InterContinental Hotels Group PLC

IHG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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InterContinental Earnings: Traveler and Owner Demand for Its Brands Remains Strong; Shares Rich

Dan Wasiolek

Feb 18, 2025

InterContinental Hotels Group reported solid fourth-quarter revenue per available room growth of 4.6% and unit growth of 4.3%, which we think illustrates that its wide-moat brand continues to resonate with travelers and owners. We don’t plan to meaningfully change our $111/GBX 9,050 fair value estimate. Currently trading at 18 times forward enterprise value/EBITDA versus 13 times before the pandemic, the shares look overvalued to us.

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InterContinental Hotels Group PLC

InterContinental Earnings: Traveler and Owner Demand for Its Brands Remains Strong; Shares Rich

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