Pershing Square Activist Presentation Deck
HLT Share Price Performance Since Inception
HLT's share price including dividends increased 55% in 2019 and is flat
year-to-date in 2020¹
Share price
HLT share price performance from 10/8/2018 to 2/4/2020
$120
$110
$100
$90
$80
$70
$60
2/13/19: HLT Q4 2018 earnings call.
Reports robust financial results despite
modest RevPAR growth. HLT modifies
the presentation of EPS to be more
closely aligned with economic earnings
Barr
Oct-2018
Feb-2019
10/23/19: HLT Q3 2019 earnings
call. Despite weaker RevPAR
trends HLT reports a "beat and
raise" quarter. Preliminary 2020
guidance is well received
5/1/19: HLT Q1 2019 earnings call. Reports
continued strong financial performance.
Management positively revises guidance
Jul-2019
ww
Dec-2018
May-2019
Sep-2019 Nov-2019
Note: The performance of HLT's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/4/2020
41
$111
$73*
Feb-2020View entire presentation