Financials Host Hotels & Resorts, Inc.

Equities

HST

US44107P1049

Specialized REITs

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-13 pm EDT			5-day change	1st Jan Change
18.45 ^USD	+0.60%		-1.70%	-5.24%

May. 08	Wedbush Adjusts Price Target on Host Hotels & Resorts to $22 From $23	MT
May. 03	Deutsche Bank Adjusts Price Target on Host Hotels & Resorts to $24 From $25, Buy Rating Kept	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,304	10,319	12,417	11,476	13,735	13,015	-	-
Enterprise Value (EV) ¹	15,525	13,525	16,501	15,024	16,800	16,497	16,034	15,560
P/E ratio	14.7 x	-14.1 x	-870 x	18.2 x	18.7 x	17 x	15.5 x	14.5 x
Yield	4.58%	1.37%	-	2.06%	3.34%	4.33%	4.71%	4.62%
Capitalization / Revenue	2.43 x	6.37 x	4.3 x	2.34 x	2.59 x	2.31 x	2.24 x	2.17 x
EV / Revenue	2.84 x	8.35 x	5.71 x	3.06 x	3.16 x	2.93 x	2.76 x	2.59 x
EV / EBITDA	10.1 x	-80.5 x	31 x	10 x	10.3 x	9.96 x	9.51 x	8.94 x
EV / FCF	22.4 x	-16.8 x	-122 x	16.5 x	21.1 x	21.9 x	16.9 x	14.9 x
FCF Yield	4.46%	-5.96%	-0.82%	6.07%	4.73%	4.56%	5.9%	6.71%
Price to Book	1.81 x	1.63 x	1.95 x	1.71 x	2.07 x	1.95 x	1.91 x	1.87 x
Nbr of stocks (in thousands)	717,178	705,330	714,035	715,028	705,437	705,044	-	-
Reference price ²	18.55	14.63	17.39	16.05	19.47	18.46	18.46	18.46
Announcement Date	2/19/20	2/18/21	2/16/22	2/15/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,469	1,620	2,890	4,907	5,311	5,631	5,808	6,004
EBITDA ¹	1,534	-168	532	1,498	1,629	1,656	1,686	1,741
EBIT ¹	799	-953	-250	775	827	864.1	958.3	1,054
Operating Margin	14.61%	-58.83%	-8.65%	15.79%	15.57%	15.35%	16.5%	17.55%
Earnings before Tax (EBT) ¹	962	-961	-102	669	788	757.1	823.2	899.6
Net income ¹	920	-732	-11	633	740	739.9	780.7	862.3
Net margin	16.82%	-45.19%	-0.38%	12.9%	13.93%	13.14%	13.44%	14.36%
EPS ²	1.260	-1.040	-0.0200	0.8800	1.040	1.088	1.195	1.270
Free Cash Flow ¹	692	-806	-135	912	795	752.5	946	1,044
FCF margin	12.65%	-49.75%	-4.67%	18.59%	14.97%	13.36%	16.29%	17.4%
FCF Conversion (EBITDA)	45.11%	-	-	60.88%	48.8%	45.44%	56.12%	59.99%
FCF Conversion (Net income)	75.22%	-	-	144.08%	107.43%	101.7%	121.17%	121.13%
Dividend per Share ²	0.8500	0.2000	-	0.3300	0.6500	0.8000	0.8690	0.8525
Announcement Date	2/19/20	2/18/21	2/16/22	2/15/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	998	1,074	1,381	1,189	1,263	1,381	1,393	1,214	1,323	1,471	1,467	1,309	1,389	1,505	1,536
EBITDA ¹	242	306	500	328	364	444	446	361	378	483	458.9	337.8	387.2	467.6	480.2
EBIT ¹	79	122	327	148	177	248	249	157	173	291	269.1	136.5	188	292.6	318.5
Operating Margin	7.92%	11.36%	23.68%	12.45%	14.01%	17.96%	17.88%	12.93%	13.08%	19.78%	18.34%	10.43%	13.54%	19.45%	20.73%
Earnings before Tax (EBT) ¹	313	102	299	122	146	289	228	128	143	270	238.6	99.1	150.6	290.8	301.8
Net income ¹	320	116	256	114	147	287	210	111	132	268	233.9	111.4	167.8	265.1	276.2
Net margin	32.06%	10.8%	18.54%	9.59%	11.64%	20.78%	15.08%	9.14%	9.98%	18.22%	15.94%	8.51%	12.08%	17.62%	17.98%
EPS ²	0.4500	0.1600	0.3600	0.1600	0.2000	0.4000	0.2900	0.1600	0.1900	0.3800	0.3476	0.1841	0.2628	0.4600	0.4550
Dividend per Share ²	-	0.0300	0.0600	0.1200	0.1200	0.1200	0.1500	0.1800	0.2000	0.2000	0.2000	0.2029	0.2000	0.2025	0.2025
Announcement Date	2/16/22	5/4/22	8/3/22	11/2/22	2/15/23	5/3/23	8/2/23	11/1/23	2/21/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,221	3,206	4,084	3,548	3,065	3,482	3,019	2,545
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.448 x	-19.08 x	7.677 x	2.368 x	1.882 x	2.103 x	1.791 x	1.462 x
Free Cash Flow ¹	692	-806	-135	912	795	753	946	1,045
ROE (net income / shareholders' equity)	13.2%	-10.7%	-0.17%	9.63%	11.1%	10.3%	11.3%	13.3%
ROA (Net income/ Total Assets)	8.01%	-5.81%	-0.09%	5.14%	6.04%	6.2%	7.37%	10.2%
Assets ¹	11,486	12,597	12,615	12,310	12,256	11,937	10,595	8,454
Book Value Per Share ²	10.30	8.950	8.930	9.410	9.430	9.490	9.660	9.850
Cash Flow per Share ²	1.710	-0.4300	0.4100	1.970	2.020	1.720	2.040	2.430
Capex ¹	558	499	427	504	646	569	597	658
Capex / Sales	10.2%	30.8%	14.78%	10.27%	12.16%	10.1%	10.28%	10.95%
Announcement Date	2/19/20	2/18/21	2/16/22	2/15/23	2/21/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Host Hotels & Resorts, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

18.46 USD

Average target price

22.8 USD

Spread / Average Target

+23.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitality REITs

	1st Jan change	Capi.
HOST HOTELS & RESORTS, INC.	-5.24%	12.93B
VICI PROPERTIES, INC.	-7.12%	30.77B
GAMING AND LEISURE PROPERTIES, INC.	-9.79%	12.02B
APPLE HOSPITALITY REIT, INC.	-10.36%	3.6B
PARK HOTELS & RESORTS INC.	+3.53%	3.32B
CAPITALAND ASCOTT TRUST	-9.09%	2.54B
JAPAN HOTEL REIT INVESTMENT CORPORATION	+22.54%	2.5B
COVIVIO HOTELS	-8.54%	2.39B
SUNSTONE HOTEL INVESTORS, INC.	-4.66%	2.09B
DIAMONDROCK HOSPITALITY COMPANY	-9.80%	1.79B

Hospitality REITs