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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 -2.48 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 -3.16. And the median was -2.33.
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 * 1.0761||+||0.528 * 1.0574||+||0.404 * 1.0208||+||0.892 * 0.9652||+||0.115 * 1.0549|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1047||+||4.679 * -0.0184||-||0.327 * 0.9484|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $2,432 Mil.|
Revenue was 1968.155 + 1872.224 + 1953.875 + 2079.087 = $7,873 Mil.
Gross Profit was 108.54 + 87.407 + 78.198 + 140.213 = $414 Mil.
Total Current Assets was $3,122 Mil.
Total Assets was $5,754 Mil.
Property, Plant and Equipment(Net PPE) was $279 Mil.
Depreciation, Depletion and Amortization(DDA) was $94 Mil.
Selling, General & Admin. Expense(SGA) was $97 Mil.
Total Current Liabilities was $2,054 Mil.
Long-Term Debt was $977 Mil.
Net Income was 69.24 + 40.192 + 56.396 + 76.568 = $242 Mil.
Non Operating Income was 1.034 + -0.195 + 0.017 + 1.48 = $2 Mil.
Cash Flow from Operations was 79.713 + -31.391 + 137.387 + 160.147 = $346 Mil.
|Accounts Receivable was $2,341 Mil.
Revenue was 2067.49 + 1989.646 + 2017.272 + 2082.911 = $8,157 Mil.
Gross Profit was 131.814 + 99.843 + 78.118 + 144.158 = $454 Mil.
Total Current Assets was $3,050 Mil.
Total Assets was $5,539 Mil.
Property, Plant and Equipment(Net PPE) was $270 Mil.
Depreciation, Depletion and Amortization(DDA) was $97 Mil.
Selling, General & Admin. Expense(SGA) was $91 Mil.
Total Current Liabilities was $1,942 Mil.
Long-Term Debt was $1,135 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)|
|=||(2431.517 / 7873.341)||/||(2341.146 / 8157.319)|
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)|
|=||(87.407 / 8157.319)||/||(108.54 / 7873.341)|
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 - (3121.81 + 278.78) / 5753.742)||/||(1 - (3049.684 + 270.344) / 5539.368)|
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))|
|=||(97.452 / (97.452 + 270.344))||/||(93.505 / (93.505 + 278.78))|
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)|
|=||(97.151 / 7873.341)||/||(91.118 / 8157.319)|
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)|
|=||((976.963 + 2053.86) / 5753.742)||/||((1135.226 + 1941.556) / 5539.368)|
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|
|=||(242.396 - 2.336||-||345.856)||/||5753.742|
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 -2.48 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