Marriott International Inc Class A

MAR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Marriott Earnings: Group and Europe Demand Offset Normalized Leisure Activity

Dan Wasiolek

Nov 4, 2024

We don’t plan to change our Marriott $223 per share fair value estimate materially, as the hotelier’s third-quarter results and outlook closely mirrored our preprint forecast. While we wouldn’t require much discount to our valuation to recommend shares of this wide-moat company, we currently view shares as rich, trading above 16 times forward EV/EBITDA, versus about 14 times in 2018-19.

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Marriott International Inc Class A

Marriott Earnings: Group and Europe Demand Offset Normalized Leisure Activity

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