StoneMor Inc.

NYSE:STON 주식 리포트

시가총액: US$419.2m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

StoneMor 경영진

경영진 기준 점검 4/4

핵심 정보

Joe Redling

최고경영자

US$1.8m

총 보수

CEO 급여 비율40.89%
CEO 재임 기간4.3yrs
CEO 지분 보유율1.4%
경영진 평균 재임 기간3.2yrs
이사회 평균 재임 기간3.4yrs

최근 경영진 업데이트

Recent updates

Seeking Alpha • Sep 15

StoneMor Really Needs That Outside Capital

Summary StoneMor Inc. is in some sort of discussion with Axar Capital. Whether it be a take-private or some sort of roll-up, we don't know. While a roll-up would make a lot of sense in the fragmented U.S. death-care industry, investors might have some concerns while they wait for a deal. StoneMor has very high rate loans and their leverage situation could be described as nearing untenable. While the economics of death care are very good, StoneMor has a current problem that their cemetery-focused businesses need to get a good return on capital on care trusts. With markets being tough right now, shareholders deal with an uncertain situation where a good buyout is the only lever of return and bankruptcy is otherwise a risk. StoneMor Inc. (STON) is yet another business in the death industry on which we've been expanding our coverage. It is more focused on cemetery operations than some of its peers, and that presents a little bit of a problem for them in the current market. Since returns on investments from selling interment rights are important for the long-term revenues of the business, and cemetery revenues are exposed to inflation pressure, we worry about StoneMor's debt situation. They are in talks with a financial sponsor for some sort of transaction, but nothing has been decided yet and all parties could walk away. Shareholders appear to be in a position where a deal must happen otherwise the equity in this business could suffer a lot due to debt pressure, and indeed at maturity in 2029 collapse entirely. STON has excellent economics in theory, and can probably turn the ship around. It is discounted with respect to some closer comps, so there is an upside here, but the risks are absolute. While mitigating factors are saving them, the situation is really ambiguous, and with an abyss below, we don't walk these tightropes. The Challenges Let's first discuss economics. StoneMor's primarily business is in cemetery operations. There's about a 4:3:3 split between selling interment rights, services and merchandise. There are two dynamics which are saving StoneMor right now. Services and merchandise are often sold on a preneed basis, i.e., before a death has occurred. That cash flow is essential for servicing debt, and is why the operating cash flow figures are just about positive while net income is in the deep negative. Deferred revenues save them here. The other element is that when selling interment rights, the cost of servicing those interred remains are not payable immediately, as the plot is maintained on an ongoing basis. Therefore, selling interment rights provides an excellent upfront cash flow that helps service debt. Indeed, the debt situation is very severe. They have about $400 million in gross debt, and the interest expense is about $40 million a year, implying the 10% rate that would honestly be consistent with the risks from leverage here. Net debt is a bit lower at $320 million, but the problem still remains. We mentioned earlier that a lot of cash comes upfront for StoneMor. Especially for interment sales, this means that a lot of cash ends up in trusts that need to invest the money so that there's more to distribute back into the working capital of the businesses, and indeed the pockets of shareholders over time. If investment performance is weak, then there's less distributions in the long-term for the company from those interment sales, which are partially deferred using these trusts and all that associated accounting. The economics aren't so different from pension plans with defined benefits. The problem is that performance is probably going to be pretty weak. 2022 revenues were $70.5 million for the second quarter of 2022, compared with $72.1 million for the second quarter of 2021, a 2.3% decline, which was primarily driven by the decrease in investment and other income. Jeff DiGiovanni, STON CFO And if it's really weak, there's even a risk that the company has to pay into the trust to cover the statutory obligations for covering interred remains. State laws play into this, and it creates some hidden leverage that is contingent on poor investment performance. You might see how things could be complicated...
Seeking Alpha • May 12

StoneMor: Only A Catalyst Can Generate Value For Investors

StoneMor's fundamental condition has improved lately, but the overall health of the business remains mediocre. Relative to other players in this space, shares also look quite pricey and upside is likely very limited. Only a catalyst, which might be in the works, can result in some real value creation for its investors if fundamentals don't continue to improve.
Seeking Alpha • Dec 22

StoneMor: Resurrection Of Graveyard Stock, Worth 4-5x To Shareholders

StoneMor shares are currently worth 4-5x based on public comps. Conservative accounting disguises valuable, compounding asset base. New management has made significant strides to cut costs, reallocate capital, and restructure its org chart. The company holds $413 million in NOLs available to a financial buyer. There is a strong case that the shares could be taken out in the near future.
Seeking Alpha • Aug 24

StoneMor: There's Better Out There

StoneMor has been on a bumpy ride in recent years, especially when it comes to the company's profitability. This makes it difficult to value the firm, even as data shows that the current fiscal year should, in some ways, be better for shareholders than last year was. In all, there likely are more attractive prospects on the market than StoneMor.

