DDM Analysis: MAR

Valuation Snapshot

Stable Growth	$1,575.39 - $1,856.52	$1,739.63
Multi-Stage	$1,010.03 - $1,109.74	$1,058.94
Blended Fair Value	$1,399.29
Current Price	$260.44
Upside	437.28%
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)	1,059.22	1,069.39	1,079.56
Year 2 PV (M)	1,414.63	1,441.93	1,469.48
Year 3 PV (M)	1,781.52	1,833.32	1,886.12
Year 4 PV (M)	2,160.16	2,244.31	2,330.90
Year 5 PV (M)	2,550.84	2,675.65	2,805.30
PV of Terminal Value (M)	270,034.43	283,247.22	296,972.23
Equity Value (M)	279,000.80	292,511.82	306,543.58
Shares Outstanding (M)	276.23	276.23	276.23
Fair Value	$1,010.03	$1,058.94	$1,109.74
Upside / Downside	287.82%	306.60%	326.10%

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Marriott International, Inc. (MAR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener