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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 -0.46. The lowest was -5.15. And the median was -2.80.
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 * 1.3233||+||0.528 * 0.8459||+||0.404 * 1.3183||+||0.892 * 0.8752||+||0.115 * 1.0169|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1464||+||4.679 * -0.0682||-||0.327 * 1.0114|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $517 Mil.|
Revenue was 723.832 + 739.27 + 643.008 + 739.018 = $2,845 Mil.
Gross Profit was 266.485 + 255.974 + 233.486 + 237.464 = $993 Mil.
Total Current Assets was $1,251 Mil.
Total Assets was $4,819 Mil.
Property, Plant and Equipment(Net PPE) was $3,295 Mil.
Depreciation, Depletion and Amortization(DDA) was $379 Mil.
Selling, General & Admin. Expense(SGA) was $372 Mil.
Total Current Liabilities was $633 Mil.
Long-Term Debt was $1,958 Mil.
Net Income was 34.05 + 12.377 + 32.596 + 22.647 = $102 Mil.
Non Operating Income was 0.288 + 8.58 + 7.127 + 6.826 = $23 Mil.
Cash Flow from Operations was 157.519 + 68.711 + 53.892 + 127.466 = $408 Mil.
|Accounts Receivable was $447 Mil.
Revenue was 775.584 + 835.906 + 809.896 + 829.566 = $3,251 Mil.
Gross Profit was 244.931 + 255.869 + 224.742 + 234.611 = $960 Mil.
Total Current Assets was $1,303 Mil.
Total Assets was $4,322 Mil.
Property, Plant and Equipment(Net PPE) was $2,833 Mil.
Depreciation, Depletion and Amortization(DDA) was $332 Mil.
Selling, General & Admin. Expense(SGA) was $371 Mil.
Total Current Liabilities was $733 Mil.
Long-Term Debt was $1,564 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)|
|=||(517.485 / 2845.128)||/||(446.848 / 3250.952)|
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)|
|=||(255.974 / 3250.952)||/||(266.485 / 2845.128)|
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 - (1251.134 + 3294.933) / 4818.758)||/||(1 - (1303.249 + 2832.962) / 4321.731)|
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))|
|=||(331.611 / (331.611 + 2832.962))||/||(378.537 / (378.537 + 3294.933))|
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)|
|=||(371.809 / 2845.128)||/||(370.598 / 3250.952)|
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)|
|=||((1957.733 + 633.217) / 4818.758)||/||((1564.308 + 733.116) / 4321.731)|
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|
|=||(101.67 - 22.821||-||407.588)||/||4818.758|
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 -2.59 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