Please join us for an in-depth look at the upcoming Hilton (HLT) IPO with a conference call today 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 3.0x-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