CEO 보수 분석

Joe Redling의 보수는 StoneMor의 수익에 비해 어떻게 변했나요?
날짜총 보수급여회사 수익
Jun 30 2022n/an/a

-US$45m

Mar 31 2022n/an/a

-US$64m

Dec 31 2021US$2mUS$741k

-US$57m

Sep 30 2021n/an/a

-US$52m

Jun 30 2021n/an/a

-US$55m

Mar 31 2021n/an/a

-US$28m

Dec 31 2020US$2mUS$633k

-US$37m

Sep 30 2020n/an/a

-US$87m

Jun 30 2020n/an/a

-US$121m

Mar 31 2020n/an/a

-US$147m

Dec 31 2019US$3mUS$700k

-US$155m

Sep 30 2019n/an/a

-US$121m

Jun 30 2019n/an/a

-US$95m

Mar 31 2019n/an/a

-US$77m

Dec 31 2018US$4mUS$318k

-US$73m

보상 대 시장: Joe의 총 보수(USD1.81M)는 US 시장에서 비슷한 규모 기업의 평균(USD2.43M)보다 낮습니다.

보상과 수익: Joe의 보상은 지난 1년 동안 회사 실적과 일치했습니다.

CEO

Joe Redling (63 yo)

4.3yrs
재임 기간
US$1,812,049
보수

Mr. Joseph M. Redling, also known as Joe, has been Chief Executive Officer, President and Director at StoneMor Inc. since July 17, 2018. Mr. Redling served as the Chief Operating Officer of Vonage Holdings...

리더십 팀

이름직위재임 기간보수지분
Joseph Redling
President4.3yrsUS$1.81m1.38%
$ 5.8m
Jeffrey DiGiovanni
Senior VP & CFO3.2yrsUS$677.56k0.19%
$ 797.3k
Thomas Connolly
Senior Vice President of Business Planning & Operationsno data데이터 없음0.17%
$ 730.2k
Charlotte Igou
Vice President of Accounting & Corporate Controller2.8yrs데이터 없음데이터 없음
Sahal Laher
Senior VP & Chief Information Officerless than a year데이터 없음데이터 없음
Lorena Trujillo
VP, General Counsel & Secretaryless than a year데이터 없음데이터 없음
Keith Trost
Senior Vice President of Corporate Developmentless than a year데이터 없음0.055%
$ 230.6k
Lindsay Granson
Senior Vice President of Sales & Marketing4.4yrs데이터 없음0.14%
$ 586.4k
Gina Mack
Vice-President of Human Resources5.2yrs데이터 없음데이터 없음
Jack Omer
Divisional President of Central4.2yrs데이터 없음데이터 없음
Robert Page
Senior Vice President of Operational Services4.3yrs데이터 없음데이터 없음
Marc Bing-Zaremba
Divisional President of East2.8yrs데이터 없음데이터 없음
3.2yrs
평균 재임 기간
46yo
평균 나이

경험이 풍부한 관리: STON의 경영진은 경험이 있음으로 간주됩니다(평균 재임 3.2 년).

이사회 구성원

이름직위재임 기간보수지분
Joseph Redling
President4.3yrsUS$1.81m1.38%
$ 5.8m
David Miller
Independent Director3.4yrsUS$110.00k0.79%
$ 3.3m
Kevin Patrick
Independent Director2.2yrsUS$150.00k데이터 없음
Patricia Wellenbach
Independent Director4.6yrsUS$200.00k0.0051%
$ 21.4k
Stephen Negrotti
Independent Director4.6yrsUS$225.00k0.041%
$ 171.7k
Andrew Axelrod
Chairman of the Board3.4yrsUS$110.00k데이터 없음
Spencer Goldenberg
Independent Director3.4yrsUS$125.00k0.0084%
$ 35.3k
3.4yrs
평균 재임 기간
63yo
평균 나이

경험이 풍부한 이사회: STON의 이사회는 경험이 있음으로 간주됩니다(평균 재임 3.4 년).

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2022/11/04 00:02
종가2022/11/03 00:00
수익2022/06/30
연간 수익2021/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

StoneMor Inc.는 5명의 분석가가 다루고 있습니다. 이 중 명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Benjamin MayoBaird
Michael GyureBrean Capital Historical (Janney Montgomery)
Liam BurkeB. Riley Securities, Inc.