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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 Boston Properties Inc was 5.84. The lowest was -646.44. And the median was -2.55.
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 Boston Properties Inc 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 * 1.4629||+||0.528 * 1.0018||+||0.404 * 0.8928||+||0.892 * 1.0512||+||0.115 * 0.9572|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9292||+||4.679 * -0.0119||-||0.327 * 0.9132|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $66 Mil.|
Revenue was 629.884 + 618.221 + 618.476 + 613.707 = $2,480 Mil.
Gross Profit was 401.963 + 395.262 + 389.55 + 395.091 = $1,582 Mil.
Total Current Assets was $2,301 Mil.
Total Assets was $18,980 Mil.
Property, Plant and Equipment(Net PPE) was $15,569 Mil.
Depreciation, Depletion and Amortization(DDA) was $638 Mil.
Selling, General & Admin. Expense(SGA) was $97 Mil.
Total Current Liabilities was $559 Mil.
Long-Term Debt was $9,730 Mil.
Net Income was 186.729 + 82.078 + 173.771 + 177.285 = $620 Mil.
Non Operating Income was 1.132 + 3.054 + 15.227 + -7.546 = $12 Mil.
Cash Flow from Operations was 165.802 + 241.63 + 201.446 + 225.876 = $835 Mil.
|Accounts Receivable was $43 Mil.
Revenue was 618.803 + 589.794 + 574.694 + 576.199 = $2,359 Mil.
Gross Profit was 396.039 + 379.833 + 361.509 + 370.123 = $1,508 Mil.
Total Current Assets was $1,752 Mil.
Total Assets was $18,875 Mil.
Property, Plant and Equipment(Net PPE) was $15,886 Mil.
Depreciation, Depletion and Amortization(DDA) was $622 Mil.
Selling, General & Admin. Expense(SGA) was $99 Mil.
Total Current Liabilities was $548 Mil.
Long-Term Debt was $10,656 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)|
|=||(66.446 / 2480.288)||/||(43.21 / 2359.49)|
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)|
|=||(395.262 / 2359.49)||/||(401.963 / 2480.288)|
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 - (2300.622 + 15569.008) / 18980.263)||/||(1 - (1751.754 + 15886.276) / 18875.16)|
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))|
|=||(621.552 / (621.552 + 15886.276))||/||(637.512 / (637.512 + 15569.008))|
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)|
|=||(96.62 / 2480.288)||/||(98.921 / 2359.49)|
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)|
|=||((9729.796 + 559.028) / 18980.263)||/||((10655.75 + 548.262) / 18875.16)|
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|
|=||(619.863 - 11.867||-||834.754)||/||18980.263|
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.
Boston Properties Inc has a M-score of -2.07 signals that the company is likely to 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
Boston Properties Inc Annual Data
Boston Properties Inc Quarterly Data