Intrinsic value of Hyatt Hotels - H

Previous Close

$56.01

  Intrinsic Value

$19.37

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

+244%

Previous close

$56.01

 
Intrinsic value

$19.37

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

+244%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of H stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.33
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  4,429
  4,828
  5,243
  5,675
  6,124
  6,591
  7,076
  7,580
  8,104
  8,649
  9,216
  9,805
  10,418
  11,057
  11,722
  12,416
  13,139
  13,893
  14,680
  15,502
  16,361
  17,259
  18,197
  19,179
  20,206
  21,281
  22,406
  23,584
  24,818
  26,111
  27,466
Variable operating expenses, $m
 
  4,474
  4,858
  5,257
  5,672
  6,104
  6,552
  7,018
  7,502
  8,006
  8,529
  9,062
  9,628
  10,219
  10,833
  11,474
  12,142
  12,840
  13,567
  14,327
  15,121
  15,950
  16,818
  17,725
  18,674
  19,667
  20,707
  21,796
  22,936
  24,131
  25,383
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,130
  4,474
  4,858
  5,257
  5,672
  6,104
  6,552
  7,018
  7,502
  8,006
  8,529
  9,062
  9,628
  10,219
  10,833
  11,474
  12,142
  12,840
  13,567
  14,327
  15,121
  15,950
  16,818
  17,725
  18,674
  19,667
  20,707
  21,796
  22,936
  24,131
  25,383
Operating income, $m
  299
  354
  385
  418
  452
  487
  524
  562
  602
  643
  686
  743
  790
  838
  889
  941
  996
  1,053
  1,113
  1,175
  1,241
  1,309
  1,380
  1,454
  1,532
  1,614
  1,699
  1,788
  1,882
  1,980
  2,083
EBITDA, $m
  641
  661
  718
  777
  839
  902
  969
  1,038
  1,110
  1,184
  1,262
  1,343
  1,427
  1,514
  1,605
  1,700
  1,799
  1,902
  2,010
  2,123
  2,240
  2,363
  2,492
  2,626
  2,767
  2,914
  3,068
  3,229
  3,398
  3,575
  3,761
Interest expense (income), $m
  75
  74
  91
  109
  127
  146
  166
  187
  209
  231
  255
  279
  304
  331
  358
  387
  416
  447
  480
  514
  549
  586
  624
  664
  707
  751
  797
  845
  896
  949
  1,004
Earnings before tax, $m
  289
  280
  294
  309
  325
  341
  358
  375
  393
  412
  432
  464
  486
  508
  531
  555
  580
  606
  633
  662
  692
  723
  756
  790
  825
  863
  902
  943
  986
  1,031
  1,079
Tax expense, $m
  85
  76
  79
  83
  88
  92
  97
  101
  106
  111
  117
  125
  131
  137
  143
  150
  157
  164
  171
  179
  187
  195
  204
  213
  223
  233
  244
  255
  266
  278
  291
Net income, $m
  204
  204
  215
  226
  237
  249
  261
  274
  287
  301
  315
  339
  354
  371
  387
  405
  423
  442
  462
  483
  505
  528
  552
  577
  603
  630
  659
  689
  720
  753
  787

