J.P.Morgan Investment Banking Pitch Book
APPENDIX
Selected public market comparables
Market information
Company
Las Vegas Sands Corp
Starwood Hotels & Resorts'
Harrah's Entertainment
MGM Mirage
Hilton Hotels
Wynn Resorts Ltd'
Gaylord Entertainment
Orient Express Hotels
Average
Median
Gaming - median
3/17/2006
share price
$50.50
67.02
74.77
39.29
23.94
71.73
45.33
35.33
% of
52-week high
87.0%
99.8%
JPMorgan
93.8%
84.0%
91.9%
95.3%
92.6%
97.0%
Equity
Market value¹
$17,885.1
16,361.1
13,741.1
11,184.3
10,013.6
7,138.8
1,900.9
1,408.1
$9,954.1
$10,599.0
$12,462.7
Total
market cap²
$19,478.7
19,541.1
24,337.5
23,455.7
18,206.6
9,237.5
2,482.5
1,966.4
$14,838.3
$18,842.7
$21,467.2
2006E
NM
30.7
20.4
21.1
22.8
NM
NM
27.2
$10,344.6
24.4x
22.8x
20.7x
Lodging - median
$5,957.2
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
Price/EPS³
27.2x
2007E
NM
25.0
17.6
17.2
18.6
NM
NM
20.4
19.8x
18.6x
17.4x
20.4x
Aggregate value/ EBITDA¹
2006E
2007E
NM
NM
15.1
13.5
8.7
9.0
10.4
NM
13.2
11.8
9.4
9.9
11.9
NM
16.3
14.4
12.8x
13.2x
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
9.6x
14.7x
11.1x
11.1x
8.8x
12.5x
PROJECT PLATO 19View entire presentation