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Strategic Hotels & Resorts (Strategic Hotels & Resorts) Beneish M-Score : 0.00 (As of Apr. 26, 2024)


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What is Strategic Hotels & Resorts 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.

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.


Strategic Hotels & Resorts Beneish M-Score Historical Data

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.

* Premium members only.

Strategic Hotels & Resorts Beneish M-Score Chart

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 Premium Member Only Premium Member Only -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.43 -2.36 -2.46 -2.64 -2.56

Competitive Comparison of Strategic Hotels & Resorts's Beneish M-Score

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.


Strategic Hotels & Resorts's Beneish M-Score Distribution in the REITs Industry

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.



Strategic Hotels & Resorts 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 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.


Strategic Hotels & Resorts Beneish M-Score Related Terms

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Strategic Hotels & Resorts (Strategic Hotels & Resorts) Business Description

Traded in Other Exchanges
N/A
Address
Strategic Hotels & Resorts Inc was incorporated in Maryland in January 2004 to acquire and asset-manage upper upscale and luxury hotels that are subject to long-term management contracts. The Company operates as a self-administered and self-managed real estate investment trust (REIT) managed by its board of directors and executive officers and conduct its operations through the Company's direct and indirect subsidiaries including SH Funding. It does not operate any of its hotels directly; instead it employs internationally known hotel management companies to operate them for the Company under management contracts or operating leases. As of February 26, 2014, the Company wholly owns or leases 14 hotels. The Company's existing hotels are operated under the widely-recognized upper upscale and luxury brands of Fairmont, Four Seasons, Hyatt, InterContinental, JW Marriott, Loews, Marriott, Ritz-Carlton and Westin, The Hotel del Coronado is operated by a specialty management company, KSL Resorts. The customers include individual or group business and leisure travelers.
Executives
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

Strategic Hotels & Resorts (Strategic Hotels & Resorts) Headlines