Analyst Day Reinforces Our Conviction in Marriott’s Strengthening Brand; Shares Overvalued
We walked away from narrow-moat Marriott’s investor day with increased confidence in sustained unit growth for the next several years, driven mainly by improvement across Starwood brands. As a result, we plan to increase our forecast for annual unit growth over the next 10 years to around 5% from 4.4% currently, resulting in a roughly $4 increase to our $80 fair value estimate. We reiterate our long-held view that Marriott’s brand will strengthen, aided by a powerful loyalty program and broad ho...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.
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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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