Hyatt Ramps Up Asset-Light Plans, Supporting Our Recent Moat Upgrade to Narrow; Shares Fairly Valued
The main takeaway from Hyatt’s third quarter is that its brand intangible-asset advantage continues to strengthen, allowing it to pursue more of an asset-light strategy, leading to higher returns on invested capital. These factors were the driving force behind our recent decision to upgrade the company's moat rating to narrow. We expect to increase our $60 fair value estimate nearly 10% to account for planned sales of owned assets through 2020 (adding around $2.50 to our fair value), a further l...Hyatt Hotels is a hospitality company engaged in the development, ownership, operation, management, franchising, licensing or provision of services to a portfolio of properties, consisting of full service hotels, select service hotels, resorts, and other properties, including spas and fitness studios, timeshare, fractional, and other forms of residential and vacation properties. The company also manages, provides services to, or licenses its trademarks with respect to residential ownership units that are often adjacent to a Hyatt-branded hotel. Additionally, for condominium ownership units, the company provides services and/or manage the rental programs or homeowner associations associated with such units.
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.
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