Hilton Worldwide Holdings Inc

HLT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$625.00	Tdrzy	Sppkxhgy

We See Hilton's Demand Increasing Further in 2023 as Industry Tailwinds Outweigh Macro Concerns

Dan Wasiolek

Oct 26, 2022

Narrow-moat Hilton’s third-quarter performance once again tracked ahead of company guidance, with commentary for strong travel levels to endure the rest of the year. We acknowledge the uncertain economic outlook but think Hilton's demand can navigate higher in 2023 even if a mild recession occurs, stoked by desire to travel, remote work flexibility, and service consumption wallet share. We plan to increase our $136 fair value estimate by a low-single-digit percentage to account for stronger profitability. We view the shares as near an appropriate valuation.

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