Sunstone Hotel Investors, Inc. Financial Ratios — SHO-PI

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	16.38	15.38	22.42	9.81	-37.33	1.46	- -	- -	- -	- -
Return on Assets (%)	2.93	1.53	1.98	2.19	8.93	3.53	3.83	6.4	3.44	-11.72	1.14	2.85	6.63	1.38	0.8
Return on Capital (%)	12.09	5.41	8	11.15	25.18	- -	- -	12.42	- -	- -	3.5	9.79	49.32	- -	12.94
Return on Invested Capital (%)	2.1	1.35	2.25	4.4	4.99	- -	- -	4.96	- -	- -	-2.95	3.41	3.91	- -	2.57
Gross Margin (%)	50.76	51.5	51.31	52.14	52.62	52.91	53.01	52.86	52.4	6.05	40.62	49.08	48.35	46.56	46.03
EBITDA Margin (%)	25.97	27.43	26.1	27.75	27.8	28.09	28.5	28.46	27.78	-41.02	8.49	24.74	24.9	22.42	21.9
Operating Margin (%)	7.42	9.53	10.74	13.73	14.44	14.33	15.17	15.81	14.53	-92.18	-16.78	10.89	12.03	8.68	7.89
Incremental Operating Margin (%)	12.59	23.74	21.31	26.38	22.11	16.75	247.63	-6.44	48.3	- -	- -	45.86	25.95	49.66	-5.29
Pretax Margin (%)	5.66	0.28	3.22	7.29	27.3	11.78	11.58	22.5	12.79	-150.77	6.5	9.99	21.42	4.65	2.58
Profit Margin (%)	11.22	5.76	7.14	7.11	27.81	11.28	12.18	21.61	12.17	-151.06	6.74	9.57	20.95	4.78	2.56
Net Income to Common Margin (%)	7.44	2.18	5.08	6.31	27.07	9.94	11.1	20.5	11.02	-155.85	2.68	8.01	19.54	3.09	0.88
Effective Tax Rate (%)	- -	50.02	27.39	0.21	0.42	- -	- -	0.68	- -	- -	0.33	0.39	2.16	- -	0.87
Dvd Payout Ratio (%)	-16.62	- -	128.51	47.95	20.19	161.23	106.66	64.66	114.82	-33.42	-62.83	13.22	23.78	270.16	830.96
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	-10.03	-1.02	7.92	-1.45	-49.81	2.38	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	1,417	1,379	1,420	1,437	1,112	947	1,010	1,004	1,036	790	635	832	831	853	925
ST Debt	50	77	23	120	86	185	5	6	82	2	21	220	74	- -	- -
LT Debt	1,367	1,302	1,396	1,318	1,026	762	1,004	998	954	788	614	612	757	853	925
Total Debt/EBITDA	7.56	6.06	5.89	4.54	3.2	2.83	2.97	3.04	3.34	-7.19	14.67	3.69	3.38	4.2	4.4
Net Debt/EBITDA	6.76	5.3	5.39	3.79	1.72	1.68	1.45	0.51	0.5	-3.42	11.31	3.15	1.58	3.61	3.85
Total Debt/EBIT	26.47	17.45	14.31	9.17	6.16	5.56	5.58	5.48	6.39	-3.2	-7.43	8.37	7.01	10.85	12.22
Net Debt/EBIT	23.68	15.27	13.1	7.65	3.31	3.3	2.73	0.92	0.95	-1.52	-5.72	7.16	3.27	9.34	10.68
EBITDA to Interest Expense	2.74	3.13	3.45	4.52	5.22	6.95	6.89	7.37	6.02	-2.19	1.36	7.12	5.02	4.27	4.28
EBITDA-CapEx/Interest Expense	-0.46	3.13	3.45	4.52	5.22	6.9	6.89	6.96	6.02	-2.19	1.36	7.12	5.02	4.27	4.28
EBIT to Interest Expense	0.78	1.09	1.42	2.24	2.71	3.54	3.67	4.1	3.15	-4.92	-2.69	3.13	2.42	1.65	1.54
Interest Expense	68	73	70	70	67	48	49	45	51	50	32	32	49	48	49
