Hilton Worldwide Holdings Inc

HLT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$695.00	Slym	Yvnlfpxf

Hilton Earnings: Near-Term Demand Softness Offset by Stout Brand Development; Shares Overvalued

Dan Wasiolek

Aug 7, 2024

We don’t plan to meaningfully change Hilton’s $182 fair value estimate, as some near-term softening in industry travel demand is offset by stronger development growth. Trading at 18 times forward enterprise value/EBITDA, versus about 15 times prepandemic, we see shares as overvalued, but wouldn’t require much discount to our valuation to recommend an investment in this leading hotel brand (primary source of its wide moat).

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