AIV has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -3.45 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Apartment Investment & Management Company was -0.78. The lowest was -37.39. And the median was -2.94.
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 * 0.9799||+||0.404 * 0.8521||+||0.892 * 1.0255||+||0.115 * 1.1384|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8714||+||4.679 * -0.0113||-||0.327 * 0.9746|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 248.924 + 219.483 + 254.514 + 259.662 = $982.6 Mil.
Gross Profit was 148.402 + 138.465 + 155.678 + 156.248 = $598.8 Mil.
Total Current Assets was $199.2 Mil.
Total Assets was $6,083.2 Mil.
Property, Plant and Equipment(Net PPE) was $5,369.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $302.9 Mil.
Selling, General & Admin. Expense(SGA) was $44.5 Mil.
Total Current Liabilities was $427.8 Mil.
Long-Term Debt was $4,394.8 Mil.
Net Income was 64.927 + 123.218 + 67.232 + 10.948 = $266.3 Mil.
Non Operating Income was -1.979 + 8.255 + -1.622 + -1.05 = $3.6 Mil.
Cash Flow from Operations was 54.801 + 77.473 + 75.097 + 124.134 = $331.5 Mil.
|Accounts Receivable was $34.5 Mil.
Revenue was 237.504 + 214.523 + 252.845 + 253.288 = $958.2 Mil.
Gross Profit was 142.203 + 130.718 + 149.04 + 150.241 = $572.2 Mil.
Total Current Assets was $240.2 Mil.
Total Assets was $6,370.4 Mil.
Property, Plant and Equipment(Net PPE) was $5,497.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $355.8 Mil.
Selling, General & Admin. Expense(SGA) was $49.8 Mil.
Total Current Liabilities was $468.3 Mil.
Long-Term Debt was $4,713.5 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 / 982.583)||/||(34.477 / 958.16)|
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)|
|=||(138.465 / 958.16)||/||(148.402 / 982.583)|
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 - (199.218 + 5369.42) / 6083.152)||/||(1 - (240.178 + 5497.884) / 6370.393)|
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))|
|=||(355.834 / (355.834 + 5497.884))||/||(302.873 / (302.873 + 5369.42))|
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)|
|=||(44.461 / 982.583)||/||(49.757 / 958.16)|
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)|
|=||((4394.823 + 427.757) / 6083.152)||/||((4713.46 + 468.304) / 6370.393)|
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|
|=||(266.325 - 3.604||-||331.505)||/||6083.152|
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 -3.45 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