Hyatt Hotels Corp: Analyst day outlines multi-year path of upside with capital return kicker

研报英文原文证据摘录

Hyatt Hotels Corp: Analyst day outlines multi-year path of upside with capital return kicker

Update

May 28, 2026 12:59 PM GMT

Morgan Stanley & Co. LLCMHyatt Hotels Corp | North America Stephen W Grambling

Equity Analyst

Analyst day outlines multi-year Stephen.Grambling@morganstanley.comJames F Koehne, CFA +1 212 761-1010

Research Associate

James.Koehne@morganstanley.com +1 212 761-2186

path of upside with capital

Hyatt Hotels Corp (H.N, H US)

Gaming & Lodging | United States of Americareturn kicker

Stock Rating Overweight

Industry View In-Line

Price target $195.00

Key Takeaways Shr price, close (May 27, 2026) $183.15

Mkt cap, curr (mm) $17,131

H outlined a 2025-2028 illustrative outlook including 9-13% gross fee growth, 11- 52-Week Range $183.71-127.55

16% EBITDA growth and 14-18% FCF growth CAGRs.

This framework implies EBITDA of $1.4-$1.585bn vs. MS/Cons of $1.505/$1.419bn

and FCF of $775-$875mn vs. MS/Cons of $817/$680mn.

The company also increased its share buyback authorization by $1bn and outlined

cash available to "enhance value" over the 3-yr window of $2.2-$2.7bn.

Further, H outlined other assets for monetization including $2.2-2.5bn in owned/

leased hotels and $690mn in other investments.

Total cash to enhance value plus other assets are >30% of current market cap.

Even before deployment, 2028 targets peg EV/EBITDA of ~14x and FCF of ~4.5%.

Bottom-line: Hyatt outlined a multi-year outlook with FCF ahead of consensus and

assumptions likely to be viewed as credible. Just as importantly, management

increased its buyback authorization, demonstrating confidence in the ability to

sustain higher FCF conversion and return capital. Even after the recent rally in the

stock, the targets point to the ability to generate cash and proceeds >30% of the