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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 13 years, the highest Beneish M-Score of Exterran Holdings Inc was -1.40. The lowest was -4.01. And the median was -2.72.
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 Exterran Holdings 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 * 1.2756||+||0.528 * 0.8568||+||0.404 * 1.2396||+||0.892 * 0.9175||+||0.115 * 1.0006|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1495||+||4.679 * -0.0494||-||0.327 * 1.0712|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $558 Mil.|
Revenue was 793.628 + 723.832 + 739.27 + 643.008 = $2,900 Mil.
Gross Profit was 275.349 + 266.485 + 255.974 + 233.486 = $1,031 Mil.
Total Current Assets was $1,266 Mil.
Total Assets was $4,857 Mil.
Property, Plant and Equipment(Net PPE) was $3,327 Mil.
Depreciation, Depletion and Amortization(DDA) was $386 Mil.
Selling, General & Admin. Expense(SGA) was $378 Mil.
Total Current Liabilities was $611 Mil.
Long-Term Debt was $2,027 Mil.
Net Income was 19.143 + 34.05 + 12.377 + 32.596 = $98 Mil.
Non Operating Income was -57.421 + 0.288 + 8.58 + 7.127 = $-41 Mil.
Cash Flow from Operations was 99.247 + 157.519 + 68.711 + 53.892 = $379 Mil.
|Accounts Receivable was $477 Mil.
Revenue was 739.018 + 775.584 + 835.906 + 809.896 = $3,160 Mil.
Gross Profit was 237.464 + 244.931 + 255.869 + 224.742 = $963 Mil.
Total Current Assets was $1,221 Mil.
Total Assets was $4,227 Mil.
Property, Plant and Equipment(Net PPE) was $2,820 Mil.
Depreciation, Depletion and Amortization(DDA) was $328 Mil.
Selling, General & Admin. Expense(SGA) was $358 Mil.
Total Current Liabilities was $641 Mil.
Long-Term Debt was $1,502 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)|
|=||(558.042 / 2899.738)||/||(476.792 / 3160.404)|
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)|
|=||(266.485 / 3160.404)||/||(275.349 / 2899.738)|
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 - (1265.676 + 3326.892) / 4857.147)||/||(1 - (1221.131 + 2820.272) / 4227.157)|
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))|
|=||(327.505 / (327.505 + 2820.272))||/||(386.071 / (386.071 + 3326.892))|
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)|
|=||(377.754 / 2899.738)||/||(358.173 / 3160.404)|
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)|
|=||((2026.902 + 610.718) / 4857.147)||/||((1502.155 + 640.706) / 4227.157)|
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|
|=||(98.166 - -41.426||-||379.369)||/||4857.147|
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.
Exterran Holdings Inc has a M-score of -2.56 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
Exterran Holdings Inc Annual Data
Exterran Holdings Inc Quarterly Data