Intrinsic value of Marriott International - MAR

Previous Close

$115.07

  Intrinsic Value

$83.25

stock screener

  Rating & Target

sell

-28%

Previous close

$115.07

 
Intrinsic value

$83.25

 
Up/down potential

-28%

 
Rating

sell

We calculate the intrinsic value of MAR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 40.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  23,489
  24,156
  24,895
  25,704
  26,584
  27,537
  28,562
  29,662
  30,839
  32,094
  33,431
  34,850
  36,357
  37,953
  39,642
  41,428
  43,315
  45,308
  47,410
  49,627
  51,963
  54,425
  57,017
  59,747
  62,620
  65,643
  68,823
  72,169
  75,686
  79,385
Variable operating expenses, $m
  19,450
  19,952
  20,507
  21,116
  21,779
  22,495
  23,267
  24,095
  24,980
  25,925
  25,155
  26,224
  27,357
  28,558
  29,829
  31,173
  32,593
  34,092
  35,674
  37,342
  39,100
  40,953
  42,904
  44,957
  47,119
  49,394
  51,787
  54,304
  56,951
  59,734
Fixed operating expenses, $m
  1,607
  1,642
  1,678
  1,715
  1,753
  1,791
  1,831
  1,871
  1,912
  1,954
  1,997
  2,041
  2,086
  2,132
  2,179
  2,227
  2,276
  2,326
  2,377
  2,429
  2,483
  2,537
  2,593
  2,650
  2,708
  2,768
  2,829
  2,891
  2,955
  3,020
Total operating expenses, $m
  21,057
  21,594
  22,185
  22,831
  23,532
  24,286
  25,098
  25,966
  26,892
  27,879
  27,152
  28,265
  29,443
  30,690
  32,008
  33,400
  34,869
  36,418
  38,051
  39,771
  41,583
  43,490
  45,497
  47,607
  49,827
  52,162
  54,616
  57,195
  59,906
  62,754
Operating income, $m
  2,433
  2,563
  2,709
  2,873
  3,053
  3,250
  3,464
  3,696
  3,947
  4,215
  6,278
  6,586
  6,914
  7,263
  7,634
  8,028
  8,446
  8,889
  9,359
  9,855
  10,380
  10,935
  11,521
  12,139
  12,792
  13,481
  14,207
  14,973
  15,780
  16,631
EBITDA, $m
  4,574
  4,714
  4,873
  5,049
  5,243
  5,455
  5,685
  5,934
  6,203
  6,491
  6,800
  7,129
  7,481
  7,855
  8,252
  8,674
  9,122
  9,596
  10,098
  10,629
  11,191
  11,784
  12,410
  13,071
  13,769
  14,505
  15,281
  16,099
  16,961
  17,869
Interest expense (income), $m
  165
  445
  474
  506
  541
  580
  622
  667
  716
  769
  825
  885
  949
  1,017
  1,089
  1,165
  1,246
  1,331
  1,422
  1,517
  1,617
  1,723
  1,835
  1,953
  2,077
  2,207
  2,345
  2,489
  2,641
  2,801
  2,969
Earnings before tax, $m
  1,988
  2,089
  2,204
  2,332
  2,473
  2,628
  2,797
  2,980
  3,178
  3,390
  5,393
  5,637
  5,897
  6,174
  6,469
  6,782
  7,115
  7,468
  7,842
  8,238
  8,657
  9,100
  9,568
  10,063
  10,585
  11,136
  11,718
  12,332
  12,979
  13,661
Tax expense, $m
  537
  564
  595
  630
  668
  710
  755
  805
  858
  915
  1,456
  1,522
  1,592
  1,667
  1,747
  1,831
  1,921
  2,016
  2,117
  2,224
  2,337
  2,457
  2,583
  2,717
  2,858
  3,007
  3,164
  3,330
  3,504
  3,689
Net income, $m
  1,451
  1,525
  1,609
  1,702
  1,805
  1,919
  2,042
  2,176
  2,320
  2,475
  3,937
  4,115
  4,305
  4,507
  4,722
  4,951
  5,194
  5,452
  5,725
  6,014
  6,319
  6,643
  6,985
  7,346
  7,727
  8,130
  8,554
  9,002
  9,475
  9,973

