Hyatt Reports a Solid Q4, Remains Well Positioned for Long-Term Growth; Shares Overvalued
We expect to increase our $65 fair value estimate for Hyatt by a mid-single-digit percentage, mostly due to lower corporate tax assumptions than previously modeled resulting from U.S. tax reform (long-term rate of 29% versus our 31.5% forecast), but also for recent U.S. corporate strength continuing through this year. Although we maintain our long-held view that Hyatt’s narrow-moat intangible asset is strengthening and believe its shift to an asset-light model (around 50% of total EBITDA) warran...
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