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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 Mobile Mini Inc was 4.92. The lowest was -3.15. And the median was -2.38.
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 Mobile Mini 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 * 1.042||+||0.528 * 0.9846||+||0.404 * 0.9873||+||0.892 * 1.0715||+||0.115 * 1.1278|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1032||+||4.679 * -0.0442||-||0.327 * 0.9463|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $61.0 Mil.|
Revenue was 113.322 + 106.533 + 102.404 + 105.536 = $427.8 Mil.
Gross Profit was 108.123 + 101.154 + 96.851 + 100.566 = $406.7 Mil.
Total Current Assets was $80.1 Mil.
Total Assets was $1,694.1 Mil.
Property, Plant and Equipment(Net PPE) was $95.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $37.0 Mil.
Selling, General & Admin. Expense(SGA) was $268.5 Mil.
Total Current Liabilities was $393.2 Mil.
Long-Term Debt was $218.9 Mil.
Net Income was 14.82 + 9.263 + 7.44 + 11.958 = $43.5 Mil.
Non Operating Income was 0 + 0 + -0.001 + -0.001 = $-0.0 Mil.
Cash Flow from Operations was 38.473 + 22.473 + 26.812 + 30.637 = $118.4 Mil.
|Accounts Receivable was $54.6 Mil.
Revenue was 105.487 + 97.522 + 97.941 + 98.307 = $399.3 Mil.
Gross Profit was 99.396 + 91.854 + 89.257 + 93.219 = $373.7 Mil.
Total Current Assets was $77.4 Mil.
Total Assets was $1,682.9 Mil.
Property, Plant and Equipment(Net PPE) was $77.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.7 Mil.
Selling, General & Admin. Expense(SGA) was $227.1 Mil.
Total Current Liabilities was $440.6 Mil.
Long-Term Debt was $201.8 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)|
|=||(60.951 / 427.795)||/||(54.594 / 399.257)|
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)|
|=||(101.154 / 399.257)||/||(108.123 / 427.795)|
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 - (80.147 + 95.322) / 1694.135)||/||(1 - (77.373 + 77.542) / 1682.861)|
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))|
|=||(35.677 / (35.677 + 77.542))||/||(36.96 / (36.96 + 95.322))|
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)|
|=||(268.46 / 427.795)||/||(227.118 / 399.257)|
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)|
|=||((218.926 + 393.165) / 1694.135)||/||((201.845 + 440.649) / 1682.861)|
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|
|=||(43.481 - -0.002||-||118.395)||/||1694.135|
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.
Mobile Mini Inc has a M-score of -2.58 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
Mobile Mini Inc Annual Data
Mobile Mini Inc Quarterly Data