Intrinsic value of Hyatt Hotels - H

Previous Close

$61.91

  Intrinsic Value

$17.18

stock screener

  Rating & Target

str. sell

-72%

  Value-price divergence*

+118%

Previous close

$61.91

 
Intrinsic value

$17.18

 
Up/down potential

-72%

 
Rating

str. sell

 
Value-price divergence*

+118%

*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 7.8

 

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
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  4,429
  4,544
  4,673
  4,816
  4,973
  5,143
  5,327
  5,526
  5,738
  5,966
  6,209
  6,467
  6,742
  7,033
  7,342
  7,669
  8,015
  8,380
  8,765
  9,172
  9,601
  10,053
  10,529
  11,030
  11,558
  12,114
  12,699
  13,314
  13,961
  14,642
  15,358
Variable operating expenses, $m
 
  4,212
  4,331
  4,463
  4,608
  4,765
  4,936
  5,119
  5,316
  5,526
  5,751
  5,977
  6,231
  6,500
  6,785
  7,088
  7,407
  7,744
  8,100
  8,476
  8,873
  9,290
  9,731
  10,194
  10,682
  11,196
  11,736
  12,305
  12,903
  13,532
  14,193
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
  4,212
  4,331
  4,463
  4,608
  4,765
  4,936
  5,119
  5,316
  5,526
  5,751
  5,977
  6,231
  6,500
  6,785
  7,088
  7,407
  7,744
  8,100
  8,476
  8,873
  9,290
  9,731
  10,194
  10,682
  11,196
  11,736
  12,305
  12,903
  13,532
  14,193
Operating income, $m
  299
  332
  342
  353
  365
  377
  391
  406
  423
  440
  458
  490
  511
  533
  557
  581
  608
  635
  665
  695
  728
  762
  798
  836
  876
  919
  963
  1,010
  1,059
  1,110
  1,164
EBITDA, $m
  641
  679
  698
  720
  743
  769
  796
  826
  858
  892
  928
  966
  1,008
  1,051
  1,097
  1,146
  1,198
  1,252
  1,310
  1,371
  1,435
  1,502
  1,573
  1,648
  1,727
  1,810
  1,898
  1,990
  2,086
  2,188
  2,295
Interest expense (income), $m
  75
  74
  79
  84
  90
  97
  104
  112
  121
  130
  140
  150
  161
  173
  185
  199
  213
  228
  243
  260
  277
  296
  315
  335
  357
  380
  403
  429
  455
  483
  512
Earnings before tax, $m
  289
  258
  263
  269
  274
  280
  287
  294
  302
  310
  319
  340
  350
  360
  371
  383
  395
  408
  421
  436
  451
  467
  483
  501
  519
  539
  559
  581
  604
  628
  653
Tax expense, $m
  85
  70
  71
  73
  74
  76
  78
  79
  82
  84
  86
  92
  95
  97
  100
  103
  107
  110
  114
  118
  122
  126
  131
  135
  140
  146
  151
  157
  163
  169
  176
Net income, $m
  204
  189
  192
  196
  200
  205
  210
  215
  220
  226
  233
  248
  256
  263
  271
  279
  288
  298
  308
  318
  329
  341
  353
  366
  379
  393
  408
  424
  441
  458
  476

