Wyndham’s Acquisition of La Quinta Supports Its Brand Advantage and Aids Long-Term Growth
We see Wyndham’s $1.95 billion acquisition of La Quinta as a strategically strong fit that supports its intangible-asset driven narrow moat while also enhancing long-term growth, resulting in around a planned 10% increase to our existing $102 fair value estimate and leaving shares slightly overvalued.Wyndham’s brand advantage is supported by La Quinta’s 13 million loyalty members taking the pro forma company to over 60 million members, placing it behind only narrow-moat companies Marriott (over...
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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