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Marriot Corporation: The Cost of Capital

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Marriott Corp./Cost Abridged Harvard Business School Case #289-047 Case Software #XLS069 Copyright © 2010 President and Fellows of Harvard College. No part of this product may be reproduced, stored in a retrieval sys form or by any means—electronic, mechanical, photocopying, recording or otherwise—without the permission of Harvard Business product may be reproduced, stored in a retrieval system or transmitted in any erwise—without the permission of Harvard Business School. Table A Market-Value Target-Leverage Ratios and Credit Spreads for Marriott and Its Divisions Debt Percentage in Capital Fraction of Debt at Floating Fraction of Debt Rate Premium Debt at Above Government Fixed Marriott 60% 40% 60% 1,30% Lodging Contract services Restaurants 74% 40% 42% 50% 40% 25% 50% 60% 75% 1,10% 1,40% 1,80% Table B 1988 U.S. Government Interest Rates in April Maturity 30-year 10-year 1-year Rate 8,95% 8,72% 6,90% Exhibit 1 Financial History of Marriott Corporation (dollars in millions, except per share amounts) Summary of Operations Sales Earnings before interest expense and income taxes Interest expense Income before income taxes Income taxes TAX RATES: Income from continuing operationsa Net income Funds provided from cont. operationsb Capitalization and Returns Total assets Total capitalc Long-term debt Percent to total capita Shareholders’ equity Per Share and Other Data Earnings per share: Continuing operationsa Net income Cash dividends Shareholde ...
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