Common Equity/Total Assets	-10.76	-10.06	-8.13	-8.09	16.94	21.1	24.22	29.83	33.7	30.68	31.25	-21.47	-16.86	-18.44	-20.91
Long-Term Debt/Equity (%)	95.94	80.42	71.52	58.08	43.66	30.09	38.89	36.82	36.41	37.72	27.41	29.34	34.95	40.54	47.59
Long-Term Debt/Capital (%)	89.11	86.23	107.14	102.34	53.12	38.58	46.01	41.13	36.8	40.68	32.19	135.61	130.22	151.96	161.89
Long-Term Debt/Total Assets (%)	44.09	41.52	39.8	33.64	26.56	20.38	26.03	25.13	24.35	26.39	20.19	19.84	24.04	27.46	30.55
Total Debt/Equity (%)	99.41	85.16	72.71	63.35	47.3	37.4	39.1	37.03	39.54	37.83	28.33	39.89	38.37	40.54	47.59
Total Debt/Capital (%)	92.33	91.31	108.92	111.63	57.56	47.94	46.26	41.37	39.96	40.8	33.28	184.39	142.95	151.96	161.89
Total Debt/Total Assets (%)	45.69	43.96	40.46	36.69	28.77	25.32	26.17	25.27	26.44	26.47	20.87	26.98	26.4	27.46	30.55
Net Debt to Equity	88.94	74.49	66.57	52.88	25.41	22.19	19.16	6.19	5.88	18.01	21.83	34.12	17.92	34.88	41.6
Net Debt/Capital (%)	91.51	89.15	108.4	112.59	41.69	34.99	29.2	10.37	8.68	24	27.37	203.37	250.24	161.57	174.91
EBITDA	187	227	241	317	347	334	340	330	310	-110	43	226	246	203	210
EBITDA-CapEx	-31	227	241	317	347	332	340	311	310	-110	43	226	246	203	210
Operating Income (Loss)	54	79	99	157	180	170	181	183	162	-247	-85	99	119	79	76

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.49	0.75	0.79	0.71	1.07	0.86	1.86	3.29	2.51	4.06	0.69	0.31	2.47	1.13	1.04
Current Ratio	1.74	1.95	1.8	1.14	1.32	1.32	2.78	3.7	2.81	4.79	1.6	0.65	3.14	2.49	2.3
Quick Ratio	0.59	0.88	1.01	0.82	1.13	0.95	1.99	3.43	2.62	4.15	0.85	0.44	2.65	1.49	1.36
CFO/Avg Current Liab	0.77	0.67	1	1.27	0.79	0.64	0.89	1.2	1.02	-0.56	0.21	0.83	0.79	1.28	1.82
Common Equity/Total Assets	-10.76	-10.06	-8.13	-8.09	16.94	21.1	24.22	29.83	33.7	30.68	31.25	-21.47	-16.86	-18.44	-20.91
Long-Term Debt/Equity (%)	95.94	80.42	71.52	58.08	43.66	30.09	38.89	36.82	36.41	37.72	27.41	29.34	34.95	40.54	47.59
Long-Term Debt/Capital (%)	89.11	86.23	107.14	102.34	53.12	38.58	46.01	41.13	36.8	40.68	32.19	135.61	130.22	151.96	161.89
Long-Term Debt/Total Assets (%)	44.09	41.52	39.8	33.64	26.56	20.38	26.03	25.13	24.35	26.39	20.19	19.84	24.04	27.46	30.55
Total Debt/Equity (%)	99.41	85.16	72.71	63.35	47.3	37.4	39.1	37.03	39.54	37.83	28.33	39.89	38.37	40.54	47.59
Total Debt/Capital (%)	92.33	91.31	108.92	111.63	57.56	47.94	46.26	41.37	39.96	40.8	33.28	184.39	142.95	151.96	161.89
Total Debt/Total Assets (%)	45.69	43.96	40.46	36.69	28.77	25.32	26.17	25.27	26.44	26.47	20.87	26.98	26.4	27.46	30.55
CFO/Total Liabilities	9.26	11.3	10.99	17.13	20.43	23.84	24.05	24.2	22.41	-13.02	3.54	20.98	20.16	16.99	16.76
