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Marriot Case Essay

1422 words - 6 pages

2. Cost of capital of Marriott

Cost of Capital Marriott dapat dihitung dengan perhitungan WACC, yaitu:

WACC=(1-t)*Rd*Wd + Re*We

Re, atau cost of equity dapat dihitung dengan rumus :

CAPM=Rf+b(Rm-Rf)

Rf atau risk free rate-nya dapat kami ambil dari exhibit 4 untuk long-term US Government Bond untuk tahun 1987 sebesar -2.69% (karena kami melakukan perhitungan untuk perusahaan Marriott, dengan asumsi untuk jangka panjang, maka kami menggunakan rate yang long-term)

Untuk Market Portfolio Rate-nya (Rm) kami pakai rate-nya SP500 untuk tahun 1926-1987 sebesar 12.01%

Dari soal kami ketahui Beta Levered Marriott adalah 0.97. Tetapi ini adalah beta untuk tahun 1986-1987 dengan ...view middle of the document...

Cost Of Capital untuk divisi Lodging, Restaurant dan Contract Service.

Divisi Lodging

Kami hitung dulu Levered Beta untuk Lodging dengan struktur kapital 74% debt. Soal menyediakan levered beta untuk beberapa perusahaan perhotelan disertai dengan Market Leverage-nya masing-masing. Untuk itu kami harus mendapatkan unlevered beta rata-rata untuk kesemua perusahaan hotel tersebut. (Unlevered Beta dihitung dengan menggunakan rumus Bl=Bu+(1+(1-t)D/E) ).

|  |Levered Beta |D/V |E/V |Unlevered Beta |
|Hilton |0.88 |0.14 |0.86 |0.794624108 |
|Holiday Inn |1.46 |0.79 |0.21 |0.419196062 |
|La Quinta |0.38 |0.69 |0.31 |0.153906454 |
|Ramada Inn |0.95 |0.65 |0.35 |0.426829268 |
|  |  |  |Average= |0.448638973 |

Dengan komposisi debt 75%, kami dapatkan Beta Levered untuk Lodging adalah 1,29.

Untuk Rf, kami menggunakan Rf yang sama dengan Marriott dengan pertimbangan Lodging memiliki jangka kegunaaan yang lama. Kami menggunakan Rf Goverment Bond Rate (Exhibit 4) 1987 sebesar -2,69% dan market portfolio SP500 1926-1987 sebesar 12,01. Maka kami mendapatkan Cost Of Equity sebesar 0,163.

Cost of Debt didapatkan dengan menggunakan US governement interest rate pada tahun 1988 untuk jangka maturity sebesar 30 tahun (dengan asumsi lodging memiliki waktu kegunaan yang lama) sebesar 8,95% dan tebarannya di atas Rate Premium pemerintah US sebesar 1,10%, maka kami dapatkan Cost Of Debt sebesar 8,95%+1,10%=10,05%. (Asumsi, Floating Rate untuk debt tidak diperhitungkan)

Dengan komposisi debt sebesar 74% dan equity sebesar 26%, maka didapatkan WACC atau cost of capital untuk Lodging adalah 9,15%

Divisi Restaurant

Kami hitung dulu Levered Beta untuk Restaurant dengan struktur kapital 42% debt. Soal menyediakan levered beta untuk beberapa perusahaan restaurant disertai dengan Market Leverage-nya masing-masing. Untuk itu kami harus mendapatkan unlevered beta rata-rata untuk kesemua perusahaan restaurant tersebut. (Unlevered Beta dihitung dengan menggunakan rumus Bl=Bu+(1+(1-t)D/E) ).

|  |Levered Beta |D/V |E/V |Unlevered Beta |
|Church |0.75 |0.04 |0.96 |0.729927007 |
|Collin |0.6 |0.1 |0.9 |0.559006211 |
|Frisch |0.13 |0.06 |0.94 |0.124744794 ...

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