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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
AECOM Technology Corp has a M-score of -2.59 suggests that the company is not a manipulator.
During the past 12 years, the highest Beneish M-Score of AECOM Technology Corp was 0.17. The lowest was -3.17. And the median was -2.34.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of AECOM Technology Corp for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.0278||+||0.528 * 0.9645||+||0.404 * 1.0676||+||0.892 * 0.9741||+||0.115 * 0.9688|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.149||+||4.679 * -0.0214||-||0.327 * 0.9611|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $2,347 Mil.|
Revenue was 1872.224 + 1953.875 + 2079.087 + 2067.49 = $7,973 Mil.
Gross Profit was 87.407 + 78.198 + 140.213 + 131.814 = $438 Mil.
Total Current Assets was $3,024 Mil.
Total Assets was $5,645 Mil.
Property, Plant and Equipment(Net PPE) was $278 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General & Admin. Expense(SGA) was $98 Mil.
Total Current Liabilities was $2,002 Mil.
Long-Term Debt was $1,009 Mil.
Net Income was 40.192 + 56.396 + 76.568 + 70.755 = $244 Mil.
Non Operating Income was -0.195 + 0.017 + 1.48 + 1.215 = $3 Mil.
Cash Flow from Operations was -31.391 + 137.387 + 160.147 + 96.117 = $362 Mil.
|Accounts Receivable was $2,344 Mil.
Revenue was 1989.646 + 2017.272 + 2082.911 + 2095.138 = $8,185 Mil.
Gross Profit was 99.843 + 78.118 + 144.158 + 111.238 = $433 Mil.
Total Current Assets was $3,162 Mil.
Total Assets was $5,685 Mil.
Property, Plant and Equipment(Net PPE) was $313 Mil.
Depreciation, Depletion and Amortization(DDA) was $100 Mil.
Selling, General & Admin. Expense(SGA) was $88 Mil.
Total Current Liabilities was $2,031 Mil.
Long-Term Debt was $1,123 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(2347.147 / 7972.676)||/||(2344.381 / 8184.967)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(78.198 / 8184.967)||/||(87.407 / 7972.676)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (3023.901 + 277.934) / 5645.278)||/||(1 - (3161.809 + 312.702) / 5685.144)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(100.005 / (100.005 + 312.702))||/||(92.709 / (92.709 + 277.934))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(98.257 / 7972.676)||/||(87.79 / 8184.967)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((1008.891 + 2001.685) / 5645.278)||/||((1123.456 + 2030.958) / 5685.144)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(243.911 - 2.517||-||362.26)||/||5645.278|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
AECOM Technology Corp has a M-score of -2.59 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
AECOM Technology Corp Annual Data
AECOM Technology Corp Quarterly Data