CFO/CapEx	0.71	- -	- -	- -	- -	117.61	- -	16.46	11,636.8	-1,144.17	- -	- -	- -	- -	- -
Altman's Z-Score	0.23	0.28	0.28	0.32	0.76	0.81	0.95	1.06	1.07	0.38	0.56	0.06	0.34	0.17	0.16

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	29.97	29	32.17	35.59	37.71	33.33	32.46	34.06	32.3	12.24	27.3	25.76	26.92	27.74	28.33
Days Sales Outstanding	12.18	12.59	11.35	10.25	9.68	10.95	11.25	10.72	11.3	29.82	13.37	14.17	13.56	13.16	12.88
Inventory Turnover	185.9	310.84	316.64	376.53	417.66	427.5	440.29	455.13	984.79	- -	- -	117.24	59.57	49.19	46.94
Days Inventory Outstanding	1.96	1.17	1.15	0.97	0.87	0.85	0.83	0.8	0.37	- -	- -	3.11	6.13	7.42	7.78
Accounts Payable Turnover	13.06	16.94	18.84	18.95	18.86	16.89	16.52	17.55	16.04	6.9	7.11	7.78	8.36	9.6	8.96
Accounts Payable Turnover Days	27.95	21.55	19.38	19.27	19.36	21.61	22.09	20.8	22.75	52.89	51.33	46.92	43.64	38.02	40.72
Cash Conversion Cycle	-13.81	-7.79	-6.88	-8.04	-8.8	-9.81	-10.02	-9.28	-11.08	-23.07	-37.96	-29.64	-23.95	-17.44	-20.07
Inventory to Cash Days	10.22	11.41	10.19	9.29	8.81	10.1	10.42	9.91	10.93	29.82	13.37	11.06	7.43	5.74	5.11
Inventories	1	1	1	1	1	1	1	1	- -	- -	- -	8	9	10	12
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	1	1	1	1	1	1	1	1	- -	- -	- -	8	9	10	12

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	149	157	104	222	499	370	488	809	817	368	120	101	426	107	109
+ Preferred Equity and Hybrid Capital	391	391	115	115	115	190	190	190	190	190	281	281	281	281	280
+ Minority/Non Controlling Interest	60	55	54	52	50	49	48	48	46	41	41	- -	- -	- -	- -
+ Total Debt	1,417	1,379	1,420	1,437	1,112	947	1,010	1,004	1,036	790	635	832	831	853	925
Enterprise Value	1,719	1,668	1,484	1,382	778	816	760	432	456	653	836	1,012	686	1,027	1,096
Total Capital	1,535	1,510	1,303	1,288	1,932	1,975	2,183	2,427	2,593	1,937	1,907	451	582	561	572
Total Debt/Capital (%)	92.33	91.31	108.92	111.63	57.56	47.94	46.26	41.37	39.96	40.8	33.28	184.39	142.95	151.96	161.89
Total Debt / EV	0.82	0.83	0.96	1.04	1.43	1.16	1.33	2.32	2.27	1.21	0.76	0.82	1.21	0.83	0.84
EV/Sales	2.38	2.01	1.61	1.21	0.62	0.69	0.64	0.37	0.41	2.44	1.64	1.11	0.7	1.13	1.14
EV/EBITDA	9.17	7.34	6.16	4.36	2.24	2.44	2.23	1.31	1.47	- -	19.33	4.48	2.79	5.06	5.21
EV/EBIT	32.11	21.12	14.96	8.82	4.31	4.79	4.2	2.36	2.81	- -	- -	10.18	5.78	13.07	14.47
EV/Cash Flow to Firm	7.69	8.03	6.69	3.92	2.07	2.43	2.12	1.24	1.33	- -	13.94	4.2	2.79	4.68	4.75
EV/Free Cash Flow to Firm	3.89	8.03	6.69	3.92	2.07	2.41	2.12	1.17	1.33	- -	13.94	4.2	2.79	4.68	4.75