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  647
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,749
  7,737
  8,402
  9,094
  9,814
  10,562
  11,340
  12,148
  12,988
  13,861
  14,769
  15,713
  16,696
  17,719
  18,786
  19,897
  21,055
  22,264
  23,526
  24,844
  26,220
  27,659
  29,163
  30,736
  32,381
  34,104
  35,907
  37,795
  39,773
  41,844
  44,015
Adjusted assets (=assets-cash), $m
  7,102
  7,737
  8,402
  9,094
  9,814
  10,562
  11,340
  12,148
  12,988
  13,861
  14,769
  15,713
  16,696
  17,719
  18,786
  19,897
  21,055
  22,264
  23,526
  24,844
  26,220
  27,659
  29,163
  30,736
  32,381
  34,104
  35,907
  37,795
  39,773
  41,844
  44,015
Revenue / Adjusted assets
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
Average production assets, $m
  2,708
  2,950
  3,203
  3,467
  3,742
  4,027
  4,324
  4,632
  4,952
  5,285
  5,631
  5,991
  6,366
  6,756
  7,162
  7,586
  8,028
  8,489
  8,970
  9,472
  9,997
  10,545
  11,119
  11,718
  12,346
  13,002
  13,690
  14,410
  15,164
  15,954
  16,782
Working capital, $m
  215
  -343
  -372
  -403
  -435
  -468
  -502
  -538
  -575
  -614
  -654
  -696
  -740
  -785
  -832
  -882
  -933
  -986
  -1,042
  -1,101
  -1,162
  -1,225
  -1,292
  -1,362
  -1,435
  -1,511
  -1,591
  -1,674
  -1,762
  -1,854
  -1,950
Total debt, $m
  1,564
  1,780
  2,129
  2,492
  2,870
  3,263
  3,671
  4,096
  4,537
  4,995
  5,472
  5,967
  6,483
  7,021
  7,580
  8,164
  8,772
  9,407
  10,069
  10,761
  11,484
  12,239
  13,028
  13,854
  14,718
  15,622
  16,569
  17,560
  18,599
  19,686
  20,826
Total liabilities, $m
  3,846
  4,062
  4,411
  4,774
  5,152
  5,545
  5,953
  6,378
  6,819
  7,277
  7,754
  8,249
  8,765
  9,303
  9,862
  10,446
  11,054
  11,689
  12,351
  13,043
  13,766
  14,521
  15,310
  16,136
  17,000
  17,904
  18,851
  19,842
  20,881
  21,968
  23,108
Total equity, $m
  3,903
  3,675
  3,991
  4,320
  4,662
  5,017
  5,386
  5,770
  6,169
  6,584
  7,015
  7,464
  7,931
  8,417
  8,923
  9,451
  10,001
  10,576
  11,175
  11,801
  12,455
  13,138
  13,852
  14,599
  15,381
  16,199
  17,056
  17,953
  18,892
  19,876
  20,907
Total liabilities and equity, $m
  7,749
  7,737
  8,402
  9,094
  9,814
  10,562
  11,339
  12,148
  12,988
  13,861
  14,769
  15,713
  16,696
  17,720
  18,785
  19,897
  21,055
  22,265
  23,526
  24,844
  26,221
  27,659
  29,162
  30,735
  32,381
  34,103
  35,907
  37,795
  39,773
  41,844
  44,015
Debt-to-equity ratio
  0.401
  0.480
  0.530
  0.580
  0.620
  0.650
  0.680
  0.710
  0.740
  0.760
  0.780
  0.800
  0.820
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
Adjusted equity ratio
  0.458
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  204
  204
  215
  226
  237
  249
  261
  274
  287
  301
  315
  339
  354
  371
  387
  405
  423
  442
  462
  483
  505
  528
  552
  577
  603
  630
  659
  689
  720
  753
  787
Depreciation, amort., depletion, $m
  342
  307
  333
  359
  387
  415
  445
  476
  508
  541
  576
  599
  637
  676
  716
  759
  803
  849
  897
  947
  1,000
  1,055
  1,112
  1,172
  1,235
  1,300
  1,369
  1,441
  1,516
  1,595
  1,678
Funds from operations, $m
  457
  512
  548
  585
  624
  664
  706
  749
  795
  842
  891
  938
  991
  1,046
  1,104
  1,164
  1,226
  1,291
  1,359
  1,430
  1,505
  1,582
  1,663
  1,748
  1,837
  1,930
  2,028
  2,129
  2,236
  2,348
  2,465
Change in working capital, $m
  -32
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
Cash from operations, $m
  489
  540
  577
  616
  656
  697
  740
  785
  832
  880
  931
  980
  1,035
  1,092
  1,151
  1,213
  1,277
  1,345
  1,415
  1,489
  1,566
  1,646
  1,730
  1,818
  1,910
  2,006
  2,107
  2,213
  2,324
  2,440
  2,562
Maintenance CAPEX, $m
  0
  -271
  -295
  -320
  -347
  -374
  -403
  -432
  -463
  -495
  -528
  -563
  -599
  -637
  -676
  -716
  -759
  -803
  -849
  -897
  -947
  -1,000
  -1,055
  -1,112
  -1,172
  -1,235
  -1,300
  -1,369
  -1,441
  -1,516
  -1,595
New CAPEX, $m
  -211
  -242
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -375
  -390
  -406
  -424
  -442
  -461
  -481
  -502
  -525
  -548
  -573
  -600
  -627
  -657
  -687
  -720
  -754
  -790
  -828
Cash from investing activities, $m
  -380
  -513
  -549
  -584
  -621
  -659
  -699
  -740
  -783
  -828
  -874
  -923
  -974
  -1,027
  -1,082
  -1,140
  -1,201
  -1,264
  -1,330
  -1,399
  -1,472
  -1,548
  -1,628
  -1,712
  -1,799
  -1,892
  -1,987
  -2,089
  -2,195
  -2,306
  -2,423
Free cash flow, $m
  109
  28
  28
  31
  34
  38
  41
  45
  49
  52
  56
  57
  61
  65
  69
  73
  77
  81
  85
  89
  94
  98
  102
  106
  111
  115
  120
  124
  129
  134
  139
Issuance/(repayment) of debt, $m
  182
  335
  349
  363
  378
  393
  408
  424
  441
  458
  477
  496
  516
  537
  560
  583
  608
  635
  662
  692
  723
  755
  790
  826
  864
  904
  947
  991
  1,038
  1,088
  1,140
Issuance/(repurchase) of shares, $m
  -272
  96
  101
  103
  105
  107
  108
  110
  112
  114
  116
  110
  112
  115
  119
  123
  127
  132
  137
  143
  149
  156
  163
  171
  179
  188
  198
  208
  219
  231
  244
Cash from financing (excl. dividends), $m  
  -96
  431
  450
  466
  483
  500
  516
  534
  553
  572
  593
  606
  628
  652
  679
  706
  735
  767
  799
  835
  872
  911
  953
  997
  1,043
  1,092
  1,145
  1,199
  1,257
  1,319
  1,384
Total cash flow (excl. dividends), $m
  25
  458
  479
  498
  517
  537
  558
  579
  601
  625
  649
  662
  689
  718
  748
  779
  812
  848
  885
  924
  965
  1,009
  1,055
  1,103
  1,154
  1,208
  1,264
  1,324
  1,387
  1,453
  1,522
Retained Cash Flow (-), $m
  88
  -300
  -316
  -329
  -342
  -355
  -369
  -384
  -399
  -415
  -431
  -449
  -467
  -486
  -506
  -528
  -550
  -574
  -599
  -626
  -654
  -683
  -714
  -747
  -782
  -818
  -856
  -897
  -939
  -984
  -1,031
Prev. year cash balance distribution, $m
 