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
  7,282
  7,489
  7,718
  7,969
  8,242
  8,537
  8,855
  9,196
  9,561
  9,950
  10,364
  10,805
  11,272
  11,766
  12,290
  12,844
  13,429
  14,047
  14,698
  15,386
  16,110
  16,873
  17,677
  18,523
  19,414
  20,351
  21,337
  22,374
  23,465
  24,612
Adjusted assets (=assets-cash), $m
  7,102
  7,282
  7,489
  7,718
  7,969
  8,242
  8,537
  8,855
  9,196
  9,561
  9,950
  10,364
  10,805
  11,272
  11,766
  12,290
  12,844
  13,429
  14,047
  14,698
  15,386
  16,110
  16,873
  17,677
  18,523
  19,414
  20,351
  21,337
  22,374
  23,465
  24,612
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
  2,776
  2,855
  2,943
  3,038
  3,142
  3,255
  3,376
  3,506
  3,645
  3,794
  3,952
  4,119
  4,297
  4,486
  4,686
  4,897
  5,120
  5,355
  5,604
  5,866
  6,142
  6,433
  6,740
  7,062
  7,402
  7,759
  8,135
  8,530
  8,946
  9,383
Working capital, $m
  215
  -323
  -332
  -342
  -353
  -365
  -378
  -392
  -407
  -424
  -441
  -459
  -479
  -499
  -521
  -544
  -569
  -595
  -622
  -651
  -682
  -714
  -748
  -783
  -821
  -860
  -902
  -945
  -991
  -1,040
  -1,090
Total debt, $m
  1,564
  1,541
  1,650
  1,770
  1,902
  2,045
  2,200
  2,367
  2,546
  2,738
  2,942
  3,159
  3,390
  3,636
  3,895
  4,170
  4,461
  4,768
  5,092
  5,435
  5,795
  6,176
  6,576
  6,998
  7,443
  7,910
  8,402
  8,920
  9,464
  10,037
  10,639
Total liabilities, $m
  3,846
  3,823
  3,932
  4,052
  4,184
  4,327
  4,482
  4,649
  4,828
  5,020
  5,224
  5,441
  5,672
  5,918
  6,177
  6,452
  6,743
  7,050
  7,374
  7,717
  8,077
  8,458
  8,858
  9,280
  9,725
  10,192
  10,684
  11,202
  11,746
  12,319
  12,921
Total equity, $m
  3,903
  3,459
  3,557
  3,666
  3,785
  3,915
  4,055
  4,206
  4,368
  4,541
  4,726
  4,923
  5,132
  5,354
  5,589
  5,838
  6,101
  6,379
  6,672
  6,982
  7,308
  7,652
  8,015
  8,397
  8,799
  9,222
  9,667
  10,135
  10,628
  11,146
  11,690
Total liabilities and equity, $m
  7,749
  7,282
  7,489
  7,718
  7,969
  8,242
  8,537
  8,855
  9,196
  9,561
  9,950
  10,364
  10,804
  11,272
  11,766
  12,290
  12,844
  13,429
  14,046
  14,699
  15,385
  16,110
  16,873
  17,677
  18,524
  19,414
  20,351
  21,337
  22,374
  23,465
  24,611
Debt-to-equity ratio
  0.401
  0.450
  0.460
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.640
  0.660
  0.680
  0.700
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
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
  189
  192
  196
  200
  205
  210
  215
  220
  226
  233
  248
  256
  263
  271
  279
  288
  298
  308
  318
  329
  341
  353
  366
  379
  393
  408
  424
  441
  458
  476
Depreciation, amort., depletion, $m
  342
  347
  357
  367
  379
  391
  405
  419
  435
  452
  470
  476
  496
  518
  540
  565
  590
  617
  645
  675
  707
  740
  775
  812
  851
  892
  935
  980
  1,028
  1,078
  1,131
Funds from operations, $m
  457
  536
  549
  563
  579
  596
  614
  634
  655
  678
  702
  725
  752
  781
  812
  844
  878
  915
  953
  993
  1,036
  1,081
  1,128
  1,178
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,607
Change in working capital, $m
  -32
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -42
  -44
  -46
  -48
  -51
Cash from operations, $m
  489
  544
  558
  573
  590
  608
  627
  648
  670
  694
  719
  743
  771
  802
  833
  867
  903
  941
  980
  1,022
  1,066
  1,113
  1,162
  1,213
  1,268
  1,325
  1,385
  1,448
  1,514
  1,584
  1,658
Maintenance CAPEX, $m
  0
  -326
  -335
  -344
  -355
  -366
  -379
  -392
  -407
  -422
  -439
  -457
  -476
  -496
  -518
  -540
  -565
  -590
  -617
  -645
  -675
  -707
  -740
  -775
  -812
  -851
  -892
  -935
  -980
  -1,028
  -1,078
New CAPEX, $m
  -211
  -68
  -79
  -87
  -96
  -104
  -113
  -121
  -130
  -139
  -148
  -158
  -168
  -178
  -189
  -200
  -211
  -223
  -236
  -248
  -262
  -276
  -291
  -306
  -323
  -340
  -357
  -376
  -395
  -416
  -437
Cash from investing activities, $m
  -380
  -394
  -414
  -431
  -451
  -470
  -492
  -513
  -537
  -561
  -587
  -615
  -644
  -674
  -707
  -740
  -776
  -813
  -853
  -893
  -937
  -983
  -1,031
  -1,081
  -1,135
  -1,191
  -1,249
  -1,311
  -1,375
  -1,444
  -1,515
Free cash flow, $m
  109
  149
  144
  142
  140
  138
  136
  135
  134
  133
  132
  128
  127
  127
  127
  127
  127
  127
  128
  128
  129
  130
  131
  132
  133
  134
  136
  137
  139
  141
  143
Issuance/(repayment) of debt, $m
  182
  96
  109
  120
  132
  143
  155
  167
  179
  192
  204
  217
  231
  245
  260
  275
  291
  307
  324
  342
  361
  380
  401
  422
  444
  468
  492
  518
  544
  573
  602
Issuance/(repurchase) of shares, $m
  -272
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  10
  16
  23
  30
  37
  44
  52
  60
  68
Cash from financing (excl. dividends), $m  
  -96
  96
  109
  120
  132
  143
  155
  167
  179
  192
  204
  217
  231
  245
  260
  275
  291
  307
  324
  342
  361
  383
  411
  438
  467
  498
  529
  562
  596
  633
  670
Total cash flow (excl. dividends), $m
  25
  245
  253
  262
  271
  281
  291
  302
  313
  324
  336
  345
  359
  372
  387
  402
  418
  435
  452
  471
  490
  514
  541
  570
  600
  631
  664
  699
  735
  773
  813
Retained Cash Flow (-), $m
  88
  -84
  -98
  -109
  -119
  -130
  -140
  -151
  -162
  -173
  -185
  -197
  -209
  -222
  -235
  -249
  -263
  -278
  -293
  -310
  -326
  -344
  -363
  -382
  -402
  -423
  -445
  -468
  -493
  -518
  -545
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
 
