COMP <GO>

SHO vs MCRI // EV/EBITDA & P/E VALUATION

Sunstone Hotel Investors Inc. Sunstone Hotel Investors Inc. (NYSE) VS. Monarch Casino & Resort Inc. (NASDAQ) • 15-METRIC TALLY: SHO 5 — MCRI 1

■ METRIC PARITY

SHO — Sunstone Hotel Investors Inc. Sunstone Hotel Investors Inc. ROARABLE C+ • RQD 67/100

LAST: $12.94 (+1.41%) • MKT CAP: $2.41B

DES <GO> FA <GO> 10-K RED <GO>

valuation

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MCRI — Monarch Casino & Resort Inc. ROARABLE C+ • RQD 69/100

LAST: $111.76 (-0.44%) • MKT CAP: $2.00B

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (SHO VS. MCRI) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	SHO	MCRI	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	23.40%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	18.90%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	7.55%	6.41%	+1.14	SHO	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	18.60%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	6.00%	4.40%	+1.60	SHO	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.59%	1.09%	+2.50	SHO	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	6/9	-3.00	MCRI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	73.9	35.5	+38.42	SHO	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	18.4x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.41B	$2.00B	$403.1M	SHO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	SHO REV	MCRI REV	SHO GROSS %	MCRI GROSS %	SHO FCF	MCRI FCF
FY 2025	$960.1M	$545.1M	—	23.4%	$181.8M	$128.4M
FY 2024	$905.8M	$522.2M	—	17.7%	$170.4M	$93.3M
FY 2023	$986.5M	$501.5M	—	—	$198.1M	$173.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

SHO // BETA —

MCRI // BETA —