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Summary of Operations
Sales 1174.10 1426.00 1633.90 1905.70 2458.90
Earnings before interest expense and income 107.10 133.50 150.30 173.30 205.50
interest expense 23.70 27.80 46.80 52.00 71.80
Income before income taxes 83.50 105.60 103.50 121.30 133.70
income taxes 35.40 43.80 40.60 45.20 50.20
42.40% 41.48% 39.23% 37.26% 37.55%
income from continuing operations 48.10 61.80 62.90 76.10 83.50
Net income 54.30 71.00 72.00 86.10 94.30
Funds provided from cont. operations 101.20 117.50 125.80 160.80 103.60
Contract Service
Resturants
Sales Growth
Lodging 20.96% 24.26% 15.70% 17.63% 19.71%
Contract Service 13.76% 14.46% 29.94% 29.06% 24.69%
Resturants 19.43% 3.90% 6.61% 5.05% 9.39%
Avg Equity Marktet Revenues Equity/ Asset
Return Beta Leverage (Billions) (Debt+Equity) Beta
Marriot 22.40% 1.11 41.00% $ 6.52 59.00% 0.6549
Hotels
Hilton Corp 13.30% 0.76 14.00% $ 0.77 86.00% 0.6536
Holiday 28.80% 1.35 79.00% $ 1.66 21.00% 0.2835
La Quinta -6.40% 0.89 69.00% $ 0.17 31.00% 0.2759
Ramada 11.70% 1.36 65.00% $ 0.75 35.00% 0.476
Unlevered Beta 0.42225
Levered Beta 1.624038
Restaurants
Churchs's -3.20% 1.45 4.00% $ 0.39 96.00% 1.392
Collins 20.30% 1.45 10.00% $ 0.57 90.00% 1.305
Frisch"s 56.90% 0.57 6.00% $ 0.14 94.00% 0.5358
Luby's 15.10% 0.76 1.00% $ 0.23 99.00% 0.7524
McDonald's 22.50% 0.94 23.00% $ 4.89 77.00% 0.7238
Wendy's 4.60% 1.32 21.00% $ 1.05 79.00% 1.0428
Unlevered Beta 0.958633
Levered Beta 1.652816
Identifiable Assets Percentage Asset
(in Billions) Share Beta
Lodging $ 2,777.40 60.61% 0.42225
Restaurants $ 1,237.70 27.01% 0.958633
InFlite $ 567.60 12.39% 1.130995
Marriot $ 4,582.70 100.00% 0.6549
Sales 6500 Sales Profit
lodging 41% 51%
In Flite 46% 33%
Restaurants 13% 16%
NP 223
Beta 1.11