Hilton: Investor Day Highlights Its Leading Brand and Forecast for Further Growth; Shares a Bit Rich
Details from Hilton's investor day presentation confirm our thesis that the company holds an industry-leading brand intangible asset, the primary source of its wide moat rating. We maintain our $178 fair value estimate, leaving shares, which are trading around 18 times forward enterprise value/EBITDA versus 16 in prepandemic years, somewhat overvalued.