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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 7 years, the highest Beneish M-Score of Colony Capital Inc was -1.31. The lowest was -2.71. And the median was -2.09.
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 * 0.6783||+||0.528 * 1||+||0.404 * 0.7899||+||0.892 * 2.8005||+||0.115 * 0.1289|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3056||+||4.679 * 0.0149||-||0.327 * 0.9283|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $4,048.5 Mil.|
Revenue was 241.482 + 262.978 + 220.904 + 116.612 = $842.0 Mil.
Gross Profit was 241.482 + 262.978 + 220.904 + 116.612 = $842.0 Mil.
Total Current Assets was $4,309.3 Mil.
Total Assets was $10,039.3 Mil.
Property, Plant and Equipment(Net PPE) was $3,132.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $141.0 Mil.
Selling, General & Admin. Expense(SGA) was $318.1 Mil.
Total Current Liabilities was $444.3 Mil.
Long-Term Debt was $4,178.8 Mil.
Net Income was 30.838 + 49.297 + 59.316 + 10.529 = $150.0 Mil.
Non Operating Income was -122.027 + -143.028 + -60.999 + -46.423 = $-372.5 Mil.
Cash Flow from Operations was 50.969 + 194.161 + 70.075 + 57.921 = $373.1 Mil.
|Accounts Receivable was $2,131.1 Mil.
Revenue was 85.597 + 77.282 + 78.563 + 59.207 = $300.6 Mil.
Gross Profit was 85.597 + 77.282 + 78.563 + 59.207 = $300.6 Mil.
Total Current Assets was $2,273.1 Mil.
Total Assets was $5,825.4 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 $187.9 Mil.
Long-Term Debt was $2,701.8 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)|
|=||(4048.477 / 841.976)||/||(2131.134 / 300.649)|
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)|
|=||(262.978 / 300.649)||/||(241.482 / 841.976)|
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 - (4309.333 + 3132.218) / 10039.31)||/||(1 - (2273.07 + 1643.997) / 5825.449)|
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))|
|=||(9.177 / (9.177 + 1643.997))||/||(140.977 / (140.977 + 3132.218))|
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)|
|=||(318.14 / 841.976)||/||(87.011 / 300.649)|
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)|
|=||((4178.803 + 444.267) / 10039.31)||/||((2701.764 + 187.892) / 5825.449)|
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|
|=||(149.98 - -372.477||-||373.126)||/||10039.31|
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 -1.31 signals that the company is likely to 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