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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 Kimco Realty Corp was 1.02. The lowest was -3.39. And the median was -2.50.
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 Kimco Realty Corp 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 * 0.6989||+||0.528 * 0.9945||+||0.404 * 0.926||+||0.892 * 1.1252||+||0.115 * 0.7997|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9202||+||4.679 * 0.0224||-||0.327 * 0.9441|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $198 Mil.|
Revenue was 297.202 + 300.87 + 288.382 + 294.061 = $1,181 Mil.
Gross Profit was 225.359 + 220.141 + 213.983 + 218.24 = $878 Mil.
Total Current Assets was $426 Mil.
Total Assets was $11,249 Mil.
Property, Plant and Equipment(Net PPE) was $9,346 Mil.
Depreciation, Depletion and Amortization(DDA) was $355 Mil.
Selling, General & Admin. Expense(SGA) was $122 Mil.
Total Current Liabilities was $117 Mil.
Long-Term Debt was $5,162 Mil.
Net Income was 140.713 + 379.201 + 77.572 + 127 = $724 Mil.
Non Operating Income was -0.17 + 2.577 + 1.06 + 1.386 = $5 Mil.
Cash Flow from Operations was 136.956 + -23.583 + 177.839 + 176.355 = $468 Mil.
|Accounts Receivable was $252 Mil.
Revenue was 283.456 + 264.513 + 255.234 + 245.958 = $1,049 Mil.
Gross Profit was 209.928 + 193.418 + 189.644 + 182.757 = $776 Mil.
Total Current Assets was $578 Mil.
Total Assets was $11,734 Mil.
Property, Plant and Equipment(Net PPE) was $9,492 Mil.
Depreciation, Depletion and Amortization(DDA) was $286 Mil.
Selling, General & Admin. Expense(SGA) was $118 Mil.
Total Current Liabilities was $111 Mil.
Long-Term Debt was $5,721 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)|
|=||(198.005 / 1180.515)||/||(251.785 / 1049.161)|
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)|
|=||(775.747 / 1049.161)||/||(877.723 / 1180.515)|
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 - (425.721 + 9346.355) / 11249.361)||/||(1 - (578.015 + 9491.884) / 11733.888)|
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))|
|=||(285.996 / (285.996 + 9491.884))||/||(354.814 / (354.814 + 9346.355))|
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)|
|=||(121.959 / 1180.515)||/||(117.786 / 1049.161)|
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)|
|=||((5162.462 + 116.631) / 11249.361)||/||((5721.251 + 111.357) / 11733.888)|
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|
|=||(724.486 - 4.853||-||467.567)||/||11249.361|
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.
Kimco Realty Corp 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
Kimco Realty Corp Annual Data
Kimco Realty Corp Quarterly Data