Condor Hospitality Trust (Condor Hospitality Trust) Beneish M-Score : -2.60 (As of May. 21, 2024)

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What is Condor Hospitality Trust Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Condor Hospitality Trust's Beneish M-Score or its related term are showing as below:

CDORO.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.57 Max: 3.56
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Condor Hospitality Trust was 3.56. The lowest was -3.28. And the median was -2.57.

Condor Hospitality Trust Beneish M-Score Historical Data

The historical data trend for Condor Hospitality Trust's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Condor Hospitality Trust Beneish M-Score Chart

Condor Hospitality Trust Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-2.31

-2.46

-2.86

-2.83

-2.52

Condor Hospitality Trust Quarterly Data
	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21
Beneish M-Score	Get a 7-Day Free Trial															-2.74	-2.52	-0.98	-2.59	-2.60

Competitive Comparison of Condor Hospitality Trust's Beneish M-Score

For the REIT - Hotel & Motel subindustry, Condor Hospitality Trust's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Condor Hospitality Trust's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Condor Hospitality Trust's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Condor Hospitality Trust's Beneish M-Score falls into.

Condor Hospitality Trust Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Condor Hospitality Trust for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1549

0.528 * 0.8343

0.404 * 0.9878

0.892 * 1.15

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8937

4.679 * -0.06091

0.327 * 1.1106

-2.60

This Year (Sep21) TTM:

Last Year (Sep20) TTM:

Total Receivables was $1.28 Mil.
Revenue was 15.302 + 14.108 + 9.644 + 8.309 = $47.36 Mil.
Gross Profit was 5.192 + 4.876 + 1.965 + 0.984 = $13.02 Mil.
Total Current Assets was $14.85 Mil.
Total Assets was $273.39 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.63 Mil.
Selling, General, & Admin. Expense(SGA) was $4.48 Mil.
Total Current Liabilities was $8.73 Mil.
Long-Term Debt & Capital Lease Obligation was $196.27 Mil.
Net Income was -6.063 + -9.7 + -2.187 + -5.037 = $-22.99 Mil.
Non Operating Income was -4.452 + -8.27 + 1.987 + -0.136 = $-10.87 Mil.
Cash Flow from Operations was 1.365 + 2.56 + -0.859 + 1.47 = $4.54 Mil.

Total Receivables was $0.97 Mil.
Revenue was 8.841 + 4.811 + 13.227 + 14.306 = $41.19 Mil.
Gross Profit was 1.507 + -0.278 + 3.412 + 4.803 = $9.44 Mil.
Total Current Assets was $11.95 Mil.
Total Assets was $280.28 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.67 Mil.
Selling, General, & Admin. Expense(SGA) was $4.36 Mil.
Total Current Liabilities was $8.88 Mil.
Long-Term Debt & Capital Lease Obligation was $180.34 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1.283 / 47.363)	/	(0.966 / 41.185)
	=	0.027089	/	0.023455
	=	1.1549

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(9.444 / 41.185)	/	(13.017 / 47.363)
	=	0.229307	/	0.274835
	=	0.8343

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (14.847 + 0) / 273.388)	/	(1 - (11.948 + 0) / 280.276)
	=	0.945693	/	0.957371
	=	0.9878

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	47.363	/	41.185
	=	1.15

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(10.674 / (10.674 + 0))	/	(10.634 / (10.634 + 0))
	=	1	/	1
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(4.477 / 47.363)	/	(4.356 / 41.185)
	=	0.094525	/	0.105767
	=	0.8937

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((196.265 + 8.73) / 273.388)	/	((180.34 + 8.883) / 280.276)
	=	0.749832	/	0.675131
	=	1.1106

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-22.987 - -10.871	-	4.536)	/	273.388
	=	-0.06091

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Condor Hospitality Trust has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Condor Hospitality Trust Beneish M-Score Related Terms

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Condor Hospitality Trust (Condor Hospitality Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Condor Hospitality Trust Inc (NAS:CDORO.PFD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

1800 West Pasewalk Avenue, Suite 200, Norfolk, NE, USA, 68701

Website

http://www.condorhospitality.com

Condor Hospitality Trust Inc is a US-based self-administered real estate investment trust. It is engaged in the investment and ownership of select service, limited service, extended stay and compact full-service hotels. The primary business of the company is owning equity interests in hotel properties. It conducts its business through a traditional umbrella partnership REIT in which the hotel properties are owned by its operating partnership, Condor Hospitality Limited Partnership, and its subsidiaries.