Professional Documents
Culture Documents
Marriot
Hoteles
Servicios contratados
Restaurantes
% deuda en
capital
60%
74%
40%
42%
50%
60%
75%
Tipo
30
10
1
8.95%
8.72%
6.90%
Spread vs
gobierno
1.30%
1.10%
1.40%
1.80%
Historia financiera de Marriot Corporation (en millones de dlares, excepto las cantidades por accin)
1978
Resumen de operaciones
Ventas
EBIT
1,174.1
107.1
EBIT Margin
Gastos financieros
B antes impuestos
Impuestos
% tax
B operaciones en curso (a)
B NETO
Fondos aportados por operaciones en curso (b)
Capitalizacin y Rentabilidad
Activo Total
Capital Total
Deuda a largo plazo
% de capital total
Recursos Propios
9.1%
23.7
83.4
35.4
42.4%
1979
1,426.0
133.5
9.4%
27.8
105.7
43.8
41.4%
1980
1,633.9
150.3
9.2%
46.8
103.5
40.6
39.2%
1981
1,905.7
173.3
9.1%
52.0
121.3
45.2
37.3%
48.0
54.3
101.2
61.9
71.0
117.5
62.9
72.0
125.8
76.1
86.1
160.8
1,000.3
826.9
309.9
37.5%
418.7
1,080.4
891.9
365.3
41.0%
413.5
1,214.3
977.7
536.6
54.9%
311.5
1,454.9
1,167.5
607.7
52.1%
421.7
71.8
133.7
50.2
37.5%
1983
2,950.5
247.9
8.4%
62.8
185.1
76.7
41.4%
1984
3,524.9
297.7
8.4%
61.6
236.1
100.8
42.7%
1985
4,241.7
371.3
8.8%
75.6
295.7
128.3
43.4%
1986
5,266.5
420.5
8.0%
60.3
360.2
168.5
46.8%
1987
6,522.2
489.4
7.5%
90.5
398.9
175.9
44.1%
83.5
94.3
203.6
108.4
115.2
272.7
135.3
139.8
322.5
167.4
167.4
372.3
191.7
191.7
430.3
223.0
223.0
472.8
2,062.6
1,634.5
889.3
54.4%
516.0
2,501.4
2,007.5
1,071.6
53.4%
628.2
2,904.7
2,330.7
1,115.3
47.9%
675.6
3,663.8
2,861.4
1,192.3
41.7%
848.5
4,579.3
3,561.8
1,662.8
46.7%
991.0
5,370.5
4,247.8
2,498.8
58.8%
810.8
0.629
0.710
0.06
3.89
11.70
132.8
20.00
18.3%
0.807
0.857
0.08
4.67
14.25
134.4
20.00
18.3%
1.050
1.085
0.09
5.25
14.70
128.8
22.10
20.7%
1.278
1.278
0.11
6.48
21.58
131.0
22.10
19.7%
1.468
1.468
0.14
7.59
29.75
130.6
20.60
19.3%
1.877
1.877
0.17
6.82
30.00
118.8
22.20
27.5%
curso ms amortizacin, impuestos diferidos y otros conceptos que no afectan actualmente el fondo de maniobra (WK)
1983
1984
1985
1986
1091.7
132.6
909.7
22.7
371.5
1320.5
139.7
1264.6
27.4
377.2
1640.8
161.2
1786.3
31.3
366.4
1898.4
185.8
2108.9
32.4
808.3
2333.1
215.7
2236.7
37.1
966.6
819.8
51
373.3
22.9
127.7
950.6
71.1
391.6
26.1
43.8
111.3
86.8
403.9
28.9
55.6
1586.3
118.6
624.4
40.2
125.9
2236.7
154.9
1070.2
61.1
448.7
547.4
48.5
452.2
25.1
