Hilton Worldwide Holdings Inc

HLT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$211.00	Vbrm	Mbfxnff

Narrow-Moat Hilton’s Demand Set to Increase Further in 2023 Across All Regions and Segments

Dan Wasiolek

Feb 9, 2023

We expect Hilton’s $142 fair value estimate to lift by a mid-single-digit percentage, driven by lower expenses and time value. Although we view Hilton’s brands (source of its narrow moat) among the strongest in the industry, we see shares as appropriately valued trading at 17 times 2023 EV/EBITDA.

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