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,719	1,668	1,484	1,382	778	816	760	432	456	653	836	1,012	686	1,027	1,096
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	722	829	924	1,142	1,249	1,189	1,194	1,159	1,115	268	509	912	986	906	960
TTM EBITDA	187	227	241	317	347	334	340	330	310	-110	43	226	246	203	210
TTM Operating Income	54	79	99	157	180	170	181	183	162	-247	-85	99	119	79	76
TTM Cash Flow to Firm	224	208	222	352	376	336	359	350	342	-66	60	241	246	219	230
TTM Free Cash Flow to Firm	442	208	222	352	376	339	359	368	342	-66	60	241	246	219	230

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	32.11	21.12	14.96	8.82	4.31	4.79	4.2	2.36	2.81	- -	- -	10.18	5.78	13.07	14.47
Enterprise Value	1,719	1,668	1,484	1,382	778	816	760	432	456	653	836	1,012	686	1,027	1,096
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.59	17.51	17.92	19.4	17.96
EV/Sales	2.38	2.01	1.61	1.21	0.62	0.69	0.64	0.37	0.41	2.44	1.64	1.11	0.7	1.13	1.14
EV/EBITDA	9.17	7.34	6.16	4.36	2.24	2.44	2.23	1.31	1.47	- -	19.33	4.48	2.79	5.06	5.21
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	2.38	2.01	1.61	1.21	0.62	0.69	0.64	0.37	0.41	2.44	1.64	1.11	0.7	1.13	1.14
EV/Sales High	2.38	2.01	1.61	1.21	0.62	0.69	0.64	0.37	0.41	2.44	1.64	1.11	0.7	1.13	1.14
EV/Sales Low	2.38	2.01	1.61	1.21	0.62	0.69	0.64	0.37	0.41	2.44	1.64	1.11	0.7	1.13	1.14
EV/EBITDA Average	9.17	7.34	6.16	4.36	2.24	2.44	2.23	1.31	1.47	-5.94	19.33	4.48	2.79	5.06	5.21
EV/EBITDA High	9.17	7.34	6.16	4.36	2.24	2.44	2.23	1.31	1.47	-5.94	19.33	4.48	2.79	5.06	5.21
EV/EBITDA Low	9.17	7.34	6.16	4.36	2.24	2.44	2.23	1.31	1.47	-5.94	19.33	4.48	2.79	5.06	5.21
EV/EBIT Average	32.11	21.12	14.96	8.82	4.31	4.79	4.2	2.36	2.81	-2.64	-9.79	10.18	5.78	13.07	14.47
EV/EBIT High	32.11	21.12	14.96	8.82	4.31	4.79	4.2	2.36	2.81	-2.64	-9.79	10.18	5.78	13.07	14.47
EV/EBIT Low	32.11	21.12	14.96	8.82	4.31	4.79	4.2	2.36	2.81	-2.64	-9.79	10.18	5.78	13.07	14.47
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.11	17.99	21.2	21.55	19.29
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.35	25.27	21.96	22.79	22.14
Enterprise Value Average	1,719	1,668	1,484	1,382	778	816	760	432	456	653	836	1,012	686	1,027	1,096
Enterprise Value High	1,719	1,668	1,484	1,382	778	816	760	432	456	653	836	1,012	686	1,027	1,096
Enterprise Value Low	1,719	1,668	1,484	1,382	778	816	760	432	456	653	836	1,012	686	1,027	1,096

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	117	135	181	205	208	220	225	228	225	216	219	209	203	201	190
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Sunstone Hotel Investors, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)