Narrow-Moat Hyatt's Solid revPAR and Unit Growth Support Its Brand Advantage; Shares Undervalued
We don't plan a material change to our $75 valuation, as narrow-moat Hyatt's solid third-quarter 2.8% and 7.6% revPAR and unit growth, respectively, are tracking near our respective 2018 forecast of 4% and 7%. After being overvalued earlier in the year, Hyatt shares are now undervalued, as the market reacts to a potential industry cyclical slowdown, something that we have long modeled (with revPAR decelerating in both 2019 and 2020).Hyatt reported revPAR growth of 1.4% in its core U.S. market, ...
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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