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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 6 years, the highest Beneish M-Score of Colony Capital Inc was -2.29. The lowest was -2.71. And the median was -2.50.
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 Colony Capital Inc 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 * 1.2963||+||0.528 * 1||+||0.404 * 0.6059||+||0.892 * 1.5982||+||0.115 * 0.4952|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3944||+||4.679 * -0.004||-||0.327 * 1.9491|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $2,131.1 Mil.|
Revenue was 85.597 + 77.282 + 65.973 + 59.207 = $288.1 Mil.
Gross Profit was 85.597 + 77.282 + 65.973 + 59.207 = $288.1 Mil.
Total Current Assets was $2,273.1 Mil.
Total Assets was $5,871.8 Mil.
Property, Plant and Equipment(Net PPE) was $1,644.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.2 Mil.
Selling, General & Admin. Expense(SGA) was $87.0 Mil.
Total Current Liabilities was $351.9 Mil.
Long-Term Debt was $2,584.2 Mil.
Net Income was 24.816 + 38.954 + 37.649 + 21.73 = $123.1 Mil.
Non Operating Income was -0.022 + 0.037 + 12.811 + 0.98 = $13.8 Mil.
Cash Flow from Operations was 33.158 + 30.255 + 36.03 + 33.316 = $132.8 Mil.
|Accounts Receivable was $1,028.7 Mil.
Revenue was 58.42 + 47.47 + 40.764 + 33.585 = $180.2 Mil.
Gross Profit was 58.42 + 47.47 + 40.764 + 33.585 = $180.2 Mil.
Total Current Assets was $1,071.8 Mil.
Total Assets was $2,628.6 Mil.
Property, Plant and Equipment(Net PPE) was $112.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.3 Mil.
Selling, General & Admin. Expense(SGA) was $39.0 Mil.
Total Current Liabilities was $196.7 Mil.
Long-Term Debt was $477.6 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)|
|=||(2131.134 / 288.059)||/||(1028.654 / 180.239)|
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)|
|=||(77.282 / 180.239)||/||(85.597 / 288.059)|
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 - (2273.07 + 1643.997) / 5871.848)||/||(1 - (1071.821 + 112.468) / 2628.552)|
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))|
|=||(0.31 / (0.31 + 112.468))||/||(9.177 / (9.177 + 1643.997))|
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)|
|=||(87.011 / 288.059)||/||(39.043 / 180.239)|
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)|
|=||((2584.163 + 351.892) / 5871.848)||/||((477.607 + 196.718) / 2628.552)|
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|
|=||(123.149 - 13.806||-||132.759)||/||5871.848|
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.
Colony Capital Inc has a M-score of -2.29 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
Colony Capital Inc Annual Data
Colony Capital Inc Quarterly Data