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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.
Exterran Holdings Inc has a M-score of -2.85 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Exterran Holdings Inc was -0.25. The lowest was -5.07. And the median was -2.81.
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 * 0.9477||+||0.528 * 0.8909||+||0.404 * 1.1334||+||0.892 * 1.001||+||0.115 * 1.0278|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9992||+||4.679 * -0.0742||-||0.327 * 0.9201|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $434 Mil.|
Revenue was 643.008 + 735.68 + 776.003 + 837.344 = $2,992 Mil.
Gross Profit was 233.486 + 236.286 + 244.781 + 256.659 = $971 Mil.
Total Current Assets was $1,243 Mil.
Total Assets was $4,279 Mil.
Property, Plant and Equipment(Net PPE) was $2,834 Mil.
Depreciation, Depletion and Amortization(DDA) was $330 Mil.
Selling, General & Admin. Expense(SGA) was $366 Mil.
Total Current Liabilities was $591 Mil.
Long-Term Debt was $1,585 Mil.
Net Income was 32.596 + 22.647 + 40.977 + 9.335 = $106 Mil.
Non Operating Income was 7.127 + 7.841 + 9.225 + 11.961 = $36 Mil.
Cash Flow from Operations was 53.892 + 127.466 + 147.623 + 57.873 = $387 Mil.
|Accounts Receivable was $457 Mil.
Revenue was 809.896 + 829.566 + 718.704 + 630.735 = $2,989 Mil.
Gross Profit was 224.742 + 234.611 + 210.68 + 194.335 = $864 Mil.
Total Current Assets was $1,322 Mil.
Total Assets was $4,363 Mil.
Property, Plant and Equipment(Net PPE) was $2,859 Mil.
Depreciation, Depletion and Amortization(DDA) was $344 Mil.
Selling, General & Admin. Expense(SGA) was $366 Mil.
Total Current Liabilities was $782 Mil.
Long-Term Debt was $1,630 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)|
|=||(433.885 / 2992.035)||/||(457.363 / 2988.901)|
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)|
|=||(236.286 / 2988.901)||/||(233.486 / 2992.035)|
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 - (1242.962 + 2834.188) / 4278.936)||/||(1 - (1322.087 + 2859.422) / 4363.052)|
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))|
|=||(343.712 / (343.712 + 2859.422))||/||(330.381 / (330.381 + 2834.188))|
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)|
|=||(365.772 / 2992.035)||/||(365.682 / 2988.901)|
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)|
|=||((1585.423 + 591.025) / 4278.936)||/||((1629.654 + 782.423) / 4363.052)|
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|
|=||(105.555 - 36.154||-||386.854)||/||4278.936|
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 -2.85 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