Braemar Hotels & Resorts Beneish M-Score Historical Data
The historical data trend for Braemar 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.
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Braemar Hotels & Resorts Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.68 |
-1.34 |
-2.17 |
-2.55 |
-2.84 |
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Braemar Hotels & Resorts Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.73 |
-2.62 |
-2.51 |
-2.84 |
Competitive Comparison
For the REIT - Hotel & Motel subindustry, Braemar 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.
Braemar Hotels & Resorts Beneish M-Score Distribution
For the REITs industry and Real Estate sector, Braemar Hotels & Resorts's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Braemar Hotels & Resorts's Beneish M-Score falls into.
Braemar 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 Braemar 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 * 0.6526 | + | 0.528 * 1.0652 | + | 0.404 * 1.0761 | + | 0.892 * 1.1042 | + | 0.115 * 0.9131 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8478 | + | 4.679 * -0.049368 | - | 0.327 * 0.9631 |
| = | -2.84 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $56.9 Mil.
Revenue was 177.534 + 159.801 + 186.707 + 215.301 = $739.3 Mil.
Gross Profit was 35.619 + 25.86 + 52.064 + 71.088 = $184.6 Mil.
Total Current Assets was $238.4 Mil.
Total Assets was $2,226.8 Mil.
Property, Plant and Equipment(Net PPE) was $78.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $93.7 Mil.
Selling, General, & Admin. Expense(SGA) was $29.7 Mil.
Total Current Liabilities was $162.7 Mil.
Long-Term Debt & Capital Lease Obligation was $1,222.8 Mil.
Net Income was -19.175 + -22.03 + -1.846 + 16.034 = $-27.0 Mil.
Non Operating Income was -2.267 + -2.132 + 0.706 + 1.899 = $-1.8 Mil.
Cash Flow from Operations was 11.71 + 11.038 + 19.649 + 42.314 = $84.7 Mil.
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Total Receivables was $79.0 Mil.
Revenue was 171.622 + 161.189 + 174.894 + 161.88 = $669.6 Mil.
Gross Profit was 36.65 + 30.788 + 55.964 + 54.71 = $178.1 Mil.
Total Current Assets was $407.0 Mil.
Total Assets was $2,397.7 Mil.
Property, Plant and Equipment(Net PPE) was $79.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $78.6 Mil.
Selling, General, & Admin. Expense(SGA) was $31.7 Mil.
Total Current Liabilities was $154.3 Mil.
Long-Term Debt & Capital Lease Obligation was $1,394.8 Mil.
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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) |
| = | (56.938 / 739.343) | / | (79.011 / 669.585) |
| = | 0.077012 | / | 0.118 |
| | = | 0.6526 |
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) |
| = | (178.112 / 669.585) | / | (184.631 / 739.343) |
| = | 0.266004 | / | 0.249723 |
| | = | 1.0652 |
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 - (238.382 + 78.383) / 2226.824) | / | (1 - (406.989 + 79.449) / 2397.714) |
| = | 0.85775 | / | 0.797124 |
| | = | 1.0761 |
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 |
| = | 739.343 | / | 669.585 |
| | = | 1.1042 |
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)) |
| = | (78.596 / (78.596 + 79.449)) | / | (93.746 / (93.746 + 78.383)) |
| = | 0.497301 | / | 0.544626 |
| | = | 0.9131 |
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) |
| = | (29.686 / 739.343) | / | (31.711 / 669.585) |
| = | 0.040152 | / | 0.047359 |
| | = | 0.8478 |
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) |
| = | ((1222.823 + 162.707) / 2226.824) | / | ((1394.822 + 154.263) / 2397.714) |
| = | 0.6222 | / | 0.646067 |
| | = | 0.9631 |
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 |
| = | (-27.017 - -1.794 | - | 84.711) | / | 2226.824 |
| | = | -0.049368 |
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.
Braemar Hotels & Resorts has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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