Discounted Cash Flow (DCF) Analysis Levered
Marriott International, Inc. (MAR)
$196.56
-2.99 (-1.50%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 20,690 | 20,972 | 10,571 | 13,857 | 20,773 | 22,474.47 | 24,315.30 | 26,306.92 | 28,461.66 | 30,792.89 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,357 | 1,685 | 1,639 | 1,177 | 2,363 | 2,463.22 | 2,664.98 | 2,883.26 | 3,119.42 | 3,374.93 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -556 | -653 | -135 | -183 | -332 | -449.35 | -486.16 | -525.98 | -569.06 | -615.67 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1,801 | 1,032 | 1,504 | 994 | 2,031 | 2,013.87 | 2,178.82 | 2,357.28 | 2,550.37 | 2,759.26 |
Weighted Average Cost Of Capital
Share price | $ 196.56 |
---|---|
Beta | 1.594 |
Diluted Shares Outstanding | 325.80 |
Cost of Debt | |
Tax Rate | 24.28 |
After-tax Cost of Debt | 2.75% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.097 |
Total Debt | 11,098 |
Total Equity | 64,039.25 |
Total Capital | 75,137.25 |
Debt Weighting | 14.77 |
Equity Weighting | 85.23 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 20,690 | 20,972 | 10,571 | 13,857 | 20,773 | 22,474.47 | 24,315.30 | 26,306.92 | 28,461.66 | 30,792.89 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,357 | 1,685 | 1,639 | 1,177 | 2,363 | 2,463.22 | 2,664.98 | 2,883.26 | 3,119.42 | 3,374.93 |
Capital Expenditure | -556 | -653 | -135 | -183 | -332 | -449.35 | -486.16 | -525.98 | -569.06 | -615.67 |
Free Cash Flow | 1,801 | 1,032 | 1,504 | 994 | 2,031 | 2,013.87 | 2,178.82 | 2,357.28 | 2,550.37 | 2,759.26 |
WACC | ||||||||||
PV LFCF | 1,818.89 | 1,777.34 | 1,736.74 | 1,697.06 | 1,658.30 | |||||
SUM PV LFCF | 8,688.32 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.72 |
Free cash flow (t + 1) | 2,814.44 |
Terminal Value | 32,275.74 |
Present Value of Terminal Value | 19,397.51 |
Intrinsic Value
Enterprise Value | 28,085.82 |
---|---|
Net Debt | 10,591 |
Equity Value | 17,494.82 |
Shares Outstanding | 325.80 |
Equity Value Per Share | 53.70 |