the industry. This view is reflected in our average annual mid-single-digit unit growth forecast (above long-term industry growth of 2%) and a 2021 operating margin of around 18% (versus 13.4% in 2016). While Hilton...Hilton Worldwide Holdings is a holding company. Through its subsidiaries, the company is engaged in hospitality with operations organized in two operating segments: management and franchise, which includes all of the hotels the company manages for third-party owners, as well as all franchised hotels operated or managed by someone other than the company; and Ownership, which includes hotels that the company owned or leased or that are owned or leased by entities in which the company owns a noncontrolling financial interest. Hilton Honors is the company's guest loyalty program that rewards guests with points for each stay at nearly all of its properties, which are then redeemable for free nights and other goods and services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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