Marriott International, Inc. (MAR)

Industry: Travel Lodging Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
MAR	1	Marriott Internati	25,925	27.10	15.80	18.47	13.97	18.42	13.78
IHG.L	2	InterContinental H	12,559	12.96	11.58	8.70	7.90	8.62	9.19
0J5I.L	3	Hilton Worldwide H	9,924	37.10	37.10	26.74	20.12	23.51	18.27
0UC3.L	4	Norwegian Cruise L	9,693	16.74	16.74	10.55	10.55	8.49	16.02
WTB.L	5	Whitbread plc	7,824	9.70	10.47	5.55	5.23	6.05	8.83
000069.SZ	6	Shenzhen Overseas	5,976	-	-	-	-	-	-
MINT-R.BK	7	Minor Internationa	5,047	18.06	18.06	7.13	5.96	18.65	32.30
0OQ0.L	8	Pierre et Vacances	4,326	14.54	14.54	0.97	0.65	2.42	1.45
H	9	Hyatt Hotels Corpo	4,284	-	-	26.03	26.03	23.03	13.31
1179.HK	10	H World Group Limi	3,521	1.94	1.94	4.45	4.45	4.31	6.07
0OHG.L	11	Minor Hotels Europ	2,909	10.47	10.47	8.78	7.32	6.39	5.42
0045.HK	12	The Hongkong and S	2,473	-	-	9.76	9.95	22.73	18.54
FTAL.TA	13	Fattal Holdings (1	2,324	53.17	53.17	12.46	10.18	20.57	9.82
600754.SS	14	Shanghai Jin Jiang	1,918	44.43	43.91	18.76	15.80	12.93	26.33
CHH	15	Choice Hotels Inte	1,596	12.89	10.04	10.82	8.58	12.11	12.15
600138.SS	16	China Cyts Tours H	1,552	55.66	55.66	18.60	14.84	15.63	20.09

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.75	13.06	9.27	8.24	10.37	10.99
Full Range Median Multiple	15.64	15.64	10.16	9.27	12.52	12.73
Industry Multiple	23.97	23.64	12.09	10.54	13.25	14.13
Market Implied Multiple	33.90	19.77	22.24	16.83	22.19	16.60
Company (MAR) Multiple	27.10	15.80	18.47	13.97	18.42	13.78
(*) Net Income / EBITDA / Revenue	2,611	4,478	4,709	6,224	4,720	6,310
Winsorized Enterprise Value	N/A	N/A	43,655	51,290	48,933	69,333
Full Range Median Enterprise Value	N/A	N/A	47,832	57,675	59,091	80,350
(-) Net Debt	16,208	16,208	16,208	16,208	16,208	16,208
Winsorized Equity Value	35,902	58,478	27,447	35,082	32,725	53,125
Full Range Median Equity Value	40,833	70,029	31,624	41,467	42,883	64,142
(/) Shares Outstanding	272	272	272	272	272	272
Winsorized Fair Value	$132.17	$215.28	$101.04	$129.15	$120.47	$195.57
Full Range Median Fair Value	$150.32	$257.80	$116.42	$152.65	$157.86	$236.13
Current Price	$325.88	$325.88	$325.88	$325.88	$325.88	$325.88
Upside / Downside	-59.44%	-33.94%	-68.99%	-60.37%	-63.03%	-39.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$92.52	$150.69	$70.73	$90.40	$84.33	$136.90
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy