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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 4.65. The lowest was -3.16. And the median was -2.47.
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 * 1.1253||+||0.528 * 0.993||+||0.404 * 0.9779||+||0.892 * 0.9871||+||0.115 * 0.9086|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9784||+||4.679 * -0.0424||-||0.327 * 1.0317|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $93.1 Mil.|
Revenue was 128.853 + 124.849 + 124.533 + 134.517 = $512.8 Mil.
Gross Profit was 124.956 + 121.171 + 119.922 + 129.745 = $495.8 Mil.
Total Current Assets was $120.8 Mil.
Total Assets was $2,016.5 Mil.
Property, Plant and Equipment(Net PPE) was $1,104.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $62.9 Mil.
Selling, General & Admin. Expense(SGA) was $313.2 Mil.
Total Current Liabilities was $746.1 Mil.
Long-Term Debt was $297.7 Mil.
Net Income was 12.709 + 4.072 + 10.998 + 9.505 = $37.3 Mil.
Non Operating Income was -0.005 + -11.467 + 0 + -0.931 = $-12.4 Mil.
Cash Flow from Operations was 31.311 + 29.429 + 35.281 + 39.093 = $135.1 Mil.
|Accounts Receivable was $83.8 Mil.
Revenue was 133.343 + 130.288 + 132.629 + 123.215 = $519.5 Mil.
Gross Profit was 128.977 + 124.888 + 127.496 + 117.402 = $498.8 Mil.
Total Current Assets was $103.1 Mil.
Total Assets was $2,005.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,097.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.5 Mil.
Selling, General & Admin. Expense(SGA) was $324.4 Mil.
Total Current Liabilities was $766.3 Mil.
Long-Term Debt was $239.6 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)|
|=||(93.129 / 512.752)||/||(83.845 / 519.475)|
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)|
|=||(498.763 / 519.475)||/||(495.794 / 512.752)|
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 - (120.813 + 1104.293) / 2016.527)||/||(1 - (103.12 + 1097.249) / 2005.145)|
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))|
|=||(56.489 / (56.489 + 1097.249))||/||(62.899 / (62.899 + 1104.293))|
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)|
|=||(313.239 / 512.752)||/||(324.363 / 519.475)|
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)|
|=||((297.689 + 746.065) / 2016.527)||/||((239.644 + 766.29) / 2005.145)|
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|
|=||(37.284 - -12.403||-||135.114)||/||2016.527|
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 -2.60 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