J.P.Morgan Investment Banking
APPENDIX
Selected public market comparables
Market information
Company
Las Vegas Sands Corp
Starwood Hotels & Resorts'
Harrah's Entertainment
MGM Mirage
Hilton Hotels
Wynn Resorts Ltd7
Gaylord Entertainment
Orient Express Hotels
Average
Median
Gaming - median
3/6/2006
share price
$56.63
63.50
JPMorgan
71.64
39.51
23.59
72.24
44.92
35.30
% of
52-week high
99.8%
97.0%
89.9%
84.5%
90.6%
94.5%
91.7%
96.9%
Equity
Market value¹
$20,056.1
15,440.5
13,165.9
11,247.0
9,863.1
7,189.5
1,882.8
1,406.9
$10,031.5
$10,555.0
$12,206.4
Total
market cap²
$21,649.7
18,620.5
23,762.3
23,518.3
18,056.1
9,288.3
2,464.5
1,965.2
$14,915.6
$18,338.3
$22,584.0
2006E
NM
$10,260.3
29.1
19.6
21.2
22.7
NM
NM
26.3
23.8x
22.7x
20.4x
Price/EPS³
26.3x
2007E
NM
23.7
17.0
17.5
18.3
NM
NM
20.3
19.4x
18.3x
17.2x
Aggregate value / EBITDA¹
2006E
2007E
NM
NM
13.9
12.1
9.2
8.5
9.7
9.0
11.9
10.6
NM
10.9
11.2
Lodging - median
$5,873.0
¹ Includes common shares, common share equivalents (excluding options)
2 Equals the sum of equity market value, minority interests, debt outstanding and preferred stock at liquidation preference
3 Estimates for EPS are from equity research
4 Aggregate value is total market capitalization less cash and cash equivalents. EBITDA estimates from analyst reports
5 Starwood Hotels pro forma for announced transaction with Host Marriott
* Hilton Hotels pro forma for announced acquisition of Hilton plc assets
7Wynn Resorts pro forma for $900 million sale of Macau casino rights
* Total debt as of 9/30/05 for Gaylord Entertainment excludes $613 million associated with the Company's secured forward exchange contract
20.3x
NM
14.9
14.0
12.3x
12.9x
9.4x
13.9x
10.4x
10.7x
8.8x
11.1x
PROJECT PLATO 17View entire presentation