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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 -2.27 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 -4.06. And the median was -2.44.
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 * 1.0432||+||0.528 * 1.0714||+||0.404 * 1.1069||+||0.892 * 1.2424||+||0.115 * 1.0368|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9038||+||4.679 * -0.0471||-||0.327 * 0.7867|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|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.
Net Income was -23.546 + 45.836 + 52.359 + 15.462 = $90 Mil.
Non Operating Income was -103.004 + -0.632 + -0.07 + -73.458 = $-177 Mil.
Cash Flow from Operations was 398.79 + 278.839 + 273.401 + 286.626 = $1,238 Mil.
|Accounts Receivable was $193 Mil.
Revenue was 674.087 + 621.337 + 585.511 + 551.745 = $2,433 Mil.
Gross Profit was 456.666 + 435.994 + 413.678 + 397.353 = $1,704 Mil.
Total Current Assets was $1,581 Mil.
Total Assets was $16,089 Mil.
Property, Plant and Equipment(Net PPE) was $6,918 Mil.
Depreciation, Depletion and Amortization(DDA) was $623 Mil.
Selling, General & Admin. Expense(SGA) was $213 Mil.
Total Current Liabilities was $1,238 Mil.
Long-Term Debt was $10,923 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)|
|=||(249.925 / 3022.384)||/||(192.833 / 2432.68)|
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)|
|=||(485.013 / 2432.68)||/||(519.784 / 3022.384)|
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 - (892.683 + 8947.677) / 20594.908)||/||(1 - (1581.324 + 6917.531) / 16088.709)|
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))|
|=||(622.592 / (622.592 + 6917.531))||/||(774.215 / (774.215 + 8947.677))|
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)|
|=||(238.703 / 3022.384)||/||(212.572 / 2432.68)|
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)|
|=||((11490.914 + 756.387) / 20594.908)||/||((10923.186 + 1237.858) / 16088.709)|
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|
|=||(90.111 - -177.164||-||1237.656)||/||20594.908|
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 -2.27 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