COVERAGE
Independent Research
Assetreal conducts independent research into how businesses create, sustain and lose economic value. We critically examine conventional assumptions about growth, competitive advantage and capital requirements, reconstruct the underlying business economics, and evaluate the consequences when those assumptions do not hold.
Valuation serves as an analytical tool for understanding these economic consequences, rather than as an exercise in predicting share prices.
Research Briefs distil this work into focused client-facing publications. Each Brief is supported by more extensive proprietary research, analytical models and evidence maintained within Assetreal’s research infrastructure. Our publications also demonstrate the analytical methods, specialist knowledge and independent judgement we bring to commissioned research and strategic advisory engagements.
Research Briefs are available under licence.
Choice Hotels: Does Its Franchise Network Generate Meaningful Excess Returns?
NYSE: CHH · Travel & Leisure · Hotel Franchising
Choice Hotels operates an extensive asset-light hotel franchise network. Assetreal examines the economic resources required to maintain and renew that network — and why franchise scale should not be confused with durable excess economic returns.
Booking Holdings: How Much Return Duration Does the Current Valuation Require?
NASDAQ: BKNG · Travel & Leisure · Online Travel
Booking Holdings generates economic returns materially above its estimated cost of capital. Assetreal examines how much persistence in those superior economics is actually required by the current valuation — and why valuation sufficiency should not be confused with competitive durability.
Expedia Group: Can International Growth Extend Return Durability?
NASDAQ: EXPE · Travel & Leisure · Online Travel
Expedia Group is investing for growth beyond its core North American position while accepting different economics across markets and channels. Assetreal examines whether these investments can strengthen long-term return durability and what the current valuation requires from that strategy.