Hilton’s Brand Strengthening as Leisure Travel Remains Strong; Shares Fairly Valued
Hilton’s brand continues to strengthen in a healthy travel environment, evident by its robust room pipeline of 335,000 rooms, up 13% from the prior-year period. We plan to lift our $73 fair value estimate $2-$3 to account for the time value of money and higher 2018 revPAR estimates as we move the end of this hotel cycle out one year to 2019. We see shares as fairly valued trading at 15 times our 2018 EV/EBITDA multiple.We don’t expect much change to our 2017 revPAR 2% growth forecast, after the...
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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