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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 2009 |
| Working Capital |
564 |
| Fixed Asset |
5082 |
| Net Asset |
5646 |
| Equity |
1142 |
| Long Term Debts |
4504 |
| Total Liabilities
& Owner's Equity |
5646 |
Source : http://finance.yahoo.com/q?s=mar |
Market
value of MARRIOTT
Method
based on market capitalization
(million $ )
| |
End 2009 |
| Working Capital |
564 |
| Fixed Asset |
5082 |
| Market Value Added (MVA) |
8613 |
| Market Value of the Company |
14259 |
| Equity : P. N = $ 19,35 x 352,09 million shares |
9755 |
| LT Debts |
4504 |
| Market Value of financing |
14259 |
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STARWOOD HOTEL
& RESORTS WORLDWIDE
Balance
sheet of Starwood Hotels & Resorts
Worldwide (million$)
Book
value |
End 2009 |
| Working Capital |
- 536 |
| Fixes Asset |
7270 |
| Net Asset |
6734 |
| Equity |
1824 |
| Long Term Debts |
4910 |
| Total Liabilities
& Owner's Equity |
6734 |
Source : http://finance.yahoo.com/q?s=HOT
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Market Value of STARWOOD
Method based on market capitalization (million $ )
| |
End 2009 |
| Working Capital |
-536 |
| Fixed Asset |
7270 |
| Market Value Added (MVA) |
5008 |
| Market Value of the Company |
11742 |
| Equity : P. N = $ 17.9 x 186.66 million shares |
6832 |
| LT Debts |
4910 |
| Market Value of financing |
11742 |
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, 2010
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