- Truist Securities analyst Patrick Scholes reiterated a Buy rating on the shares of Hyatt Hotels Corporation (NYSE:H) and raised the price target from $132 to $145.
- Hyatt is indeed a very different company today, even from five years ago and since the most recent investor day in March 2019, said the analyst.
- Among the developments, $3.8 billion of owned asset sales at an implied >16x multiple, $3.6 billion of acquisitions (Miraval/Two Roads/Apple Leisure Group) at a 8x multiple, geographic and customer diversification, and a far more asset-light company, the analyst remarked.
- Also Read: Hyatt Hotels Says Optimistic About The Year Ahead Post Solid Q4 Results
- Importantly, the asset-lite transformation is not complete as approximately $1.3 billion of current owned asset dispositions remain to be completed by 2024 end, further transforming the company and reducing the complexity of modeling/analyzing/valuing, said the analyst.
- The analyst anticipates further elaboration of the evolution of the company during the May investor day, possibly including a multi-year outlook.
- Part of the upside potential may come from acquisition-related synergies, whether taking core competencies to the legacy portfolio or removal of duplicitous G&A, the analyst added.
- While the analyst would prefer scenario guidance at Investor Day, the analyst anticipates Hyatt has tools in the toolbox to provide, at minimum, an Economic EBITDA range for 2024-2025.
- Following 4Q results, the analyst’s 2023 Adjusted EBITDA projection goes to $1.206 billion from $1.157 billion and EPS to $2.87 from $2.84.
- Also Read: Hyatt Regency Brand Enters One Of The Oldest Mediterranean Cities
- Price Action: H shares are trading lower by 0.46% at $113.22 on the last check Tuesday.
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