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Strategic
decisions & Working Capital (WC)
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Investment
decisions |
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Modes of diversification
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Inter-Organizational relationships
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Others : |
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Long-Term
Financial decisions |
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Investment
analysis and decision |
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.
valuation
of HOSPITALITY INDUSTRY CHAINS
MARRIOTT INTERNATIONAL INC.
Balance
sheet of MARRIOTT (million $)
at book value
| |
End 2010 |
| Working Capital |
881 |
| Fixed Asset |
5601 |
| Net Asset |
6482 |
| Equity |
1585 |
| Long Term Debts |
4897 |
| Total Liabilities
& Owner's Equity |
6482 |
Source : http://finance.yahoo.com/q?s=mar |
Market
value of MARRIOTT
Method
based on market capitalization
(million $ )
| |
End 2010 |
| Working Capital |
881 |
| Fixed Asset |
5601 |
| Market Value Added (MVA) |
12574 |
| Market Value of the Company |
19056 |
| Equity : P. N = $ 39.40 x 359,37 million shares |
14159 |
| LT Debts |
4897 |
| Market Value of financing |
19056 |
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STARWOOD HOTEL
& RESORTS WORLDWIDE
Balance
sheet of Starwood Hotels & Resorts
Worldwide (million$)
Book
value |
End 2010 |
| Working Capital |
145 |
| Fixes Asset |
7470 |
| Net Asset |
7615 |
| Equity |
2471 |
| Long Term Debts |
5144 |
| Total Liabilities
& Owner's Equity |
7615 |
Source : http://finance.yahoo.com/q?s=HOT
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Market Value of STARWOOD
Method based on market capitalization (million $ )
| |
End 2010 |
| Working Capital |
145 |
| Fixed Asset |
7470 |
| Market Value Added (MVA) |
8557 |
| Market Value of the Company |
16172 |
| Equity : P. N = $ 58.97 x 187 million shares |
11028 |
| LT Debts |
5144 |
| Market Value of financing |
16172 |
Source http://finance.yahoo.com/q?s=HOT
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Corporate Finance Course, Bernard Jaquier, Professor of Economics & Finance, Ecole Hôtelière de Lausanne, 2011
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