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Equity research Hilton worldwide holdings: paving the way for optimized growth through an asset-light strategy
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| 3.55 MB | Adobe PDF |
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This Equity Research report aims to evaluate the equity value of Hilton Worldwide
Holdings Inc (HLT:US). Hilton is one of the world largest hospitality companies and
engages in: (i) managing hotels for third-party owners; (ii) licensing its intellectual
property to franchised hotels within its network; and (iii) directly owning a portfolio of
hotels across various locations.
The report stands for a SELL recommendation, with a 2024YE PT of $153.48$/Sh.,
using a FCFF model, representing an expected negative total return over a 12-month
period of -17% against the closing price of $177.23/Sh as of 15-Dec-23.
This price takes into consideration: (i) the Company’s expansion plans into emerging
markets, with a focus on the Middle East market; (ii) the progressive adoption of an
asset-light business model, shifting towards the Management and Franchise segment;
(iii) the industry and business recovery post pandemic and war; and (iv) the company's
constant dividends per share policy.
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Hotels Travel Valuation Price target Management and franchise