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4-Traders Homepage  >  Equities  >  Nyse  >  Marriott International Inc    

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Marriott Transferring Business Services to Accenture

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06/19/2013 | 05:46pm CEST
   By Melodie Warner 
 

Marriott International Inc. (>> Marriott International Inc) agreed to transfer its Marriott Business Services unit to Accenture PLC (>> Accenture Plc), which in turn will provide finance and accounting services to Marriott and its franchisees.

The companies expect to start the transition in August with the full move being largely complete by early September. Further terms weren't disclosed.

Marriott said the consulting company Accenture will create a new business service--called Accenture Hospitality Services--built in part around the operations and capabilities coming from Marriott's Louisville, Tenn., operation.

Marriott, which operates the Courtyard, Renaissance, Ritz-Carlton and Fairfield brands as well as its namesake hotels, said the arrangement will provide savings and benefits to its hotel owners over a 10-year period by lowering costs for a range of business services that will now be delivered by Accenture.

Marriott's earnings have benefited from growing demand from corporate travelers in the U.S. and low hotel supply growth. The company has become increasingly dependent on international markets because of stalled construction of new hotels in the U.S.

Meanwhile, Accenture, which competes for global enterprise consulting contracts with tech giants like International Business Machines Corp. (>> International Business Machines Corp.) and Hewlett-Packard Co.(>> Hewlett-Packard Company), has mostly posted earnings growth for over two years thanks in part to strong revenue growth in its outsourcing business.

Write to Melodie Warner at melodie.warner@dowjones.com

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Financials ($)
Sales 2017 22 305 M
EBIT 2017 2 509 M
Net income 2017 1 524 M
Debt 2017 7 813 M
Yield 2017 1,31%
P/E ratio 2017 24,48
P/E ratio 2018 20,80
EV / Sales 2017 1,99x
EV / Sales 2018 1,93x
Capitalization 36 508 M
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 107 $
Spread / Average Target 9,1%
EPS Revisions
Managers
NameTitle
Arne M. Sorenson President, Chief Executive Officer & Director
John Willard Marriott Executive Chairman
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Bruce Hoffmeister Global Chief Information Officer
Lawrence W. Kellner Lead Independent Director
Sector and Competitors
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MARRIOTT INTERNATIONAL INC36 508
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WYNDHAM WORLDWIDE CORPORATION26.65%9 941
INTERCONTINENTAL HOTELS GROUP PLC7.86%9 590