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Valuation Essay

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Below is an essay on "Valuation" from Anti Essays, your source for research papers, essays, and term paper examples.

Banyan Tree Holdings
Hotels and Resorts

Equity Securities
Valuation Report

Table of Contents

The Company: Banyan Tree Holdings
      Corporate Overview 1
      Industrial Analysis 3
      SWOT Analysis 9
      Financial Ratio Analysis 17
      Competitive Advantage 19
Banyan Tree Holdings: DCF Valuation
      Choice of DCF Valaution 20
      Estimating Cost of Equity 23
      Estimating Cost of Debt 28
      Adjustment to Financial Statements 29
      FCFE Valuation 37
      Decomposition of Estimated Intrinsic Value 46
      Sensitivity Analysis of Key Assumptions 47
Banyan Tree Holdings: Relative Valuation
      PE Ratio Valuation 50
Banyan Tree Holdings: Option Pricing Model
Option Pricing Model 59
Acquisition and Value Enhancement Strategies
Value of Control 60
Potential Merger Partners 61
Conclusion
Final Value Estimate and Recommendations 63

References 65
Appendix A Adjustments to Financial Statements 66
Appendix B Free Cash Flow to Equity Computation 70
Appendix C Price-to-Earnings Multiple 71
Appendix D Application of PE Multiple 74
Appendix E Market Regression 78
The Company: Banyan Tree Holdings Limited

Corporate Overview

Banyan Tree Holdings Limited is a leading, international hospitality brand that manages and develops premium resorts, hotels and spas around the world. They are currently listed on the Singapore Exchange.

The Group started out from a single boutique resort in Phuket in 1994 and had since grown into a multi-business operator globally. It currently manages and/or has ownership interests in over 23 resorts and hotels, in excess of 70 spas and retail galleries, together with 3 golf courses.   The firm is best known for its signature Banyan Tree and Angsana brands.

Banyan Tree’s main customer base consists of highly affluent travelers desiring a luxury retreat from their urban...

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Valuation. Anti Essays. Retrieved December 12, 2017, from the World Wide Web: http://www.antiessays.com/free-essays/Valuation-112059.html