DDM Analysis: MAR

Valuation Snapshot

Stable Growth	$1,575.39 - $1,856.52	$1,739.63
Multi-Stage	$1,010.32 - $1,110.06	$1,059.25
Blended Fair Value	$1,399.44
Current Price	$260.44
Upside	437.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.19%	11.83%	2.47	2.13	1.16	0.00	0.56	2.22	1.97	1.74	1.35	0.92
YoY Growth	-	-	16.18%	82.87%	0.00%	-100.00%	-74.51%	12.71%	12.66%	28.88%	47.83%	13.45%
Dividend Yield	-	-	1.04%	0.85%	0.70%	0.00%	0.38%	2.96%	1.54%	1.28%	1.44%	1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,611.00
(-) Cash Dividends Paid (M)	715.00
(=) Cash Retained (M)	1,896.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	522.20	326.38	195.83
Cash Retained (M)	1,896.00	1,896.00	1,896.00
(-) Cash Required (M)	-522.20	-326.38	-195.83
(=) Excess Retained (M)	1,373.80	1,569.63	1,700.18
(/) Shares Outstanding (M)	276.23	276.23	276.23
(=) Excess Retained per Share	4.97	5.68	6.15
LTM Dividend per Share	2.59	2.59	2.59
(+) Excess Retained per Share	4.97	5.68	6.15
(=) Adjusted Dividend	7.56	8.27	8.74
WACC / Discount Rate	2.47%	2.47%	2.47%
Growth Rate	4.17%	5.17%	6.17%
Fair Value	$1,575.39	$1,739.63	$1,856.52
Upside / Downside	504.90%	567.96%	612.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,611.00	2,745.93	2,887.83	3,037.06	3,194.00	3,359.05	3,459.83
Payout Ratio	27.38%	39.91%	52.43%	64.95%	77.48%	90.00%	92.50%
Projected Dividends (M)	715.00	1,095.83	1,514.10	1,972.68	2,474.61	3,023.15	3,200.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.47%	2.47%	2.47%
Growth Rate	4.17%	5.17%	6.17%
Year 1 PV (M)	1,059.28	1,069.45	1,079.62
Year 2 PV (M)	1,414.80	1,442.09	1,469.65
Year 3 PV (M)	1,781.83	1,833.64	1,886.45
Year 4 PV (M)	2,160.66	2,244.84	2,331.44
Year 5 PV (M)	2,551.59	2,676.43	2,806.12
PV of Terminal Value (M)	270,113.64	283,330.31	297,059.35
Equity Value (M)	279,081.81	292,596.77	306,632.63
Shares Outstanding (M)	276.23	276.23	276.23
Fair Value	$1,010.32	$1,059.25	$1,110.06
Upside / Downside	287.93%	306.72%	326.23%

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600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
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002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
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300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
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605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
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Financial Statements

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Ticker

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Sector

Marriott International, Inc. (MAR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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