Narrow-Moat Wyndham’s Evolving Ecosystem Set to Aid Growth; Shares Fairly Valued
Wyndham reported in-line first-quarter results, and we do not plan to adjust our sales or EBITDA forecast for 2017. However, we will be implementing our 2018 tax reform expectations, which should increase our $82 fair value estimate by around $10. Further, we are increasingly convinced that Wyndham’s connection of its hotel, vacation, and timeshare properties through its rewards program can help offset structural headwinds, leading to slightly higher sales growth in our out-year forecasts. We se...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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