Marriott's Industry-Leading Brand Advantage Intact Despite Near-Term Sheraton Deletion Headwinds
In our view, there are two takeaways for investors from Marriott's second quarter: The firm's brand advantage, the source of its narrow moat, remains the industry's strongest, and higher deletions are only a near-term headwind that supports its long-term competitive positioning. We don't expect a material change to our $120 fair value estimate, as slightly lower unit growth in 2018 and 2019 is offset by the time value of money, leaving shares fairly valued.Marriott lowered its 2018 net unit gro...
Marriott International is a worldwide operator, franchisor, and licensor of hotel, residential and timeshare properties under various brand names at different price and service points. The company has operations in the following reportable business segments: North American Full-Service, which includes the company's Luxury and Premium properties located in United States and Canada; North American Limited-Service, which includes the company's Select properties located in United States and Canada; and Asia Pacific, which includes all properties in the company's Asia Pacific region.
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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