199.6
679.4
63.8
483
31.8
65
707
79.7
496.7
35.5
72.3
757
78.2
582.6
34.8
128.4
797.3
79.1
562.3
38.1
64
Hostelera
Ventas
B explotacin
Activos identificables
Amortizaciones
Inversiones
Servicios Contratados
Ventas
B explotacin
Activos identificables
Amortizaciones
Inversiones en inmovilizado
Restaurantes
Ventas
B explotacin
Activos identificables
Amortizaciones
Inversiones en inmovilizado
lones dlares)
1987
2673.3
263.9
2777.4
43.9
1241.9
2969
170.6
1237.7
75.3
112.7
879.9
82.4
567.6
42.1
79.6
Rentabilidad anual del perodo de tenencia para valores e ndices de mercado seleccionados, 192
Media
Aritmtica
Desviacin
Estandar
3.54%
1.01%
3.67%
7.80%
10.32%
6.16%
5.46%
0.94%
0.40%
0.56%
0.83%
0.75%
0.19%
0.22%
4.58%
4.14%
2.39%
1.95%
17.85%
24.44%
-2.69%
7.58%
4.17%
6.45%
11.15%
14.26%
17.30%
10.28%
5.24%
4.82%
3.05%
2.70%
18.96%
19.85%
-0.27%
6.97%
3.45%
6.04%
10.87%
14.17%
8.19%
9.64%
12.01%
10.90%
11.87%
14.81%
15.49%
18.47%
5.23%
20.55%
27.18%
13.57%
14.60%
13.92%
17.94%
30.50%
Aos
Letras del tesoro (T bills) a Corto Plazo (CP)
1926-1987
1926-1950
1951-1975
1976-1980
1981-1985
1986
1987
Rtb bonos estado (EEUU) a LP
1926-1987
1926-1950
1951-1975
1976-1980
1981-1985
1986
1987
Rtb de bonos de Alta calidad a LP
1926-1987
1926-1950
1951-1975
1976-1980
1981-1985
1986
1987
Rtb del S&P 500
1926-1987
1926-1950
1951-1975
1976-1980
1981-1985
1986
1987
1926-1987
1926-1950
1951-1975
1976-1980
1981-1985
1986
1987
8.47%
9.89%
8.20%
7.01%
5.17%
12.31%
-0.23%
20.60%
27.18%
13.71%
14.60%
14.15%
17.92%
30.61%
7.43%
6.76%
9.48%
12.86%
-2.36%
-5.97%
7.92%
20.78%
26.94%
14.35%
15.58%
13.70%
14.76%
35.35%
6.77%
6.08%
8.82%
12.11%
-3.47%
-1.38%
5.50%
20.31%
26.70%
13.15%
15.84%
13.59%
14.72%
34.06%
No colgar!!!!
Historia financiera de Marriot Corporation (en millones de dlares, excepto las cantidades por accin)
1978
Resumen de operaciones
Ventas
EBIT
1,174.1
107.1
EBIT Margin
Gastos financieros
B antes impuestos
Impuestos
% tax
B operaciones en curso (a)
B NETO
Fondos aportados por operaciones en curso (b)
Capitalizacin y Rentabilidad
Activo Total (Total Assets)
Capital Total (Total capital)
Deuda a largo plazo (LT Debt)
% de capital total (LT debt/total capital)
Recursos Propios (shareholders equity)
Pasivo circulante (Current liabilities)
Total liabilities
9.1%
23.7
83.4
