Wyndham Reports a Solid Q4 Ahead of Its Spin-Off and European Asset Sale Later This Year
Wyndham’s largely in line fourth-quarter results included solid lodging (26% of total sales) and vacation rental (56%) results, with anemic growth in its destination network (18%) division that now excludes the European vacation rental business (with a sale on the horizon). We plan to lift our $113 fair value estimate (which includes the proposed La Quinta acquisition) a high-single-digit percentage due to lower tax rates of 25% versus the 29% we previously modeled (following recently enacted U....
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