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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 * 0.8985||+||0.528 * 0.9936||+||0.404 * 1.0196||+||0.892 * 1.0061||+||0.115 * 0.9991|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1635||+||4.679 * -0.0604||-||0.327 * 1.0596|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $229 Mil.|
Revenue was 962.409 + 934.384 + 945.836 + 918.107 = $3,761 Mil.
Gross Profit was 613.69 + 600.792 + 603.831 + 584.248 = $2,403 Mil.
Total Current Assets was $818 Mil.
Total Assets was $22,153 Mil.
Property, Plant and Equipment(Net PPE) was $9,670 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,085 Mil.
Selling, General & Admin. Expense(SGA) was $353 Mil.
Total Current Liabilities was $876 Mil.
Long-Term Debt was $12,326 Mil.
Net Income was 86.058 + 47.84 + 141.066 + 103.779 = $379 Mil.
Non Operating Income was -15.768 + -38.929 + -11.019 + -9.804 = $-76 Mil.
Cash Flow from Operations was 480.525 + 437.656 + 503.149 + 371.998 = $1,793 Mil.
|Accounts Receivable was $253 Mil.
Revenue was 899.437 + 941.001 + 967.564 + 930.025 = $3,738 Mil.
Gross Profit was 573.006 + 611.143 + 602.619 + 585.892 = $2,373 Mil.
Total Current Assets was $1,118 Mil.
Total Assets was $21,012 Mil.
Property, Plant and Equipment(Net PPE) was $9,042 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,014 Mil.
Selling, General & Admin. Expense(SGA) was $301 Mil.
Total Current Liabilities was $780 Mil.
Long-Term Debt was $11,037 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)|
|=||(229.015 / 3760.736)||/||(253.342 / 3738.027)|
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)|
|=||(2372.66 / 3738.027)||/||(2402.561 / 3760.736)|
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 - (817.615 + 9670.358) / 22153.074)||/||(1 - (1117.56 + 9042.284) / 21011.629)|
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))|
|=||(1013.597 / (1013.597 + 9042.284))||/||(1085.12 / (1085.12 + 9670.358))|
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)|
|=||(352.707 / 3760.736)||/||(301.306 / 3738.027)|
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)|
|=||((12325.859 + 875.964) / 22153.074)||/||((11036.602 + 780.244) / 21011.629)|
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|
|=||(378.743 - -75.52||-||1793.328)||/||22153.074|
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 -2.89 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