What changed
$MAR — ADD 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $6.7B | EPS $2.72 vs $2.55 🟢 | Margin 16.0%
💡 Consensus expects travel demand to normalize and impairment charges to weigh on earnings. Our variant view is that the beat is fundamental (RevPAR + unit growth), the impairment is one-time and non-cash, and Lefay investment will unlock future premium growth, driving upward estimate revisions not yet priced in.
📉 Reward/risk: 2.07:1
🏢 Business Quality: 9/10 - Marriott is the world's largest hotel franchisor with a capital-light model, strong brand portfolio, high EBITDA margins (~45%), and a proven track record of unit growth and share buybacks.
📊 Valuation: fair — Current P/E 40.4x is near historical median (limited data shows range 40.4-40.4x) but elevated versus industry.
📊 Our read: ADD. Full analysis →
https://stockduty.xyz/s/MAR0620