HILTON IPO CALL

Please join us for an in-depth look at the upcoming Hilton (HLT) IPO with a conference call on Tuesday, December 10th at 2:00pm EST.  HLT IPO will be the largest lodging IPO and the 3rd largest IPO of the year.

 

 

OVERVIEW OF THE CALL

  • HLT stock should trade well
    • NAV supports at least a $22/share valuation
    • High end of the offer range implies an EV/EBITDA ratio in line with the comp set
    • HLT is just one of many Blackstone portfolio companies that it will look to bring public over the next 12-24 months- including LaQuinta which is likely coming in January 2014
    • Blackstone will make a hefty profit on the IPO, so there is plenty of pie to pass around
    • Once the lock-up expires, Blackstone will be back to the secondary market with more stock - they will own ~80% of the company post IPO, so they have a lot riding on the stock trading well
    • Leveraged balance sheet but plenty of FCF generation will allow HLT to get to 3.5x by the end of 2015 without counting on proceeds from asset sales

CALL DETAILS

  • Toll Free Number:
  • Direct Dial Number:
  • Conference Code: 572198#
  • Materials: CLICK HERE

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