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Financial Analysis

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by

Mouna Dourasse

on 10 March 2014

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Transcript of Financial Analysis

Financial Analysis
Hospitality industry

The companies I'm considering
Liquidity
Current Ratio
Profitability
ROE
Long-term oriented
The investor I am
Value Stock
Capital structure
Price to book

Investment & Market
Earnings Per Share

TREVpar
Debt to Equity
Market Cap (Bn)
Market share (%)
Stock price ($)
1.88
8.25
15.56
8.36
13.3
3.8
4.9
8.8
54.02
52.92
81.08
32.34
Performance
Dividend Payout
Conclusion
Sell
Hold
Buy
Growth opportunities
Risks
Increase in Consumer and Business spending
New discount websites such as PriceLine, Hotwire, etc..
Seasonality of the industry
Foreign exchange risk
Sensitivity to crisis
8.9%
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
2009
2010
2011
2012
Marriott & Intercontinental: weak liquidity position
Starwood : solid position
2009
2010
2011
2012
Hyatt: Misuse of cash
Marriott & Intercontinental: aggressive leverage and high ROEs
Hyatt: conservative on debt, very low ROE
Starwood: Steady increase in NI without solvency risks
Hyatt & Marriott:
Volatile performance
Intercontinental:
Steady increase
Starwood: Exponential growth
Marriott & Intercontinental:
Aggressive policy
Hyatt: Conservative approach
Starwood: Good leverage with little risk
Marriott & Intercontinental:
Overvalued
Hyatt: Volatile
Starwood: quasi-alignment between market and book value
Hyatt:
Under performance compared to the industry
Intercontinental:Good performance
Starwood: Outstanding performance
Intercontinental: Stable distribution policy
But..
Starwood: solid growth in dividend over the past 3 years
0.82
0.95
1.01
0.96
7.5%
8.1%
8.2%
$381
$535
$641
$665
2.46
2.32
2.12
2.17
2.02
2.20
2.25
2.48
0.29
0.51
0.62
0.75
27.02
42.43
49.10
46.51
Industry Average
Market Cap higher than 5 Bn
Debt to equity below industry average
Consistent ROE
Strong demand for the service
Thank you!
Full transcript