Intrinsic value of Wyndham Worldwide - WYN

Previous Close

$111.80

  Intrinsic Value

$90.28

stock screener

  Rating & Target

hold

-19%

Previous close

$111.80

 
Intrinsic value

$90.28

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of WYN 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 11.5

 

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, %
  1.14
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  5,599
  5,901
  6,218
  6,549
  6,895
  7,258
  7,638
  8,036
  8,453
  8,891
  9,349
  9,829
  10,333
  10,862
  11,416
  11,997
  12,607
  13,246
  13,918
  14,622
  15,361
  16,136
  16,950
  17,804
  18,701
  19,642
  20,630
  21,666
  22,755
  23,897
  25,097
Variable operating expenses, $m
 
  2,989
  3,141
  3,300
  3,466
  3,640
  3,822
  4,013
  4,213
  4,422
  4,642
  4,712
  4,953
  5,207
  5,472
  5,751
  6,043
  6,350
  6,672
  7,009
  7,363
  7,735
  8,125
  8,535
  8,965
  9,416
  9,889
  10,386
  10,908
  11,456
  12,031
Fixed operating expenses, $m
 
  1,796
  1,841
  1,887
  1,934
  1,982
  2,032
  2,083
  2,135
  2,188
  2,243
  2,299
  2,356
  2,415
  2,476
  2,537
  2,601
  2,666
  2,733
  2,801
  2,871
  2,943
  3,016
  3,092
  3,169
  3,248
  3,329
  3,413
  3,498
  3,585
  3,675
Total operating expenses, $m
  4,553
  4,785
  4,982
  5,187
  5,400
  5,622
  5,854
  6,096
  6,348
  6,610
  6,885
  7,011
  7,309
  7,622
  7,948
  8,288
  8,644
  9,016
  9,405
  9,810
  10,234
  10,678
  11,141
  11,627
  12,134
  12,664
  13,218
  13,799
  14,406
  15,041
  15,706
Operating income, $m
  1,046
  1,116
  1,236
  1,362
  1,496
  1,636
  1,785
  1,941
  2,106
  2,280
  2,464
  2,819
  3,024
  3,240
  3,468
  3,709
  3,963
  4,231
  4,513
  4,812
  5,126
  5,458
  5,809
  6,178
  6,567
  6,978
  7,411
  7,868
  8,349
  8,856
  9,391
EBITDA, $m
  1,298
  1,418
  1,545
  1,680
  1,821
  1,970
  2,128
  2,294
  2,469
  2,654
  2,849
  3,054
  3,271
  3,500
  3,741
  3,996
  4,265
  4,548
  4,847
  5,162
  5,494
  5,845
  6,215
  6,604
  7,015
  7,449
  7,905
  8,387
  8,894
  9,429
  9,992
Interest expense (income), $m
  51
  186
  194
  211
  229
  247
  267
  288
  309
  332
  355
  380
  406
  434
  462
  492
  524
  557
  591
  628
  666
  706
  748
  792
  838
  886
  937
  991
  1,047
  1,106
  1,168
Earnings before tax, $m
  940
  930
  1,042
  1,152
  1,267
  1,389
  1,517
  1,653
  1,797
  1,949
  2,109
  2,439
  2,617
  2,806
  3,006
  3,216
  3,439
  3,674
  3,922
  4,184
  4,461
  4,753
  5,061
  5,386
  5,729
  6,092
  6,474
  6,877
  7,302
  7,751
  8,223
Tax expense, $m
  328
  251
  281
  311
  342
  375
  410
  446
  485
  526
  569
  658
  707
  758
  812
  868
  929
  992
  1,059
  1,130
  1,204
  1,283
  1,366
  1,454
  1,547
  1,645
  1,748
  1,857
  1,972
  2,093
  2,220
Net income, $m
  611
  679
  761
  841
  925
  1,014
  1,108
  1,207
  1,312
  1,423
  1,540
  1,780
  1,911
  2,049
  2,194
  2,348
  2,510
  2,682
  2,863
  3,054
  3,256
  3,470
  3,695
  3,932
  4,183
  4,447
  4,726
  5,020
  5,331
  5,658
  6,003

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  199
  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
  9,819
  10,140
  10,683
  11,252
  11,847
  12,471
  13,124
  13,808
  14,525
  15,276
  16,064
  16,889
  17,755
  18,663
  19,615
  20,613
  21,661
  22,760
  23,913
  25,123
  26,393
  27,726
  29,124
  30,592
  32,132
  33,749
  35,446
  37,228
  39,098
  41,061
  43,121
Adjusted assets (=assets-cash), $m
  9,620
  10,140
  10,683
  11,252
  11,847
  12,471
  13,124
  13,808
  14,525
  15,276
  16,064
  16,889
  17,755
  18,663
  19,615
  20,613
  21,661
  22,760
  23,913
  25,123
  26,393
  27,726
  29,124
  30,592
  32,132
  33,749
  35,446
  37,228
  39,098
  41,061
  43,121
Revenue / Adjusted assets
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
Average production assets, $m
  1,795
  1,894
  1,996
  2,102
  2,213
  2,330
  2,452
  2,580
  2,714
  2,854
  3,001
  3,155
  3,317
  3,487
  3,664
  3,851
  4,047
  4,252
  4,468
  4,694
  4,931
  5,180
  5,441
  5,715
  6,003
  6,305
  6,622
  6,955
  7,304
  7,671
  8,056
Working capital, $m
  -220
  -201
  -211
  -223
  -234
  -247
  -260
  -273
  -287
  -302
  -318
  -334
  -351
  -369
  -388
  -408
  -429
  -450
  -473
  -497
  -522
  -549
  -576
  -605
  -636
  -668
  -701
  -737
  -774
  -813
  -853
Total debt, $m
  5,512
  5,533
  6,022
  6,534
  7,070
  7,631
  8,219
  8,834
  9,479
  10,155
  10,864
  11,607
  12,386
  13,203
  14,060
  14,959
  15,902
  16,891
  17,929
  19,018
  20,161
  21,360
  22,619
  23,940
  25,326
  26,781
  28,308
  29,912
  31,595
  33,362
  35,216
Total liabilities, $m
  9,105
  9,126
  9,615
  10,127
  10,663
  11,224
  11,812
  12,427
  13,072
  13,748
  14,457
  15,200
  15,979
  16,796
  17,653
  18,552
  19,495
  20,484
  21,522
  22,611
  23,754
  24,953
  26,212
  27,533
  28,919
  30,374
  31,901
  33,505
  35,188
  36,955
  38,809
Total equity, $m
  714
  1,014
  1,068
  1,125
  1,185
  1,247
  1,312
  1,381
  1,452
  1,528
  1,606
  1,689
  1,775
  1,866
  1,961
  2,061
  2,166
  2,276
  2,391
  2,512
  2,639
  2,773
  2,912
  3,059
  3,213
  3,375
  3,545
  3,723
  3,910
  4,106
  4,312
Total liabilities and equity, $m
  9,819
  10,140
  10,683
  11,252
  11,848
  12,471
  13,124
  13,808
  14,524
  15,276
  16,063
  16,889
  17,754
  18,662
  19,614
  20,613
  21,661
  22,760
  23,913
  25,123
  26,393
  27,726
  29,124
  30,592
  32,132
  33,749
  35,446
  37,228
  39,098
  41,061
  43,121
Debt-to-equity ratio
  7.720
  5.460
  5.640
  5.810
  5.970
  6.120
  6.260
  6.400
  6.530
  6.650
  6.760
  6.870
  6.980
  7.070
  7.170
  7.260
  7.340
  7.420
  7.500
  7.570
  7.640
  7.700
  7.770
  7.830
  7.880
  7.940
  7.990
  8.030
  8.080
  8.120
  8.170
Adjusted equity ratio
  0.054
  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
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  611
  679
  761
  841
  925
  1,014
  1,108
  1,207
  1,312
  1,423
  1,540
  1,780
  1,911
  2,049
  2,194
  2,348
  2,510
  2,682
  2,863
  3,054
  3,256
  3,470
  3,695
  3,932
  4,183
  4,447
  4,726
  5,020
  5,331
  5,658
  6,003
Depreciation, amort., depletion, $m
  252
  302
  309
  317
  325
  334
  343
  353
  363
  373
  384
  235
  248
  260
  273
  287
  302
  317
  333
  350
  368
  387
  406
  427
  448
  471
  494
  519
  545
  572
  601
Funds from operations, $m
  554
  981
  1,070
  1,158
  1,250
  1,348
  1,451
  1,560
  1,675
  1,796
  1,924
  2,016
  2,158
  2,309
  2,468
  2,635
  2,812
  2,999
  3,197
  3,405
  3,624
  3,856
  4,101
  4,358
  4,630
  4,917
  5,220
  5,539
  5,876
  6,230
  6,604
Change in working capital, $m
  -419
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
Cash from operations, $m
  973
  991
  1,081
  1,169
  1,262
  1,360
  1,464
  1,573
  1,689
  1,811
  1,939
  2,032
  2,175
  2,327
  2,486
  2,655
  2,833
  3,021
  3,219
  3,429
  3,649
  3,882
  4,128
  4,387
  4,661
  4,949
  5,254
  5,574
  5,913
  6,269
  6,645
Maintenance CAPEX, $m
  0
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -213
  -224
  -235
  -248
  -260
  -273
  -287
  -302
  -317
  -333
  -350
  -368
  -387
  -406
  -427
  -448
  -471
  -494
  -519
  -545
  -572
New CAPEX, $m
  -191
  -99
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
  -249
  -261
  -274
  -288
  -302
  -317
  -333
  -349
  -367
  -385
Cash from investing activities, $m
  -353
  -233
  -243
  -255
  -268
  -281
  -296
  -311
  -327
  -343
  -360
  -378
  -397
  -418
  -438
  -460
  -483
  -507
  -532
  -559
  -587
  -617
  -648
  -680
  -715
  -750
  -788
  -827
  -868
  -912
  -957
Free cash flow, $m
  620
  758
  838
  914
  994
  1,079
  1,168
  1,263
  1,362
  1,468
  1,579
  1,654
  1,778
  1,910
  2,048
  2,195
  2,350
  2,514
  2,687
  2,869
  3,062
  3,266
  3,480
  3,707
  3,947
  4,199
  4,466
  4,747
  5,044
  5,357
  5,688
Issuance/(repayment) of debt, $m
  311
  220
  489
  512
  536
  561
  588
  616
  645
  676
  709
  743
  779
  817
  857
  899
  943
  989
  1,038
  1,089
  1,143
  1,199
  1,259
  1,321
  1,386
  1,455
  1,527
  1,603
  1,683
  1,767
  1,855
Issuance/(repurchase) of shares, $m
  -619
  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 from financing (excl. dividends), $m  
  -363
  220
  489
  512
  536
  561
  588
  616
  645
  676
  709
  743
  779
  817
  857
  899
  943
  989
  1,038
  1,089
  1,143
  1,199
  1,259
  1,321
  1,386
  1,455
  1,527
  1,603
  1,683
  1,767
  1,855
Total cash flow (excl. dividends), $m
  237
  978
  1,327
  1,426
  1,530
  1,640
  1,756
  1,878
  2,007
  2,144
  2,288
  2,397
  2,557
  2,727
  2,905
  3,094
  3,293
  3,503
  3,725
  3,958
  4,205
  4,465
  4,739
  5,028
  5,333
  5,655
  5,993
  6,351
  6,727
  7,124
  7,542
Retained Cash Flow (-), $m
  236
  -300
  -54
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
Prev. year cash balance distribution, $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 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
 
  678
  1,273
  1,369
  1,470
  1,577
  1,690
  1,810
  1,936
  2,069
  2,209
  2,314
  2,471
  2,636
  2,810
  2,994
  3,188
  3,393
  3,609
  3,837
  4,078
  4,332
  4,599
  4,881
  5,179
  5,493
  5,824
  6,173
  6,540
  6,928
  7,336
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  612
  1,027
  977
  918
  851
  779
  703
  624
  546
  469
  389
  323
  263
  210
  164
  125
  93
  67
  48
  33
  22
  14
  9
  5
  3
  2
  1
  0
  0
  0
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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Wyndham Worldwide Corporation is a hospitality company. The Company offers a range of hospitality services and products through its global portfolio of brands. The Company operates through three segments: Wyndham Hotel Group, Wyndham Destination Network and Wyndham Vacation Ownership. The Company's brands include Wyndham Hotels and Resorts, Ramada, Days Inn, Super 8, Howard Johnson, Wingate by Wyndham, Microtel Inns & Suites by Wyndham, TRYP by Wyndham, Dolce Hotels and Resorts, RCI, Landal GreenParks, Novasol, Hoseasons, cottages.com, James Villa Holidays, Wyndham Vacation Rentals, Wyndham Vacation Resorts, Shell Vacations Club and WorldMark by Wyndham. As of December 31, 2016, its Wyndham Hotel Group had 8,035 hotels and over 697,600 hotel rooms around the world. Its Wyndham Destination Network segment offers non-hotel accommodations. The Wyndham Vacation Ownership segment develops and acquires vacation ownership resorts.

