Narrow-Moat Wyndham’s Brand Intact Despite Near-Term Weather Disruption; Shares Near Fair Value
Although the impact from recent hurricanes will cause us to slightly lower our 2017 estimates for Wyndham, we do not plan to adjust our out-year forecasts (around 4% annual sales growth over the next 10 years, with operating margins reaching 20% in 2026 from 19.2% in 2016), resulting in little change to our $102 fair value estimate.Lodging (25% of EBITDA) posted solid third-quarter results, with 2.3% and 3% U.S. revenue per available room and global unit growth, respectively, versus 1.9% and ar...
Wyndham Destinations is a vacation ownership and exchange company. The company provides everyday travelers the opportunity to own, exchange or rent their vacation experience. The company's operations are grouped into two segments: Vacation Ownership, which is a timeshare business with resorts and owners that develops and markets vacation ownership interests (VOIs) to individual consumers, provide consumer financing in connection with the sale of VOIs, and provides property management services at resorts; and Vacation Exchange, which operates the vacation exchange network with members, and has relationships with vacation ownership resorts located in various countries and territories.
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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