Wyndham Hotels & Resorts Inc Ordinary Shares

WH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$46.00	Thwrnvg	Fvwkwqt

Wyndham Earnings: Travel Demand Still Resilient as Investors Monitor Macro Headwinds; Shares Cheap

Dan Wasiolek

Apr 27, 2023

Narrow-moat Wyndham’s first-quarter results and 2023 outlook continue to point toward resilient travel demand, even as macro clouds (higher inflation, softening labor markets, tightening credit availability) persist. Our $88 per share fair value estimate should not materially change on Wyndham’s report, and we believe shares should trade around a 15 times 2023 EV/EBITDA multiple versus the current 12 times valuation.

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