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  24,468
  25,163
  25,932
  26,775
  27,692
  28,684
  29,752
  30,898
  32,124
  33,432
  34,823
  36,302
  37,871
  39,534
  41,294
  43,154
  45,120
  47,195
  49,385
  51,694
  54,128
  56,692
  59,393
  62,236
  65,229
  68,378
  71,691
  75,176
  78,840
  82,693
Adjusted assets (=assets-cash), $m
  24,468
  25,163
  25,932
  26,775
  27,692
  28,684
  29,752
  30,898
  32,124
  33,432
  34,823
  36,302
  37,871
  39,534
  41,294
  43,154
  45,120
  47,195
  49,385
  51,694
  54,128
  56,692
  59,393
  62,236
  65,229
  68,378
  71,691
  75,176
  78,840
  82,693
Revenue / Adjusted assets
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
Average production assets, $m
  10,993
  11,305
  11,651
  12,029
  12,441
  12,887
  13,367
  13,882
  14,433
  15,020
  15,645
  16,310
  17,015
  17,762
  18,552
  19,388
  20,272
  21,204
  22,188
  23,225
  24,319
  25,471
  26,684
  27,962
  29,306
  30,721
  32,209
  33,775
  35,421
  37,152
Working capital, $m
  -3,124
  -3,213
  -3,311
  -3,419
  -3,536
  -3,662
  -3,799
  -3,945
  -4,102
  -4,269
  -4,446
  -4,635
  -4,835
  -5,048
  -5,272
  -5,510
  -5,761
  -6,026
  -6,306
  -6,600
  -6,911
  -7,238
  -7,583
  -7,946
  -8,328
  -8,731
  -9,154
  -9,598
  -10,066
  -10,558
Total debt, $m
  8,772
  9,362
  10,016
  10,733
  11,512
  12,355
  13,263
  14,238
  15,280
  16,391
  17,574
  18,831
  20,165
  21,578
  23,074
  24,655
  26,326
  28,090
  29,951
  31,914
  33,983
  36,163
  38,458
  40,875
  43,419
  46,095
  48,911
  51,873
  54,988
  58,263
Total liabilities, $m
  20,798
  21,388
  22,042
  22,759
  23,538
  24,381
  25,289
  26,264
  27,306
  28,417
  29,600
  30,857
  32,191
  33,604
  35,100
  36,681
  38,352
  40,116
  41,977
  43,940
  46,009
  48,189
  50,484
  52,901
  55,445
  58,121
  60,937
  63,899
  67,014
  70,289
Total equity, $m
  3,670
  3,774
  3,890
  4,016
  4,154
  4,303
  4,463
  4,635
  4,819
  5,015
  5,224
  5,445
  5,681
  5,930
  6,194
  6,473
  6,768
  7,079
  7,408
  7,754
  8,119
  8,504
  8,909
  9,335
  9,784
  10,257
  10,754
  11,276
  11,826
  12,404
Total liabilities and equity, $m
  24,468
  25,162
  25,932
  26,775
  27,692
  28,684
  29,752
  30,899
  32,125
  33,432
  34,824
  36,302
  37,872
  39,534
  41,294
  43,154
  45,120
  47,195
  49,385
  51,694
  54,128
  56,693
  59,393
  62,236
  65,229
  68,378
  71,691
  75,175
  78,840
  82,693
Debt-to-equity ratio
  2.390
  2.480
  2.570
  2.670
  2.770
  2.870
  2.970
  3.070
  3.170
  3.270
  3.360
  3.460
  3.550
  3.640
  3.730
  3.810
  3.890
  3.970
  4.040
  4.120
  4.190
  4.250
  4.320
  4.380
  4.440
  4.490
  4.550
  4.600
  4.650
  4.700
Adjusted equity ratio
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,451
  1,525
  1,609
  1,702
  1,805
  1,919
  2,042
  2,176
  2,320
  2,475
  3,937
  4,115
  4,305
  4,507
  4,722
  4,951
  5,194
  5,452
  5,725
  6,014
  6,319
  6,643
  6,985
  7,346
  7,727
  8,130
  8,554
  9,002
  9,475
  9,973
Depreciation, amort., depletion, $m
  2,142
  2,152
  2,163
  2,176
  2,190
  2,205
  2,221
  2,238
  2,256
  2,276
  522
  544
  567
  592
  618
  646
  676
  707
  740
  774
  811
  849
  889
  932
  977
  1,024
  1,074
  1,126
  1,181
  1,238
Funds from operations, $m
  3,593
  3,677
  3,772
  3,878
  3,995
  4,123
  4,263
  4,413
  4,576
  4,751
  4,458
  4,658
  4,872
  5,099
  5,341
  5,597
  5,870
  6,158
  6,464
  6,788
  7,130
  7,492
  7,874
  8,278
  8,704
  9,154
  9,628
  10,128
  10,655
  11,211
Change in working capital, $m
  -79
  -89
  -98
  -108
  -117
  -127
  -136
  -146
  -156
  -167
  -178
  -189
  -200
  -212
  -225
  -238
  -251
  -265
  -280
  -295
  -311
  -327
  -345
  -363
  -382
  -402
  -423
  -445
  -468
  -492
Cash from operations, $m
  3,672
  3,766
  3,870
  3,986
  4,112
  4,250
  4,399
  4,560
  4,732
  4,918
  4,636
  4,847
  5,072
  5,311
  5,565
  5,835
  6,121
  6,423
  6,744
  7,083
  7,441
  7,819
  8,219
  8,641
  9,086
  9,556
  10,051
  10,573
  11,123
  11,703
Maintenance CAPEX, $m
  -357
  -366
  -377
  -388
  -401
  -415
  -430
  -446
  -463
  -481
  -501
  -522
  -544
  -567
  -592
  -618
  -646
  -676
  -707
  -740
  -774
  -811
  -849
  -889
  -932
  -977
  -1,024
  -1,074
  -1,126
  -1,181
New CAPEX, $m
  -274
  -312
  -345
  -379
  -412
  -446
  -480
  -515
  -551
  -587
  -625
  -664
  -705
  -747
  -791
  -836
  -883
  -932
  -984
  -1,037
  -1,093
  -1,152
  -1,213
  -1,277
  -1,345
  -1,415
  -1,488
  -1,566
  -1,646
  -1,731
Cash from investing activities, $m
  -631
  -678
  -722
  -767
  -813
  -861
  -910
  -961
  -1,014
  -1,068
  -1,126
  -1,186
  -1,249
  -1,314
  -1,383
  -1,454
  -1,529
  -1,608
  -1,691
  -1,777
  -1,867
  -1,963
  -2,062
  -2,166
  -2,277
  -2,392
  -2,512
  -2,640
  -2,772
  -2,912
Free cash flow, $m
  3,040
  3,087
  3,148
  3,219
  3,299
  3,390
  3,489
  3,599
  3,719
  3,849
  3,510
  3,661
  3,823
  3,997
  4,183
  4,381
  4,591
  4,815
  5,053
  5,305
  5,573
  5,857
  6,157
  6,474
  6,809
  7,164
  7,538
  7,934
  8,351
  8,791
Issuance/(repayment) of debt, $m
  534
  591
  654
  716
  780
  843
  908
  974
  1,042
  1,111
  1,183
  1,257
  1,334
  1,413
  1,496
  1,582
  1,671
  1,764
  1,861
  1,963
  2,069
  2,180
  2,296
  2,417
  2,544
  2,677
  2,816
  2,962
  3,115
  3,275
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  534
  591
  654
  716
  780
  843
  908
  974
  1,042
  1,111
  1,183
  1,257
  1,334
  1,413
  1,496
  1,582
  1,671
  1,764
  1,861
  1,963
  2,069
  2,180
  2,296
  2,417
  2,544
  2,677
  2,816
  2,962
  3,115
  3,275
Total cash flow (excl. dividends), $m
  3,574
  3,678
  3,802
  3,935
  4,079
  4,233
  4,398
  4,573
  4,761
  4,960
  4,693
  4,918
  5,157
  5,410
  5,678
  5,962
  6,262
  6,579
  6,914
  7,268
  7,642
  8,036
  8,452
  8,891
  9,353
  9,841
  10,354
  10,896
  11,466
  12,066
Retained Cash Flow (-), $m
  -88
  -104
  -115
  -126
  -138
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -235
  -249
  -264
  -279
  -295
  -311
  -328
  -346
  -365
  -385
  -405
  -426
  -449
  -472
  -497
  -523
  -550
  -578
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  3,486
  3,573
  3,686
  3,809
  3,941
  4,084
  4,237
  4,402
  4,577
  4,764
  4,484
  4,696
  4,922
  5,161
  5,414
  5,683
  5,967
  6,268
  6,586
  6,922
  7,277
  7,651
  8,047
  8,464
  8,904
  9,368
  9,857
  10,373
  10,916
  11,489
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  3,222
  3,029
  2,843
  2,650
  2,451
  2,248
  2,042
  1,837
  1,635
  1,439
  1,129
  972
  825
  690
  567
  458
  363
  282
  215
  160
  117
  83
  57
  39
  25
  16
  10
  6
  3
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Marriott International, Inc. (Marriott International) is a lodging company. Marriott International operates in three business segments: North American Full-Service, North American Limited-Service and International. Its North American Full-Service segment includes its Luxury and Premium brands (JW Marriott, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Le Meridien, Autograph Collection Hotels, Delta Hotels, Gaylord Hotels, and Tribute Portfolio) located in the United States and Canada. Its North American Limited-Service segment includes Select brands (Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, Element Hotels and Moxy Hotels) located in the United States and Canada. Its International segment includes JW Marriott, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Four Points, Aloft Hotels, AC Hotels by Marriott, Protea Hotels, Element Hotels, and Moxy Hotels located outside the United States and Canada.

FINANCIAL RATIOS  of  Marriott International (MAR)

Valuation Ratios
P/E Ratio 57
Price to Sales 2.6
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 28.1
Price to Free Cash Flow 32.1
Growth Rates
Sales Growth Rate 17.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.8%
Cap. Spend. - 3 Yr. Gr. Rate -7.6%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 153%
Total Debt to Equity 158.8%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 10.7%
Return On Total Capital 10.8%
Ret/ On T. Cap. - 3 Yr. Avg. 46.2%
Return On Equity 88.3%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 15.4%
Gross Margin - 3 Yr. Avg. 14.8%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 9.6%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 47.9%

MAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MAR stock intrinsic value calculation we used $22894 million for the last fiscal year's total revenue generated by Marriott International. The default revenue input number comes from 0001 income statement of Marriott International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MAR stock valuation model: a) initial revenue growth rate of 2.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.2%, whose default value for MAR is calculated based on our internal credit rating of Marriott International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Marriott International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MAR stock the variable cost ratio is equal to 83%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1572 million in the base year in the intrinsic value calculation for MAR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Marriott International.

Corporate tax rate of 27% is the nominal tax rate for Marriott International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MAR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MAR are equal to 46.8%.

Life of production assets of 66.8 years is the average useful life of capital assets used in Marriott International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MAR is equal to -13.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3582 million for Marriott International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 353.355 million for Marriott International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Marriott International at the current share price and the inputted number of shares is $40.7 billion.