  528
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  686
  163
  169
  175
  182
  188
  195
  202
  210
  218
  214
  222
  231
  241
  251
  262
  273
  285
  298
  311
  325
  340
  356
  372
  390
  408
  427
  447
  469
  491
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  658
  149
  147
  144
  141
  137
  132
  127
  121
  114
  101
  95
  88
  81
  74
  67
  59
  53
  46
  40
  34
  28
  23
  19
  15
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  98.5
  97.1
  95.7
  94.5
  93.3
  92.3
  91.3
  90.3
  89.4
  88.6
  87.8
  87.1
  86.4
  85.8
  85.2
  84.5
  83.9
  83.4
  82.8
  82.2
  81.7
  81.1
  80.6
  80.1
  79.6
  79.0
  78.5
  78.0
  77.5
  77.0

Hyatt Hotels Corporation, a hospitality company, develops, owns, operates, manages, franchises, licenses, or provides services to full and select service hotels, resorts, and residential and other properties. It operates in four segments: Owned and Leased Hotels, Americas Management and Franchising, ASPAC Management and Franchising, and EAME/SW Asia Management and Franchising. The company operates its properties under the Hyatt, Park Hyatt, Miraval, Grand Hyatt, Hyatt Regency, Andaz, Hyatt Centric, The Unbound Collection by Hyatt, Hyatt Place, Hyatt House, Hyatt Ziva, Hyatt Zilara, Hyatt Residence Club, Hyatt Residences, Hyatt Gold Passport, and Hyatt Resorts brands and trademarks. As of December 31, 2016, its portfolio consisted of 657 hotels with 171,133 rooms. It primarily serves corporations; national, state, and regional associations; specialty market accounts, including social, government, military, educational, religious, and fraternal accounts; travel organizations; and a group of individual consumers. The company was formerly known as Global Hyatt Corporation and changed its name to Hyatt Hotels Corporation in June 2009. Hyatt Hotels Corporation was founded in 1957 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Hyatt Hotels (H)

Valuation Ratios
P/E Ratio 35.9
Price to Sales 1.7
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 26.4
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 37%
Total Debt to Equity 40.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 21.6%
Gross Margin - 3 Yr. Avg. 21.9%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 0%

H stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the H stock intrinsic value calculation we used $4429 million for the last fiscal year's total revenue generated by Hyatt Hotels. The default revenue input number comes from 2016 income statement of Hyatt Hotels. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our H stock valuation model: a) initial revenue growth rate of 9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for H is calculated based on our internal credit rating of Hyatt Hotels, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hyatt Hotels.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of H stock the variable cost ratio is equal to 92.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for H stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.1% for Hyatt Hotels.

