André, RosárioDias, Marta Sofia Marques2025-03-262025-03-262024-01-082023-12http://hdl.handle.net/10362/181359This 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.engHotelsTravelValuationPrice targetManagement and franchisemaster thesis203902017