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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 -2.96.
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 * 0.9929||+||0.404 * 0.7556||+||0.892 * 1.059||+||0.115 * 1.0639|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8854||+||4.679 * -0.0106||-||0.327 * 0.9004|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 246.843 + 246.418 + 248.924 + 250.861 = $993.0 Mil.
Gross Profit was 150.39 + 150.959 + 148.402 + 156.415 = $606.2 Mil.
Total Current Assets was $195.2 Mil.
Total Assets was $5,937.5 Mil.
Property, Plant and Equipment(Net PPE) was $5,224.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $297.8 Mil.
Selling, General & Admin. Expense(SGA) was $43.1 Mil.
Total Current Liabilities was $415.7 Mil.
Long-Term Debt was $3,962.2 Mil.
Net Income was 128.028 + 77.042 + 64.927 + 123.218 = $393.2 Mil.
Non Operating Income was 1.733 + 66.851 + 67.513 + 9.419 = $145.5 Mil.
Cash Flow from Operations was 89.11 + 89.478 + 54.801 + 77.473 = $310.9 Mil.
|Accounts Receivable was $32.9 Mil.
Revenue was 243.943 + 241.745 + 237.504 + 214.523 = $937.7 Mil.
Gross Profit was 149.672 + 145.75 + 142.203 + 130.718 = $568.3 Mil.
Total Current Assets was $231.1 Mil.
Total Assets was $6,489.5 Mil.
Property, Plant and Equipment(Net PPE) was $5,510.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $335.4 Mil.
Selling, General & Admin. Expense(SGA) was $46.0 Mil.
Total Current Liabilities was $484.9 Mil.
Long-Term Debt was $4,829.5 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 / 993.046)||/||(32.925 / 937.715)|
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)|
|=||(150.959 / 937.715)||/||(150.39 / 993.046)|
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 - (195.21 + 5224.875) / 5937.463)||/||(1 - (231.058 + 5510.043) / 6489.506)|
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))|
|=||(335.39 / (335.39 + 5510.043))||/||(297.837 / (297.837 + 5224.875))|
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)|
|=||(43.136 / 993.046)||/||(46.005 / 937.715)|
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)|
|=||((3962.236 + 415.707) / 5937.463)||/||((4829.521 + 484.856) / 6489.506)|
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|
|=||(393.215 - 145.516||-||310.862)||/||5937.463|
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 -3.44 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