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Mobile Mini Inc (NAS:MINI)
Beneish M-Score
-2.57 (As of Today)

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.

Mobile Mini Inc has a M-score of -2.57 suggests that the company is not a manipulator.

MINI' s 10-Year Beneish M-Score Range
Min: -3.15   Max: 4.91
Current: -2.57

-3.15
4.91

During the past 13 years, the highest Beneish M-Score of Mobile Mini Inc was 4.91. The lowest was -3.15. And the median was -2.40.


Definition

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 * 1.0303+0.528 * 0.9872+0.404 * 0.9907+0.892 * 1.0641+0.115 * 1.0947
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1204+4.679 * -0.0416-0.327 * 0.879
=-2.57

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun14) TTM:Last Year (Jun13) TTM:
Accounts Receivable was $55.3 Mil.
Revenue was 106.533 + 102.404 + 105.536 + 105.487 = $420.0 Mil.
Gross Profit was 101.154 + 96.851 + 100.566 + 99.396 = $398.0 Mil.
Total Current Assets was $74.6 Mil.
Total Assets was $1,693.5 Mil.
Property, Plant and Equipment(Net PPE) was $90.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.4 Mil.
Selling, General & Admin. Expense(SGA) was $263.5 Mil.
Total Current Liabilities was $378.6 Mil.
Long-Term Debt was $215.3 Mil.
Net Income was 9.263 + 7.44 + 11.958 + 14.303 = $43.0 Mil.
Non Operating Income was 0 + -0.001 + -0.001 + 0 = $-0.0 Mil.
Cash Flow from Operations was 22.473 + 26.812 + 30.637 + 33.46 = $113.4 Mil.
Accounts Receivable was $50.4 Mil.
Revenue was 97.522 + 97.941 + 98.307 + 100.879 = $394.6 Mil.
Gross Profit was 91.854 + 89.257 + 93.219 + 94.853 = $369.2 Mil.
Total Current Assets was $70.7 Mil.
Total Assets was $1,667.6 Mil.
Property, Plant and Equipment(Net PPE) was $77.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.6 Mil.
Selling, General & Admin. Expense(SGA) was $221.0 Mil.
Total Current Liabilities was $464.9 Mil.
Long-Term Debt was $200.5 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(55.291 / 419.96) / (50.431 / 394.649)
=0.13165778 / 0.12778697
=1.0303

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(96.851 / 394.649) / (101.154 / 419.96)
=0.93547177 / 0.94763073
=0.9872

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (74.619 + 90.155) / 1693.474) / (1 - (70.699 + 77.403) / 1667.629)
=0.9027006 / 0.91119008
=0.9907

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=419.96 / 394.649
=1.0641

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))
=(35.602 / (35.602 + 77.403)) / (36.432 / (36.432 + 90.155))
=0.31504801 / 0.28780206
=1.0947

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)
=(263.462 / 419.96) / (220.98 / 394.649)
=0.62735022 / 0.55994061
=1.1204

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)
=((215.302 + 378.596) / 1693.474) / ((200.451 + 464.887) / 1667.629)
=0.35069803 / 0.39897243
=0.879

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(42.964 - -0.002 - 113.382) / 1693.474
=-0.0416

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 -2.57 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Mobile Mini Inc Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 1.05191.03751.07950.91451.26450.73811.18231.00171.02770.9835
GMI 0.98830.98411.01121.00550.99951.00150.99741.00840.98681.0007
AQI 1.00581.00580.12190.91959.16551.02511.00070.99570.99960.9936
SGI 1.14861.23071.31951.16441.30510.90140.88331.10181.04621.0662
DEPI 0.91051.007911.8760.92250.08940.87331.03031.01280.99811.0485
SGAI 0.98780.98960.97051.02510.97431.00761.05151.02981.03311.0144
LVGI 1.00330.97680.64621.08581.29710.91280.94390.91980.93230.8757
TATA -0.0021-0.0545-0.0308-0.035-0.031-0.0336-0.0208-0.0303-0.0301-0.055
M-score -2.32-2.49-1.24-2.650.99-2.94-2.50-2.50-2.55-2.65

Mobile Mini Inc Quarterly Data

Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14
DSRI 0.98280.95251.04781.02771.03251.0190.95090.98351.01451.0303
GMI 1.0020.99780.98750.98680.99410.99320.99831.00070.9860.9872
AQI 0.9980.99770.99510.99960.99811.0011.00010.99360.9940.9907
SGI 1.09731.08021.06441.04621.0591.05771.05381.06621.05031.0641
DEPI 0.99691.00131.01080.99810.9980.96060.96541.04851.04981.0947
SGAI 1.04321.05871.04971.03310.98580.96810.9841.01441.09871.1204
LVGI 0.92620.93270.92980.93230.91330.9160.89730.87570.87670.879
TATA -0.029-0.0304-0.0238-0.0301-0.0311-0.0515-0.0567-0.055-0.0579-0.0416
M-score -2.53-2.58-2.48-2.55-2.52-2.63-2.71-2.65-2.67-2.57
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