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Industry: Lodging Company: Starwood Hotels and Resorts Modules 12 & 13

Industry: Lodging Company: Starwood Hotels and Resorts Modules 12 & 13. Sarah Weatherburn. Comparable Companies . MODULE 12. NEA - Trend Analysis. EPAT Trend Analysis. MODULE 13. Sales Forecasting. Segment % of Sales Americas – 25% EAME – 10% Asia Pacific – 5%

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Industry: Lodging Company: Starwood Hotels and Resorts Modules 12 & 13

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  1. Industry: Lodging Company: Starwood Hotels and Resorts Modules 12 & 13 Sarah Weatherburn

  2. Comparable Companies

  3. MODULE 12

  4. NEA - Trend Analysis

  5. EPAT Trend Analysis

  6. MODULE 13

  7. Sales Forecasting Segment % of Sales Americas – 25% EAME – 10% Asia Pacific – 5% Vac. Ownership and residential – 15% Other revenues from managed and franchised prop. – 43% Other corporate revenues – 2%

  8. MD&A on Sales • Decrease in revenues from owned, leased and consolidated joint ventures due to lost revenue from 14 owned hotels that were sold in 2013 and 2012. • Decrease in vacation ownership due to fewer residential closings at Bal Harbour (one of the newest residential properties) • Other revenues from managed and franchised properties increased primarily due to an increase in payroll costs commensurate with a rise in the overall cost of labor at our existing managed hotels and payroll costs for new hotels entering the system. – Revenues represent reimbursement of costs incurred on behalf of managed hotel and vacation ownership properties and franchisees and relate primarily to payroll costs at managed properties where we are the employer.

  9. EPM Forecasts

  10. EATO FORECAST

  11. Forecast Assumptions Previous Forecast Assumptions Sales Growth – 8% EPM – 7% EATO – 1.25

  12. Full-Information Forecasts of Sales, EPAT, & NEA

  13. Discounted Cash Flow Model

  14. Residual Income Model

  15. Abnormal Enterprise Income Growth Model

  16. Comparison of Values Estimate to Market Price

  17. My Recommendation • My Value - $92.93 vs. Market Value – $74.71 • Company is undervalued • My expectation of future payoff is higher than market or my expectation of risk is lower than the market. • Under further consideration – feel like I was conservative enough on sales forecasting and aggressive enough on risk. BUY!!

  18. Questions?

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