35.4
42.4%
1979
1,426.0
133.5
9.4%
27.8
105.7
43.8
41.4%
1980
1,633.9
150.3
9.2%
46.8
103.5
40.6
39.2%
1981
1,905.7
173.3
9.1%
52.0
121.3
45.2
37.3%
48.0
54.3
101.2
61.9
71.0
117.5
62.9
72.0
125.8
76.1
86.1
160.8
1,000.3
826.9
309.9
37.5%
418.7
173.4
1,000.3
1,080.4
891.9
365.3
41.0%
413.5
188.5
1,080.4
1,214.3
977.7
536.6
54.9%
311.5
236.6
1,214.3
1,454.9
1,167.5
607.7
52.1%
421.7
287.4
1,454.9
71.8
133.7
50.2
37.5%
1983
2,950.5
247.9
8.4%
62.8
185.1
76.7
41.4%
1984
3,524.9
297.7
8.4%
61.6
236.1
100.8
42.7%
1985
4,241.7
371.3
8.8%
75.6
295.7
128.3
43.4%
1986
5,266.5
420.5
8.0%
60.3
360.2
168.5
46.8%
1987
6,522.2
489.4
7.5%
90.5
398.9
175.9
44.1%
83.5
94.3
203.6
108.4
115.2
272.7
135.3
139.8
322.5
167.4
167.4
372.3
191.7
191.7
430.3
223.0
223.0
472.8
2,062.6
1,634.5
889.3
54.4%
516.0
428.1
2,062.6
2,501.4
2,007.5
1,071.6
53.4%
628.2
493.9
2,501.4
2,904.7
2,330.7
1,115.3
47.9%
675.6
574.0
2,904.7
3,663.8
2,861.4
1,192.3
41.7%
848.5
802.4
3,663.8
4,579.3
3,561.8
1,662.8
46.7%
991.0
1,017.5
4,579.3
5,370.5
4,247.8
2,498.8
58.8%
810.8
1,122.7
5,370.5
0.629
0.710
0.06
3.89
11.70
132.8
0.807
0.857
0.08
4.67
14.25
134.4
1.050
1.085
0.09
5.25
14.70
128.8
1.278
1.278
0.11
6.48
21.58
131.0
1.468
1.468
0.14
7.59
29.75
130.6
1.877
1.877
0.17
6.82
30.00
118.8
20.00
18.3%
20.00
18.3%
22.10
20.7%
22.10
19.7%
20.60
19.3%
22.20%
27.5%
curso ms amortizacin, impuestos diferidos y otros conceptos que no afectan actualmente el fondo de mnaiobra (WK)
less current liabilities)
Marriot Corporation
Hoteles
Hilton Hotels Corp
Holiday Corp
La Quinta Motor INNS
Ramada Inns, INC
Restaurantes
Churchs Fried Chicken
Collins Foods International
Frischs Restaurants
Lubys Cafeterias
Mc Donalds
Wendys International
Rentabilidad
Rentabilidad
media aritmtica
media
(a)
geomtrica (a)
10.57%
10.01%
Beta recursos
Propios (b)
0.97
17.16%
32.89%
-5.19%
10.57%
14.54%
28.49%
-10.14%
-0.10%
0.88
1.46
0.38
0.95
1.79%
24.32%
45.83%
15.50%
23.93%
7.76%
-0.64%
19.69%
51.66%
12.01%
22.72%
-0.39%
0.75
0.6
0.13
0.64
1
1.08
cin comparables
Porcentaje
apalancamiento,
mercado
41
Ingresos en
1987 (miles de
millones
dlares)
6.52
14
79
69
65
0.77
1.66
0.17
0.75
4
10
6
1
23
21
0.39
0.57
0.14
0.23
4.89
1.05
Utilizando exclusivamente los datos de Informacin sobre empresas hoteleras y restauracin comparables.
