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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 Crown Castle International Corp was -0.92. The lowest was -5.08. And the median was -2.41.
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 Crown Castle International Corp 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 * 0.9351||+||0.528 * 1.003||+||0.404 * 0.9914||+||0.892 * 1.1132||+||0.115 * 0.9709|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.12||+||4.679 * -0.0137||-||0.327 * 0.9873|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $325 Mil.|
Revenue was 918.107 + 899.437 + 941.001 + 1076.996 = $3,836 Mil.
Gross Profit was 584.248 + 573.006 + 611.143 + 678.319 = $2,447 Mil.
Total Current Assets was $1,024 Mil.
Total Assets was $21,996 Mil.
Property, Plant and Equipment(Net PPE) was $9,499 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,041 Mil.
Selling, General & Admin. Expense(SGA) was $325 Mil.
Total Current Liabilities was $825 Mil.
Long-Term Debt was $12,039 Mil.
Net Income was 103.779 + 1153.36 + 122.787 + 148.07 = $1,528 Mil.
Non Operating Income was -9.804 + 43.724 + -12.459 + 1.68 = $23 Mil.
Cash Flow from Operations was 371.998 + 458.084 + 460.794 + 515.204 = $1,806 Mil.
|Accounts Receivable was $312 Mil.
Revenue was 892.883 + 878.242 + 875.95 + 798.419 = $3,445 Mil.
Gross Profit was 560.47 + 549.309 + 575 + 519.784 = $2,205 Mil.
Total Current Assets was $979 Mil.
Total Assets was $20,785 Mil.
Property, Plant and Equipment(Net PPE) was $8,871 Mil.
Depreciation, Depletion and Amortization(DDA) was $941 Mil.
Selling, General & Admin. Expense(SGA) was $261 Mil.
Total Current Liabilities was $846 Mil.
Long-Term Debt was $11,467 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)|
|=||(324.566 / 3835.541)||/||(311.798 / 3445.494)|
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)|
|=||(573.006 / 3445.494)||/||(584.248 / 3835.541)|
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 - (1024.371 + 9498.568) / 21995.644)||/||(1 - (978.795 + 8870.817) / 20784.86)|
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))|
|=||(940.662 / (940.662 + 8870.817))||/||(1040.72 / (1040.72 + 9498.568))|
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)|
|=||(324.836 / 3835.541)||/||(260.542 / 3445.494)|
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)|
|=||((12039.178 + 824.542) / 21995.644)||/||((11467.005 + 845.567) / 20784.86)|
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|
|=||(1527.996 - 23.141||-||1806.08)||/||21995.644|
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.
Crown Castle International Corp has a M-score of -2.52 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
Crown Castle International Corp Annual Data
Crown Castle International Corp Quarterly Data