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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.
Apartment Investment & Management Company has a M-score of -3.62 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Apartment Investment & Management Company was -2.48. The lowest was -37.39. And the median was -3.00.
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 Apartment Investment & Management Company 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 * 0||+||0.528 * 0.9788||+||0.404 * 0.5683||+||0.892 * 1.0166||+||0.115 * 1.2104|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9065||+||4.679 * -0.0202||-||0.327 * 0.9837|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 219.483 + 254.514 + 259.662 + 255.45 = $989.1 Mil.
Gross Profit was 138.465 + 155.678 + 156.248 + 152.141 = $602.5 Mil.
Total Current Assets was $182.8 Mil.
Total Assets was $6,079.4 Mil.
Property, Plant and Equipment(Net PPE) was $5,391.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $308.3 Mil.
Selling, General & Admin. Expense(SGA) was $45.7 Mil.
Total Current Liabilities was $438.5 Mil.
Long-Term Debt was $4,388.2 Mil.
Net Income was 123.218 + 67.232 + 10.948 + 5.892 = $207.3 Mil.
Non Operating Income was 8.255 + -1.622 + -1.05 + -0.986 = $4.6 Mil.
Cash Flow from Operations was 77.473 + 75.097 + 124.134 + 48.892 = $325.6 Mil.
|Accounts Receivable was $34.0 Mil.
Revenue was 214.523 + 252.845 + 253.288 + 252.32 = $973.0 Mil.
Gross Profit was 130.718 + 149.04 + 150.241 + 150.14 = $580.1 Mil.
Total Current Assets was $230.0 Mil.
Total Assets was $6,401.4 Mil.
Property, Plant and Equipment(Net PPE) was $5,235.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $366.8 Mil.
Selling, General & Admin. Expense(SGA) was $49.6 Mil.
Total Current Liabilities was $753.4 Mil.
Long-Term Debt was $4,413.1 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)|
|=||(0 / 989.109)||/||(34.02 / 972.976)|
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)|
|=||(155.678 / 972.976)||/||(138.465 / 989.109)|
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 - (182.788 + 5391.209) / 6079.413)||/||(1 - (229.998 + 5234.961) / 6401.38)|
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))|
|=||(366.75 / (366.75 + 5234.961))||/||(308.282 / (308.282 + 5391.209))|
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)|
|=||(45.708 / 989.109)||/||(49.602 / 972.976)|
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)|
|=||((4388.185 + 438.531) / 6079.413)||/||((4413.083 + 753.357) / 6401.38)|
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|
|=||(207.29 - 4.597||-||325.596)||/||6079.413|
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.
Apartment Investment & Management Company has a M-score of -3.62 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
Apartment Investment & Management Company Annual Data
Apartment Investment & Management Company Quarterly Data