Sunstone Hotel Investors Inc
SHO高于价值预期 · 苛刻2 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
- 营收增速
- +6.0%
- 净利率
- 2.6%
- ROE
- 1.3%
- FCF 利润率
- —
估值 · 价值带
高于合理价值
零增长底
$10
中枢 IV
$3
乐观上沿
$10
Sunstone Hotel Investors Inc（SHO）：保守价值带 $10 / 股（零增长底到增速封顶的乐观上沿），中枢约 $3。今日价格高于这条带（价格 $13 截至 2026-10-22）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
营收增 5%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 0 年 · 折现 14.8% · 零增长下行 $10
价格截至 2026-10-22 · yahoo · DGS10 5.1% @ 2026-10-21.
方法与数字
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $2.01 – $2.95 · Greenwald 零增长 $10.14 · 零增长基准 $10.14 · 重置 $10.14
护城河 低于资产基础 · 终值占现值 33% · 所有者盈利收益率 2% 对 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
年份：TTM 2026-06-30, 2024, 2023, 2022, 2021
Buffett owner-earnings value$1.91 – $2.20 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 简化：Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 16.5 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
重置价值 = 有形净资产 $1.88B = $10.14 / 股. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
护城河读数：Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.
增长价值被闸至零 — 无护城河或 ROIIC ≤ WACC，故不计入增长价值。
窗口 TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
基线 9%–11%，净债务约 16.5 年所有者盈利 → 加 4.0 个百分点风险溢价 → 实际 13.0%–15.0%。
所有者盈利 DCF：增长 g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.63%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-10-21). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
估值口径：截至 2026-06-30 的滚动十二个月（最新 10-K 叠加未审计 10-Q）。
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 高于 30.0%（已超出常规区间）；公司过去营收年增 26.4%。
市场要它明显快过自己一贯的水平。
粗略地说，现价要它按历史营收增速再增长约 12 年，才刚好撑得起。
SEC 13F · 持有人
持有该证券的超级投资者
2 位持有 · 合计 $10.2M · 本季 +1 新建 / -0 清仓
- 市值$10.0M权重（上季→本季）0.0% → 0.0% ▲
- 市值$210,852权重（上季→本季）新建 · 0.0%
SEC 13F · 说明
文字说明
文字说明
Sunstone Hotel Investors Inc（SHO）被 Compounder 追踪的 2 位超级投资者持有，合计申报市值 $10.2M。仓位最大的是 Christopher Davis，占其组合 0.0%。
按市值，其他主要持有人包括 Jeremy Grantham（占其组合 0.0%）。
截至 2026-06-30 的这一季，追踪范围内有 1 位新建 SHO 仓位，0 位加仓，1 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Sunstone Hotel Investors Inc（SHO）的这些人还共同重仓 →
SHO 现价不低于保守价值带。 看当前击球区股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-13 提交· Yahoo Finance 截至 2026-10-22· SEC 10-K + 10-Q (XBRL) 截至 2026-06-30 · 2026-08-06 提交·FRED 10 年期美债(DGS10) 截至 2026-10-21
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
订阅更新
每季 13F 申报截止后一封，讲超级投资者这季动了什么。随时退订。