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In addition to conducting a free cash flow valuation of HST, I was able to use alternate valuation methods to help strengthen my findings regarding the companys true intrinsic value. Some alternate valuation models I used in my analysis included the Market Multiples Model, Residual Operating Income Model (ROPI), and the Dividend Discount Model (DDM). I was able to leverage my findings about HST amongst four major competitors in the industry including Ryman Hospitality Properties (RHP), Park Hotels and Resorts (PK), MGM Resorts International (MGM), and Pebblebrook Hotel Trust (PEB).
Market Multiples Model
Market Multiples Model
** Full calculations for the Market Multiples model can be found in the attached Excel file here
Alternative Valuation Models
Alternative Valuation Models
Residual Operating Income (ROPI) Model
Residual Operating Income (ROPI) Model
** Full calculations for the Residual Operating Income (ROPI) model can be found in the attached Excel file here
Dividend Discount Model
Dividend Discount Model
** Full calculations for the Dividend Discount model can be found in the attached Excel file here
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