BEE has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
BEE has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
The historical rank and industry rank for Strategic Hotels & Resorts's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Strategic Hotels & Resorts was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Strategic Hotels & Resorts'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.
Strategic Hotels & Resorts Annual Data | |||||||||||||||||||||
Trend | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.61 | -2.24 | -2.66 | -2.61 | -2.36 |
Strategic Hotels & Resorts Quarterly Data | ||||||||||||||||||||
Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.43 | -2.36 | -2.46 | -2.64 | -2.56 |
For the REIT - Hotel & Motel subindustry, Strategic Hotels & Resorts'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.
For the REITs industry and Real Estate sector, Strategic Hotels & Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Strategic Hotels & Resorts's Beneish M-Score falls into.
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 Strategic Hotels & Resorts for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.8809 | + | 0.528 * 0.9483 | + | 0.404 * 0.947 | + | 0.892 * 1.339 | + | 0.115 * 0.8615 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0044 | + | 4.679 * -0.048772 | - | 0.327 * 0.9511 | |||||||
= | -2.56 |
* 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.
This Year (Sep15) TTM: | Last Year (Sep14) TTM: |
Total Receivables was $68 Mil. Revenue was 354.434 + 356.902 + 325.271 + 313.001 = $1,350 Mil. Gross Profit was 106.616 + 110.1 + 92.961 + 87.888 = $398 Mil. Total Current Assets was $274 Mil. Total Assets was $3,745 Mil. Property, Plant and Equipment(Net PPE) was $3,248 Mil. Depreciation, Depletion and Amortization(DDA) was $154 Mil. Selling, General, & Admin. Expense(SGA) was $79 Mil. Total Current Liabilities was $262 Mil. Long-Term Debt & Capital Lease Obligation was $1,762 Mil. Net Income was 23.261 + 6.698 + 15.811 + 6.702 = $52 Mil. Non Operating Income was 2.75 + 6.294 + -0.273 + -2.191 = $7 Mil. Cash Flow from Operations was 97.296 + 22.764 + 51.307 + 57.173 = $229 Mil. |
Total Receivables was $58 Mil. Revenue was 305.263 + 276.163 + 194.655 + 231.819 = $1,008 Mil. Gross Profit was 92.248 + 84.748 + 35.83 + 68.739 = $282 Mil. Total Current Assets was $393 Mil. Total Assets was $3,310 Mil. Property, Plant and Equipment(Net PPE) was $2,710 Mil. Depreciation, Depletion and Amortization(DDA) was $110 Mil. Selling, General, & Admin. Expense(SGA) was $59 Mil. Total Current Liabilities was $215 Mil. Long-Term Debt & Capital Lease Obligation was $1,667 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) |
= | (68.414 / 1349.608) | / | (58.003 / 1007.9) | |
= | 0.050692 | / | 0.057548 | |
= | 0.8809 |
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) | |
= | (281.565 / 1007.9) | / | (397.565 / 1349.608) | |
= | 0.279358 | / | 0.294578 | |
= | 0.9483 |
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 - (274.071 + 3248.23) / 3744.922) | / | (1 - (392.59 + 2709.55) / 3309.914) | |
= | 0.059446 | / | 0.062773 | |
= | 0.947 |
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 | |
= | 1349.608 | / | 1007.9 | |
= | 1.339 |
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)) |
= | (110.029 / (110.029 + 2709.55)) | / | (154.121 / (154.121 + 3248.23)) | |
= | 0.039023 | / | 0.045298 | |
= | 0.8615 |
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) |
= | (79.302 / 1349.608) | / | (58.965 / 1007.9) | |
= | 0.058759 | / | 0.058503 | |
= | 1.0044 |
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) |
= | ((1762.206 + 262.144) / 3744.922) | / | ((1666.614 + 214.627) / 3309.914) | |
= | 0.540559 | / | 0.568366 | |
= | 0.9511 |
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 | |
= | (52.472 - 6.58 | - | 228.54) | / | 3744.922 | |
= | -0.048772 |
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.
Strategic Hotels & Resorts has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Strategic Hotels & Resorts's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Gellein Raymond L Jr | director, officer: President and CEO | STARWOOD HOTELS & RESORTS WORLDWIDE, INC, 1111 WESTCHESTER AVENUE, WHITE PLAINS NY 10604 |
Robert P Bowen | director | |
Sheli Z Rosenberg | director | C/O EQUITY GROUP INVESTMENTS, L.L.C., TWO NORTH RIVERSIDE PLAZA, SUITE 600, CHICAGO IL 60606 |
Eugene F Reilly | director | C/O AMB PROPERTY CORP, PIER I BAY 1, SAN FRANCISCO CA 94111 |
David William Johnson | director | 4100 MIDWAY ROAD, SUITE 2115, CARROLLTON TX 75007 |
Diane M Morefield | officer: EVP & CFO | 200 W. MADISON STREET, SUITE 1700, CHICAGO IL 60606 |
Richard D Kincaid | director | EQUITY OFFICE PROPERTIES, CHICAGO IL 60606 |
Laurence S Geller | director, officer: President and CEO | 77 WEST WACKER DRIVE, CHICAGO IL 60601 |
Thomas H Patrick | other: Member of 10% Owner Group | C/O BALDWIN & LYONS INC, 1099 NORTH MERIDIAN STREET, INDIANAPOLIS IN 46204 |
James E Mead | officer: Ex. VP & CFO | C/O STRATEGIC HOTEL CAPITAL, INC., 77 WEST WACKER DRIVE, SUITE 4600, CHICAGO IL 60601 |
Security Capital Research & Management Inc | other: Previously was 10% owner | 10 SOUTH DEARBORN STREET, SUITE 1400, CHICAGO IL 60603 |
Edward C Coppola | director | THE MACERICH COMPANY, 401 WILSHIRE BVLD., STE. 700, SANTA MONICA CA 90401 |
Michael W Brennan | director | C/O FIRST INDUSTRIAL REALTY TRUST, 311 SOUTH WACKER DR, STE. 4000, CHICAGO IL 60606 |
Jonathan A Langer | other: Former Director | C/O GOLDMAN, SACHS & CO., 85 BROAD STREET, NEW YORK NY 10004 |
Prudential Financial Inc | director | 751 BROAD ST, NEWARK NJ 07102 |
From GuruFocus
By gurufocus 10qk • 11-04-2010
By Holly LaFon Holly LaFon • 04-15-2011
By gurufocus 10qk • 11-05-2009
By gurufocus 10qk • 05-06-2010
By gurufocus • 08-06-2009
By gurufocus • 05-08-2009
By gurufocus 10qk • 08-05-2010
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.