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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.
CBRE Group Inc has a M-score of -2.74 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of CBRE Group Inc was -1.86. The lowest was -2.98. And the median was -2.43.
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 CBRE Group 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 * 0.7375||+||0.528 * 1.0448||+||0.404 * 1.111||+||0.892 * 1.1403||+||0.115 * 1.0026|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9337||+||4.679 * -0.0531||-||0.327 * 0.9301|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $1,777 Mil.|
Revenue was 1860.842 + 2233.851 + 1733.866 + 1742.014 = $7,571 Mil.
Gross Profit was 699.382 + 956.853 + 701.518 + 723.187 = $3,081 Mil.
Total Current Assets was $2,762 Mil.
Total Assets was $6,843 Mil.
Property, Plant and Equipment(Net PPE) was $447 Mil.
Depreciation, Depletion and Amortization(DDA) was $210 Mil.
Selling, General & Admin. Expense(SGA) was $2,163 Mil.
Total Current Liabilities was $2,380 Mil.
Long-Term Debt was $1,856 Mil.
Net Income was 67.663 + 114.646 + 94.444 + 69.902 = $347 Mil.
Non Operating Income was 19.801 + 151.543 + 18.472 + -34.638 = $155 Mil.
Cash Flow from Operations was -269.966 + 510.468 + 149.969 + 164.557 = $555 Mil.
|Accounts Receivable was $2,113 Mil.
Revenue was 1475.063 + 2005.846 + 1557.147 + 1601.117 = $6,639 Mil.
Gross Profit was 613.847 + 874.276 + 641.902 + 692.974 = $2,823 Mil.
Total Current Assets was $3,233 Mil.
Total Assets was $6,888 Mil.
Property, Plant and Equipment(Net PPE) was $362 Mil.
Depreciation, Depletion and Amortization(DDA) was $171 Mil.
Selling, General & Admin. Expense(SGA) was $2,032 Mil.
Total Current Liabilities was $2,454 Mil.
Long-Term Debt was $2,131 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)|
|=||(1777.099 / 7570.573)||/||(2113.286 / 6639.173)|
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)|
|=||(956.853 / 6639.173)||/||(699.382 / 7570.573)|
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 - (2762.237 + 446.66) / 6843.358)||/||(1 - (3232.833 + 362.421) / 6887.64)|
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))|
|=||(170.985 / (170.985 + 362.421))||/||(209.936 / (209.936 + 446.66))|
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)|
|=||(2163.164 / 7570.573)||/||(2031.733 / 6639.173)|
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)|
|=||((1856.479 + 2379.614) / 6843.358)||/||((2130.621 + 2453.535) / 6887.64)|
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|
|=||(346.655 - 155.178||-||555.028)||/||6843.358|
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.
CBRE Group Inc has a M-score of -2.74 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
CBRE Group Inc Annual Data
CBRE Group Inc Quarterly Data