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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 -1.27. The lowest was -5.32. And the median was -2.45.
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 * 0.8469||+||0.528 * 0.9845||+||0.404 * 0.9982||+||0.892 * 1.0279||+||0.115 * 0.9749|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1931||+||4.679 * -0.0146||-||0.327 * 0.9576|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $255 Mil.|
Revenue was 934.384 + 945.836 + 918.107 + 899.437 = $3,698 Mil.
Gross Profit was 600.792 + 603.831 + 584.248 + 573.006 = $2,362 Mil.
Total Current Assets was $821 Mil.
Total Assets was $21,718 Mil.
Property, Plant and Equipment(Net PPE) was $9,559 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,062 Mil.
Selling, General & Admin. Expense(SGA) was $334 Mil.
Total Current Liabilities was $812 Mil.
Long-Term Debt was $11,778 Mil.
Net Income was 47.84 + 141.066 + 103.779 + 1153.36 = $1,446 Mil.
Non Operating Income was -38.929 + -11.019 + -9.804 + 43.724 = $-16 Mil.
Cash Flow from Operations was 437.656 + 503.149 + 371.998 + 465.82 = $1,779 Mil.
|Accounts Receivable was $293 Mil.
Revenue was 900.471 + 925.868 + 892.883 + 878.242 = $3,597 Mil.
Gross Profit was 581.34 + 571.051 + 560.47 + 549.309 = $2,262 Mil.
Total Current Assets was $928 Mil.
Total Assets was $21,105 Mil.
Property, Plant and Equipment(Net PPE) was $9,140 Mil.
Depreciation, Depletion and Amortization(DDA) was $987 Mil.
Selling, General & Admin. Expense(SGA) was $273 Mil.
Total Current Liabilities was $822 Mil.
Long-Term Debt was $11,954 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)|
|=||(254.669 / 3697.764)||/||(292.565 / 3597.464)|
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)|
|=||(603.831 / 3597.464)||/||(600.792 / 3697.764)|
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 - (820.882 + 9559.397) / 21718.251)||/||(1 - (927.514 + 9139.703) / 21105.477)|
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))|
|=||(987.396 / (987.396 + 9139.703))||/||(1062.247 / (1062.247 + 9559.397))|
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)|
|=||(334.446 / 3697.764)||/||(272.711 / 3597.464)|
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)|
|=||((11778.176 + 811.946) / 21718.251)||/||((11954.093 + 821.955) / 21105.477)|
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|
|=||(1446.045 - -16.028||-||1778.623)||/||21718.251|
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 -2.70 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