Wyndham Hotels & Resorts Inc: 2Q26 1st Take: Mixed composition but beat/raise likely good enough given undemanding valuation

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Wyndham Hotels & Resorts Inc: 2Q26 1st Take: Mixed composition but beat/raise likely good enough given undemanding valuation

Update

July 23, 2026 03:33 AM GMT

Morgan Stanley & Co. LLCMWyndham Hotels & Resorts Inc | North America Stephen W Grambling

Equity Analyst

2Q26 1st Take: Mixed Stephen.Grambling@morganstanley.comJames F Koehne, CFA +1 212 761-1010

Research Associate

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

composition but beat/raise

Wyndham Hotels & Resorts Inc (WH.N, WH US)

Gaming & Lodging | United States of Americalikely good enough given

Stock Rating Overweight

Industry View In-Line

Price target $93.00undemanding valuation Shr price, close (Jul 22, 2026) $75.68

Mkt cap, curr (mm) $6,939

52-Week Range $92.66-69.21

AlphaSignals Earnings Reaction

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Unchanged Modest upside Largely unchanged EPS ($)** 4.57 4.85 5.70 6.50

Impact to our thesis Financial results versus consensus Direction of next 12-month Prior EPS ($)** - - - -

consensus EPS P/E 16.5 15.6 13.3 11.6

Source: Company data, Morgan Stanley Research EPS ($)§ 4.54 4.82 5.40 6.11

Div yld (%) 2.1 2.3 2.4 2.5

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWareWH reported headline 2Q EBITDA above consensus, but in-line

framework

with our estimate. RevPAR accelerated and room growth stayed **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

positive, but fees were still negative and missed our e = Morgan Stanley Research estimates

Quarterly EPS ($)

expectations, offset by better costs. Mgmt modestly raised 2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

2026 EBITDA on stronger US RevPAR and 2Y stack data points Q1 0.85 - 0.96a - 1.13

to further upside potential. Q2 1.33 - 1.45 - 1.62