Corporate tax rate of 27% is the nominal tax rate for Hyatt Hotels. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the H stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for H are equal to 61.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Hyatt Hotels operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for H is equal to -7.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3903 million for Hyatt Hotels - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 129.192 million for Hyatt Hotels is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hyatt Hotels at the current share price and the inputted number of shares is $7.2 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 98.03 530.50  str.buy
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VAC Marriott Vacat 110.00 77.49  sell
CHH Choice Hotels 60.40 5.61  str.sell

COMPANY NEWS

▶ Insiders Roundup: Facebook, PRA Health Sciences   [Aug-18-17 04:09PM  GuruFocus.com]
▶ Why Marriotts Shares Fell after Its 2Q17 Results   [Aug-09-17 11:40AM  Market Realist]
▶ Hyatt Hotels beats 2Q profit forecasts   [03:17AM  Associated Press]
▶ Hyatt Reports Second Quarter 2017 Results   [07:30AM  Business Wire]
▶ What Analysts Recommend for Hyatt Ahead of Its 2Q17 Results   [Jul-31-17 10:37AM  Market Realist]
▶ How Hyatts Valuation Compares   [09:07AM  Market Realist]
▶ Could Hyatts Revenue Growth Translate to Profit Growth?   [Jul-28-17 10:38AM  Market Realist]
▶ How Hyatt Stock Has Performed in 2017   [Jul-27-17 06:00PM  Market Realist]
▶ Hyatt Centric Guatemala City Officially Opens   [Jul-20-17 11:59AM  Business Wire]
▶ How to leave your job on good terms: 5 tips   [Jul-11-17 01:46PM  TechRepublic]
▶ How Has the Hotel Industry Performed in 2017?   [Jul-04-17 10:37AM  Market Realist]
▶ Will Hyatt Really Leave Expedia?   [Jun-26-17 08:40PM  Morningstar]
▶ Hyatt Threatens to Leave Expedia This Summer   [Jun-16-17 12:41PM  TheStreet.com]
▶ Hyatt may nix partnership with Expedia over fees   [12:25PM  American City Business Journals]
▶ ETFs with exposure to Hyatt Hotels Corp. : June 15, 2017   [Jun-15-17 02:08PM  Capital Cube]
▶ How Trump's Travel Ban Could Cost U.S. $18 Billion   [Jun-05-17 02:45PM  Investopedia]
▶ Adventures in Venezuela With Goldman Sachs   [Jun-01-17 01:05PM  The Wall Street Journal]
▶ Hotel chains ditch traditional guest rooms   [May-23-17 02:26PM  CNBC Videos]
▶ The Park Hyatt Brand Makes its Entry into Bangkok   [May-15-17 10:02AM  Business Wire]
▶ ETFs with exposure to Hyatt Hotels Corp. : May 11, 2017   [May-11-17 04:46PM  Capital Cube]
▶ The Wharf update: D.C.s first Canopy hotel, Requin and others apply for liquor permits   [May-05-17 03:09PM  American City Business Journals]
▶ Company News for May 05, 2017   [09:47AM  Zacks]
▶ Hyatt Hotels beats Street 1Q forecasts   [08:04AM  Associated Press]
▶ Hyatt Reports First Quarter 2017 Results   [07:30AM  Business Wire]
▶ Chart in Focus: Assessing Hyatts Debt Level   [07:36AM  Market Realist]
▶ Will Hyatt Start Paying Dividends in 2017?   [09:09AM  Market Realist]
▶ Can Hyatts Margins Improve in 2017?   [May-01-17 10:40AM  Market Realist]
▶ How Has Hyatt Stock Performed in 2017 So Far?   [07:41AM  Market Realist]
▶ ETFs with exposure to Hyatt Hotels Corp. : April 27, 2017   [Apr-27-17 04:02PM  Capital Cube]
▶ How Hiltons Valuation Compares to Peers   [Apr-26-17 10:37AM  Market Realist]
▶ How Hiltons Long-Term Debt Is Trending   [09:08AM  Market Realist]
▶ Hyatt Plans to Double Brand Presence in the Middle East   [Apr-25-17 02:39PM  Business Wire]
▶ Shovels in the ground at Walter Reed. Here's what comes next.   [Apr-24-17 03:30PM  American City Business Journals]
▶ The U.S. Hotel Industry's War Plan to Beat Airbnb   [Apr-18-17 06:00AM  Investopedia]
▶ $310M Hyatt clears planning hurdle, but more delays loom   [Apr-14-17 01:50PM  American City Business Journals]
▶ Hyatt Place Rameswaram Celebrates Official Opening   [Apr-03-17 01:16PM  Business Wire]
Stock chart of H Financial statements of H
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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