EL COSTE DE LOS RECURSOS PROPIOS
Apalancar y desapalancar betas
Beta Apalancada
0.97
0.3317
D
41%
31%
E
59%
69%
1 Calculo de la beta desapalancada
B apalancada= B desapalancada*(1+(D/E))
B despalancada=Beta apalancada/(1+(D/E))
B desapalancada=
0.5723
0.228873
0.3565
47%
1.079811321
0.67264151
8.95%
3.64%
7.43%
4.36%
16.973%
6.573%
debt
spread vs Gobierno
60%
3.33%
3.64%
6.97%
47%
Risk Premium
Spread entre rtb S&P500 vs Tresury 30 years
Cost of equity for Marriot
re=risk free rate+beta*risk premium
COSTE DE LA DEUDA
Target K estructure
Debt Cost
Gobierno Int Rate 30 Y
Coste deuda Marriot
WACC
Tax rate (tasa impositiva)
WACC=(1-tax)*r(D)*(D/V)+r*(E/V)
WACC
60%
1.30%
8.95%
10.25%
44.1%
33%
10.23%
5.43%
6.97%
3.33%
Plase Note, we are taking here %D and %E, not the amounts, for the formula
From the Powerpoint formulas:
Ba=(E/V)*B levered
1.44927536
0.48072464
flujo
precio
acciones emitidad
%E+%D =100%=1
%E=1-%D
as statated in the Powerpoint
As used in the Excel cell 19
150
175
12
60
12.5
Hilton
0.88
14%
0.77
Holiday Corp
1.46
79%
1.66
0.17395
B desapalancada=
0.76
0.15193
0.31
74%
1.56
abril
8.95%
Risk Premium
Spread entre rtb S&P500 vs Tresury 30 years
7.43%
20.56%
COSTE DE LA DEUDA
Tipo bono a 30 aos
diferencial hoteles
debt rate lodging
8.95%
1.10%
10.05%
WACC
tax
44%
WACC=(1-tax)*r(D)*(D/V)+r*(E/V)
WACC
9.50%
La Quinta
0.38
69%
0.17
0.00598
0.12
Ramada Inns
0.95
65%
0.75
total
3.35
0.07444
0.33
Church
0.75
4.0%
0.39
Collins
0.6
10%
0.57
Frischs
0.13
6%
0.14
0.72
0.54
0.1222
42%
1.290
abril
8.72%
Risk Premium
Spread entre rtb S&P500 vs Tresury 30 years
Cost of equity for restaurants
re=risk free rate+beta*risk premium
7.43%
18.30%
COSTE DE LA DEUDA
tipo bono 10 aos
8.72%
diferencial restaurantes
1.80%
debt rate restaurantes
10.52%
* Se utiliza el tipo de inters de gobierno a 10 aos debido a la menor vida media
de los proyectos de restauracin.
WACC
tax
44%
WACC=(1-tax)*r(D)*(D/V)+r*(E/V)
WACC
13.09%
Mc donalds
1
23%
4.89
0.77
Wendy
1.08
21%
1.05
0.8532
total
7.04
Lodging
1.56
Restaurants
1.29
0.406
61%
0.7481
12%
0.5723
40%
1.44
abril
8.95%
7.43%
Cost of equity for contract services / Coste de los recursos Propios Servicios
re=risk free rate+beta*risk premium
19.65%
COSTE DE LA DEUDA
Tipo bono 30 aos (*)
8.95%
Diferencial servicios
1.40%
debt rate servicios (rd)
10.35%
(*) se podra utilizar el tipo del bono a 10 aos, al igual que en el negocio de restaurantes.
WACC
tax
44%
WACC=(1-tax)*r(D)*(D/V)+r*(E/V)
WACC
Total activos
% activos identif Lodging
% activos identif contract services
% activos identif restaurants
14.11%
1982
1735.2
52%
22%
26%
1983
2139.2
59%
18%
23%
1984
2686.9
66%
15%
18%
1985
3315.9
64%
19%
18%
Services
?
check
0.864
27%
1986
3869.2
58%
28%
15%
1987
4582.7
61%
27%
12%
Marriot
Hoteles
Restaurantes
Contract Services
Beta Activo
0.57
0.38
0.75
0.86
Deuda/Recursos
Propios
47%
74%
42%
40%
Beta
Apalancada
1.08
1.56
1.29
1.44
Coste deuda
10.25%
10.05%
10.52%
10.35%
Coste
Recursos
Propios
17.0%
20.6%
18.3%
19.7%
WACC
10.23%
9.50%
13.09%
14.11%