FINANCIAL RATIOS  of  Wyndham Worldwide (WYN)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 2.1
Price to Book 16.5
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate -4.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 739.9%
Total Debt to Equity 772%
Interest Coverage 19
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 73.4%
Return On Equity - 3 Yr. Avg. 55.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 51.2%
Gross Margin - 3 Yr. Avg. 51.7%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 22.6%
Operating Margin 18.7%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 16.4%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio 36.5%

WYN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WYN stock intrinsic value calculation we used $5599 million for the last fiscal year's total revenue generated by Wyndham Worldwide. The default revenue input number comes from 2016 income statement of Wyndham Worldwide. 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 WYN stock valuation model: a) initial revenue growth rate of 5.4% 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 10.8%, whose default value for WYN is calculated based on our internal credit rating of Wyndham Worldwide, 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 Wyndham Worldwide.
    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 WYN stock the variable cost ratio is equal to 50.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1752 million in the base year in the intrinsic value calculation for WYN 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 3.5% for Wyndham Worldwide.

Corporate tax rate of 27% is the nominal tax rate for Wyndham Worldwide. 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 WYN 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 WYN are equal to 32.1%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Wyndham Worldwide 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 WYN is equal to -3.4%. 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 - $714 million for Wyndham Worldwide - 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 102.752 million for Wyndham Worldwide 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 Wyndham Worldwide at the current share price and the inputted number of shares is $11.5 billion.

RELATED COMPANIES Price Int.Val. Rating
VAC Marriott Vacat 132.56 75.32  sell
PCLN Priceline Grou 1,742.61 2,134.46  hold
MAR Marriott Inter 128.47 597.63  str.buy
HLT Hilton Worldwi 76.75 131.88  str.buy
IHG InterContinent 60.15 17.85  str.sell

COMPANY NEWS

▶ The ultimate guide to loyalty programs for chain hotels   [Nov-24-17 05:00AM  American City Business Journals]
▶ Wyndham Hotel Group announces branding for new Brickell hotel   [12:05PM  American City Business Journals]
▶ Wyndham Worldwide Declares Cash Dividend   [Nov-07-17 04:05PM  PR Newswire]
▶ Hyatt Stock Underperforms in 2017   [Oct-27-17 02:35PM  Market Realist]
▶ Wyndham beats 3Q profit forecasts   [06:37AM  Associated Press]
▶ Yahoo Finance Live: Market Movers - Oct 9th, 2017   [Oct-09-17 04:25PM  Yahoo Finance Video]
▶ [$$] The Best and Worst Hotels for Cashing in Rewards Points for 2017   [Oct-05-17 12:32AM  The Wall Street Journal]
▶ Wyndham Hotel Group Completes Acquisition of AmericInn   [Oct-03-17 11:46AM  PR Newswire]
▶ RCI Adds Two New Resorts to Affiliate Network in China   [Sep-26-17 08:00PM  PR Newswire]
▶ Cruises under pressure amid Hurricane Irma fears   [Sep-06-17 03:44PM  CNBC Videos]
▶ RCI Points Exchange Program Launches in Asia   [Aug-15-17 08:00PM  PR Newswire]
▶ Bulls sail with Norwegian Cruise Line & a trade update   [Aug-11-17 01:48PM  CNBC Videos]
▶ Why Marriotts Shares Fell after Its 2Q17 Results   [Aug-09-17 11:40AM  Market Realist]
▶ RCI Announces Agreement to Acquire DAE   [12:01AM  PR Newswire]
▶ Wyndham Championship brings charities under new umbrella   [Aug-07-17 02:20PM  American City Business Journals]
▶ Wyndham Worldwide: Cramer's Top Takeaways   [06:34AM  TheStreet.com]
Financial statements of WYN
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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