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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 -1.19. The lowest was -2.71. And the median was -2.16.
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 * 0.4832||+||0.528 * 1||+||0.404 * 0.9111||+||0.892 * 1.9551||+||0.115 * 0.4735|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9375||+||4.679 * 0.0119||-||0.327 * 1.0846|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $3,822.2 Mil.|
Revenue was 270.641 + 203.218 + 241.482 + 262.978 = $978.3 Mil.
Gross Profit was 270.641 + 203.218 + 241.482 + 262.978 = $978.3 Mil.
Total Current Assets was $4,049.4 Mil.
Total Assets was $9,883.2 Mil.
Property, Plant and Equipment(Net PPE) was $3,525.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $167.0 Mil.
Selling, General & Admin. Expense(SGA) was $343.8 Mil.
Total Current Liabilities was $409.9 Mil.
Long-Term Debt was $4,193.1 Mil.
Net Income was 55.049 + 30.015 + 30.838 + 49.297 = $165.2 Mil.
Non Operating Income was -98.364 + -24.197 + -122.027 + -143.028 = $-387.6 Mil.
Cash Flow from Operations was 112.445 + 77.677 + 50.969 + 194.161 = $435.3 Mil.
|Accounts Receivable was $4,045.6 Mil.
Revenue was 220.904 + 116.612 + 85.597 + 77.282 = $500.4 Mil.
Gross Profit was 220.904 + 116.612 + 85.597 + 77.282 = $500.4 Mil.
Total Current Assets was $4,241.6 Mil.
Total Assets was $9,860.1 Mil.
Property, Plant and Equipment(Net PPE) was $3,090.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $67.6 Mil.
Selling, General & Admin. Expense(SGA) was $187.6 Mil.
Total Current Liabilities was $960.3 Mil.
Long-Term Debt was $3,273.6 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)|
|=||(3822.195 / 978.319)||/||(4045.627 / 500.395)|
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)|
|=||(500.395 / 500.395)||/||(978.319 / 978.319)|
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 - (4049.399 + 3525.333) / 9883.159)||/||(1 - (4241.616 + 3090.612) / 9860.06)|
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))|
|=||(67.636 / (67.636 + 3090.612))||/||(167.011 / (167.011 + 3525.333))|
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)|
|=||(343.808 / 978.319)||/||(187.583 / 500.395)|
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)|
|=||((4193.111 + 409.875) / 9883.159)||/||((3273.571 + 960.328) / 9860.06)|
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|
|=||(165.199 - -387.616||-||435.252)||/||9883.159|
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 -2.16 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