  689
  155
  153
  152
  151
  151
  151
  151
  151
  151
  149
  149
  151
  152
  153
  155
  157
  159
  161
  163
  169
  179
  188
  198
  208
  219
  231
  243
  255
  268
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
 
  661
  142
  133
  125
  117
  110
  102
  94
  87
  79
  71
  64
  57
  51
  45
  39
  34
  29
  25
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.7
  99.5
  99.3
  99.1
  98.8
  98.6
  98.3

Hyatt Hotels Corporation is a global hospitality company. The Company develops, owns, operates, manages, franchises, licenses or provides services to a portfolio of properties. The Company operates through four segments: owned and leased hotels; Americas management and franchising (Americas); ASPAC management and franchising (ASPAC), and EAME/SW Asia management and franchising (EAME/SW Asia). The owned and leased hotels segment consists of its owned and leased full service and select service hotels. The Americas segment consists of its management and franchising of properties located in the United States, Latin America, Canada and the Caribbean. The ASPAC segment consists of its management and franchising of properties located in Southeast Asia, as well as China, Australia, South Korea, Japan and Micronesia. The EAME/SW Asia segment consists of its management and franchising of properties located in Europe, Africa, the Middle East, India, Central Asia and Nepal.

FINANCIAL RATIOS  of  Hyatt Hotels (H)

Valuation Ratios
P/E Ratio 39.7
Price to Sales 1.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 29.1
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 2.6% 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 8.3 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 126.427 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 $7.8 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 115.77 591.44  str.buy
HLT Hilton Worldwi 71.06 129.36  str.buy
IHG InterContinent 54.32 17.88  str.sell
VAC Marriott Vacat 125.55 75.05  sell
CHH Choice Hotels 68.20 9.30  str.sell

COMPANY NEWS

▶ Yahoo Finance Live: Market Movers - Oct 9th, 2017   [Oct-09-17 04:25PM  Yahoo Finance Video]
▶ Hyatt Hotels Sees RS Rating Improve To 71   [Oct-06-17 03:00AM  Investor's Business Daily]
▶ Florida hotel company acquires Gainey Ranch Hyatt Regency, Royal Palms for $305M   [Oct-05-17 01:55PM  American City Business Journals]
▶ Puerto Rico by far the worst of the three hurricanes: Hyatt CEO   [Sep-26-17 08:12AM  Fox Business Videos]
▶ 2017 Skift Global Forum   [Sep-21-17 04:22PM  Yahoo Finance Video]
▶ 2017 Skift Global Forum   [04:17PM  Yahoo Finance Video]
▶ Hyatt Hotels Sees RS Rating Climb To 72   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ [$$] Lodging REITs Could Be Slammed by Hurricane Irma   [Sep-05-17 07:20PM  The Wall Street Journal]
▶ Hyatt Hotels moves aggressively into high-end fitness and well-being   [Aug-29-17 03:05PM  American City Business Journals]
▶ Hyatt Announces Plans for Grand Hyatt Jeju   [11:47AM  Business Wire]
▶ Hyatt Regency Shanghai Global Harbor Opens in East China   [Aug-28-17 02:05PM  Business Wire]
▶ Trumps former Plaza Hotel could fetch over $500M   [Aug-22-17 10:22AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Aug 22nd, 2017   [07:20AM  Yahoo Finance Video]
▶ 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]
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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