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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.
Crown Castle International Corp has a M-score of -2.42 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Crown Castle International Corp was -1.41. The lowest was -4.05. And the median was -2.42.
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 * 1.1498||+||0.528 * 1.031||+||0.404 * 1.0001||+||0.892 * 1.2209||+||0.115 * 0.7988|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9701||+||4.679 * -0.0579||-||0.327 * 1.0106|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $351 Mil.|
Revenue was 967.564 + 930.025 + 916.345 + 875.95 = $3,690 Mil.
Gross Profit was 602.619 + 585.892 + 575.907 + 575 = $2,339 Mil.
Total Current Assets was $953 Mil.
Total Assets was $21,143 Mil.
Property, Plant and Equipment(Net PPE) was $9,148 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,013 Mil.
Selling, General & Admin. Expense(SGA) was $283 Mil.
Total Current Liabilities was $899 Mil.
Long-Term Debt was $11,808 Mil.
Net Income was 148.07 + 106.937 + 34.009 + 101.497 = $391 Mil.
Non Operating Income was 1.808 + -0.678 + -50.692 + -2.736 = $-52 Mil.
Cash Flow from Operations was 473.9 + 428.554 + 401.393 + 362.283 = $1,666 Mil.
|Accounts Receivable was $250 Mil.
Revenue was 798.419 + 748.977 + 734.928 + 740.06 = $3,022 Mil.
Gross Profit was 519.784 + 485.013 + 485.714 + 485.077 = $1,976 Mil.
Total Current Assets was $893 Mil.
Total Assets was $20,595 Mil.
Property, Plant and Equipment(Net PPE) was $8,948 Mil.
Depreciation, Depletion and Amortization(DDA) was $774 Mil.
Selling, General & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $756 Mil.
Long-Term Debt was $11,491 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)|
|=||(350.829 / 3689.884)||/||(249.925 / 3022.384)|
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)|
|=||(585.892 / 3022.384)||/||(602.619 / 3689.884)|
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 - (953.102 + 9148.311) / 21143.276)||/||(1 - (892.683 + 8947.677) / 20594.908)|
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))|
|=||(774.215 / (774.215 + 8947.677))||/||(1013.064 / (1013.064 + 9148.311))|
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)|
|=||(282.696 / 3689.884)||/||(238.703 / 3022.384)|
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)|
|=||((11807.526 + 898.935) / 21143.276)||/||((11490.914 + 756.387) / 20594.908)|
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|
|=||(390.513 - -52.298||-||1666.13)||/||21143.276|
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 -2.42 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