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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 -1.69. The lowest was -3.98. And the median was -2.51.
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 * 1.101||+||0.528 * 1.0044||+||0.404 * 0.7754||+||0.892 * 1.1502||+||0.115 * 1.0491|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8336||+||4.679 * -0.0194||-||0.327 * 1.0262|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $246.4 Mil.|
Revenue was 243.761 + 262.046 + 260.249 + 246.878 = $1,012.9 Mil.
Gross Profit was 178.109 + 194.791 + 192.836 + 182.594 = $748.3 Mil.
Total Current Assets was $706.6 Mil.
Total Assets was $10,285.7 Mil.
Property, Plant and Equipment(Net PPE) was $8,062.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $273.1 Mil.
Selling, General & Admin. Expense(SGA) was $122.2 Mil.
Total Current Liabilities was $240.7 Mil.
Long-Term Debt was $4,620.3 Mil.
Net Income was 52.781 + 194.708 + 89.512 + 87 = $424.0 Mil.
Non Operating Income was -4.163 + -0.821 + 0.106 + -0.519 = $-5.4 Mil.
Cash Flow from Operations was 119.338 + 183.908 + 144.584 + 181.513 = $629.3 Mil.
|Accounts Receivable was $194.6 Mil.
Revenue was 205.084 + 221.463 + 227.119 + 227.015 = $880.7 Mil.
Gross Profit was 148.664 + 166.225 + 169.029 + 169.571 = $653.5 Mil.
Total Current Assets was $581.8 Mil.
Total Assets was $9,663.6 Mil.
Property, Plant and Equipment(Net PPE) was $7,244.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $257.9 Mil.
Selling, General & Admin. Expense(SGA) was $127.5 Mil.
Total Current Liabilities was $228.8 Mil.
Long-Term Debt was $4,221.4 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)|
|=||(246.399 / 1012.934)||/||(194.569 / 880.681)|
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)|
|=||(194.791 / 880.681)||/||(178.109 / 1012.934)|
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 - (706.586 + 8062.82) / 10285.728)||/||(1 - (581.801 + 7244.663) / 9663.63)|
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))|
|=||(257.855 / (257.855 + 7244.663))||/||(273.093 / (273.093 + 8062.82))|
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)|
|=||(122.239 / 1012.934)||/||(127.489 / 880.681)|
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)|
|=||((4620.298 + 240.652) / 10285.728)||/||((4221.401 + 228.786) / 9663.63)|
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|
|=||(424.001 - -5.397||-||629.343)||/||10285.728|
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 -2.41 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