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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 -2.57. The lowest was -36.83. And the median was -2.85.
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 * 0.9905||+||0.404 * 0.8969||+||0.892 * 0.9941||+||0.115 * 1.0746|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0027||+||4.679 * -0.0103||-||0.327 * 0.8698|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $0.0 Mil.|
Revenue was 244.265 + 242.178 + 246.843 + 246.418 = $979.7 Mil.
Gross Profit was 147.17 + 153.92 + 150.39 + 150.959 = $602.4 Mil.
Total Current Assets was $259.9 Mil.
Total Assets was $6,215.5 Mil.
Property, Plant and Equipment(Net PPE) was $5,484.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $286.7 Mil.
Selling, General & Admin. Expense(SGA) was $44.3 Mil.
Total Current Liabilities was $397.7 Mil.
Long-Term Debt was $3,888.3 Mil.
Net Income was 93.26 + 39.252 + 128.028 + 77.042 = $337.6 Mil.
Non Operating Income was 2.264 + -0.772 + 1.733 + 66.851 = $70.1 Mil.
Cash Flow from Operations was 64.651 + 88.035 + 89.11 + 89.478 = $331.3 Mil.
|Accounts Receivable was $0.0 Mil.
Revenue was 248.924 + 250.861 + 243.943 + 241.745 = $985.5 Mil.
Gross Profit was 148.404 + 156.415 + 149.672 + 145.75 = $600.2 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.
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 / 979.704)||/||(0 / 985.473)|
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)|
|=||(153.92 / 985.473)||/||(147.17 / 979.704)|
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 - (259.918 + 5484.023) / 6215.453)||/||(1 - (199.218 + 5369.42) / 6083.152)|
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))|
|=||(302.873 / (302.873 + 5369.42))||/||(286.733 / (286.733 + 5484.023))|
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)|
|=||(44.315 / 979.704)||/||(44.456 / 985.473)|
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)|
|=||((3888.284 + 397.746) / 6215.453)||/||((4394.823 + 427.757) / 6083.152)|
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|
|=||(337.582 - 70.076||-||331.274)||/||6215.453|
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 -2.53 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