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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.
Federal Realty Investment Trust has a M-score of -2.56 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Federal Realty Investment Trust was -1.67. The lowest was -3.23. And the median was -2.67.
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 Federal Realty Investment Trust 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 * 1.0273||+||0.528 * 1.0003||+||0.404 * 1.0008||+||0.892 * 1.0523||+||0.115 * 0.9443|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9751||+||4.679 * -0.0332||-||0.327 * 0.9832|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $140.0 Mil.|
Revenue was 163.846 + 159.03 + 157.947 + 157.752 = $638.6 Mil.
Gross Profit was 131.906 + 129.985 + 129.718 + 128.237 = $519.8 Mil.
Total Current Assets was $228.9 Mil.
Total Assets was $4,219.3 Mil.
Property, Plant and Equipment(Net PPE) was $3,799.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $161.1 Mil.
Selling, General & Admin. Expense(SGA) was $32.0 Mil.
Total Current Liabilities was $221.4 Mil.
Long-Term Debt was $2,321.9 Mil.
Net Income was 28.456 + 62.098 + 37.539 + 34.588 = $162.7 Mil.
Non Operating Income was -9.472 + 0.381 + -3.027 + 0.312 = $-11.8 Mil.
Cash Flow from Operations was 87.77 + 80.032 + 79.003 + 67.693 = $314.5 Mil.
|Accounts Receivable was $129.5 Mil.
Revenue was 155.785 + 157.232 + 147.56 + 146.289 = $606.9 Mil.
Gross Profit was 125.778 + 127.574 + 120.654 + 120.179 = $494.2 Mil.
Total Current Assets was $166.5 Mil.
Total Assets was $3,898.6 Mil.
Property, Plant and Equipment(Net PPE) was $3,555.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $142.0 Mil.
Selling, General & Admin. Expense(SGA) was $31.2 Mil.
Total Current Liabilities was $181.6 Mil.
Long-Term Debt was $2,208.6 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)|
|=||(139.993 / 638.575)||/||(129.509 / 606.866)|
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)|
|=||(129.985 / 606.866)||/||(131.906 / 638.575)|
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 - (228.92 + 3798.992) / 4219.294)||/||(1 - (166.497 + 3555.379) / 3898.565)|
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))|
|=||(142.039 / (142.039 + 3555.379))||/||(161.099 / (161.099 + 3798.992))|
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)|
|=||(31.97 / 638.575)||/||(31.158 / 606.866)|
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)|
|=||((2321.862 + 221.427) / 4219.294)||/||((2208.602 + 181.571) / 3898.565)|
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|
|=||(162.681 - -11.806||-||314.498)||/||4219.294|
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.
Federal Realty Investment Trust 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
Federal Realty Investment Trust Annual Data
Federal Realty Investment Trust Quarterly Data