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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.
During the past 13 years, the highest Beneish M-Score of Apartment Investment & Management Company was -2.44. The lowest was -36.83. And the median was -2.95.
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 * 1||+||0.528 * 0.9848||+||0.404 * 0.812||+||0.892 * 0.9878||+||0.115 * 1.088|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0783||+||4.679 * -0.0161||-||0.327 * 0.9026|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 244.783 + 244.265 + 242.178 + 246.843 = $978.1 Mil.
Gross Profit was 155.767 + 147.17 + 153.92 + 150.39 = $607.2 Mil.
Total Current Assets was $135.9 Mil.
Total Assets was $6,157.7 Mil.
Property, Plant and Equipment(Net PPE) was $5,564.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $290.5 Mil.
Selling, General & Admin. Expense(SGA) was $46.3 Mil.
Total Current Liabilities was $385.7 Mil.
Long-Term Debt was $3,866.0 Mil.
Net Income was 63.869 + 93.26 + 39.252 + 128.028 = $324.4 Mil.
Non Operating Income was 0.35 + 87.957 + -0.772 + 1.733 = $89.3 Mil.
Cash Flow from Operations was 92.653 + 64.651 + 88.035 + 89.11 = $334.4 Mil.
|Accounts Receivable was $0.0 Mil.
Revenue was 246.418 + 248.924 + 250.861 + 243.943 = $990.1 Mil.
Gross Profit was 150.897 + 148.404 + 156.415 + 149.672 = $605.4 Mil.
Total Current Assets was $257.4 Mil.
Total Assets was $6,078.7 Mil.
Property, Plant and Equipment(Net PPE) was $5,264.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $300.4 Mil.
Selling, General & Admin. Expense(SGA) was $43.4 Mil.
Total Current Liabilities was $443.7 Mil.
Long-Term Debt was $4,206.2 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 / 978.069)||/||(0 / 990.146)|
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)|
|=||(147.17 / 990.146)||/||(155.767 / 978.069)|
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 - (135.918 + 5564.185) / 6157.694)||/||(1 - (257.406 + 5264.939) / 6078.665)|
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))|
|=||(300.44 / (300.44 + 5264.939))||/||(290.484 / (290.484 + 5564.185))|
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)|
|=||(46.252 / 978.069)||/||(43.422 / 990.146)|
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)|
|=||((3866.007 + 385.66) / 6157.694)||/||((4206.202 + 443.736) / 6078.665)|
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|
|=||(324.409 - 89.268||-||334.449)||/||6157.694|
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 -2.62 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