Steiner Leisure (STNR) Case Study Part 3 – Financials

Steiner Leisure (STNR) Case Study Part 3 – Financials


In Part 1 of this case study I introduced Steiner Leisure (STNR) the company we’re looking at in the newest case study and told you why we’re looking at it.

In Part 2 of the case study I introduced my preliminary analysis of the company which found some worrisome things about Steiner.  But we needed to find these things in the financials.

This is what today’s Part 3 of the case study is about.  Looking at the financials.  And finding out why Steiner’s numbers have deteriorated so much in the last year.

I found those answers and a lot more that’s important in the 2013 10K, 2014 10K, 2015 proxy, and 2015 2Q 10Q.  And in most cases I would release the 21 pages of notes I took about Steiner exclusive to Value Investing Journey and Press On Research subscribers later today.

But this is such a great learning experience I’ve got to release the notes below to everyone.  Click on the STNR Notes link below to get the notes.

STNR Notes

My conclusions so far are not good for the company.  But I’ll let you come to your own conclusions because you’ll learn more doing so.  And if anyone has more private equity experience than I do please let me know what Catterton might be thinking buying Steiner in the comments below.

Next up are valuations for Steiner.


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