RELATED COMPANIES Price Int.Val. Rating
H Hyatt Hotels 68.44 36.00  str.sell
HLT Hilton Worldwi 70.19 85.01  hold
CHH Choice Hotels 77.44 27.39  str.sell
IHG InterContinent 52.69 165.95  str.buy

COMPANY NEWS

▶ Bojangles Kisses the Public Markets Goodbye   [Nov-12-18 11:15AM  Motley Fool]
▶ Marriott International Declares Quarterly Cash Dividend   [Nov-08-18 01:06PM  PR Newswire]
▶ [$$] Marriott Sees Weaker Demand in North America   [07:28PM  The Wall Street Journal]
▶ [$$] Marriott Sees Weaker Demand in North America   [06:53PM  The Wall Street Journal]
▶ 3 Stocks Move Tuesday on Financial Results   [03:44PM  GuruFocus.com]
▶ Host Hotels to renovate 17 properties with Marriotts help   [03:05PM  American City Business Journals]
▶ Marriott Sees Growth Slowing in 2019   [09:51AM  Motley Fool]
▶ Marriott Int Earnings beat, Revenue misses In Q3   [Nov-05-18 07:04PM  Investing.com]
▶ Marriott: 3Q Earnings Snapshot   [04:46PM  Associated Press]
▶ Marriott's revenue slips   [04:42PM  Reuters]
▶ Don't Check Into Marriott Ahead of Earnings   [09:31AM  TheStreet.com]
▶ Host strikes deal with Marriott to renovate five flagships   [03:05PM  American City Business Journals]
▶ Developer stamps presence in HQ hub with $71M Marriott purchase   [08:10AM  American City Business Journals]
▶ RENDERINGS: Luxury hotel flag confirmed for uptown Charlotte site   [Oct-31-18 12:26PM  American City Business Journals]
▶ Hyatt Hotels ranks high in new TripAdvisor hotel chain survey   [Oct-24-18 03:51PM  American City Business Journals]
▶ Why Cambria Hotel Chicago Magnificent Mile workers are still striking   [02:18PM  American City Business Journals]
▶ Dominant hotelier strikes deal for big Marriott   [03:42PM  American City Business Journals]
▶ Hotel strike is dealing a blow to Marriott's Bay Area business   [Oct-18-18 05:22PM  American City Business Journals]
▶ PHOTOS: Peek inside The Ballantynes multimillion-dollar makeover   [Oct-17-18 03:03PM  American City Business Journals]
▶ Cambria Chicago Magnificent Mile lone holdout in hotel workers strike   [01:33PM  American City Business Journals]
▶ No negotiations planned as Marriott hotel worker strike continues   [Oct-16-18 05:41PM  American City Business Journals]
▶ New hotel debuts in Times Square   [02:20PM  American City Business Journals]
▶ Downtown Dayton's first new hotel in decades opens   [Oct-11-18 10:47AM  American City Business Journals]
▶ Pair of new hotels planned near Disney's Flamingo Crossings development   [10:29AM  American City Business Journals]
▶ Hyatt snaps up well-known S.F. hotel brand as part of $600 million deal   [Oct-09-18 11:08PM  American City Business Journals]
▶ Hyatt Hotels acquires Denver-area hospitality company in potential $600M deal   [Oct-08-18 03:40PM  American City Business Journals]
▶ New York City developer pursues 15-story Gulch hotel   [12:14PM  American City Business Journals]
▶ Another 200 Oakland hotel workers join San Francisco Marriott strike   [Oct-05-18 03:10PM  American City Business Journals]
▶ 'Under the radar' hotel group consolidates, buys Triad office condo   [07:42AM  American City Business Journals]
▶ Thousands of San Francisco hotel workers join strike   [Oct-04-18 05:16PM  Associated Press]
▶ Hyatt Hotels settles with striking Chicago workers   [04:57PM  American City Business Journals]
▶ Full-service Marriott opens in Springwoods Villages CityPlace mixed-use district   [Oct-03-18 01:22PM  American City Business Journals]
▶ Mic Drop: W Hotels Launches Music Label   [Oct-02-18 02:16PM  PR Newswire]
▶ Hilton Hotels settles with striking Chicago hotel workers   [Oct-01-18 01:53PM  American City Business Journals]

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