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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 0.99. The lowest was -3.15. And the median was -2.31.
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 * 1.3923||+||0.528 * 0.9861||+||0.404 * 0.9915||+||0.892 * 1.0959||+||0.115 * 1.1437|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0791||+||4.679 * -0.0362||-||0.327 * 1.3249|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $81.0 Mil.|
Revenue was 123.215 + 113.322 + 106.533 + 102.404 = $445.5 Mil.
Gross Profit was 117.402 + 108.123 + 101.154 + 96.851 = $423.5 Mil.
Total Current Assets was $101.5 Mil.
Total Assets was $2,103.2 Mil.
Property, Plant and Equipment(Net PPE) was $113.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $39.3 Mil.
Selling, General & Admin. Expense(SGA) was $280.9 Mil.
Total Current Liabilities was $792.2 Mil.
Long-Term Debt was $224.9 Mil.
Net Income was 12.863 + 14.82 + 9.263 + 7.44 = $44.4 Mil.
Non Operating Income was 0 + 0 + 0 + -0.001 = $-0.0 Mil.
Cash Flow from Operations was 32.867 + 38.473 + 22.473 + 26.812 = $120.6 Mil.
|Accounts Receivable was $53.1 Mil.
Revenue was 106.799 + 105.04 + 97.135 + 97.512 = $406.5 Mil.
Gross Profit was 101.327 + 99.104 + 91.617 + 89.025 = $381.1 Mil.
Total Current Assets was $73.1 Mil.
Total Assets was $1,677.4 Mil.
Property, Plant and Equipment(Net PPE) was $85.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.6 Mil.
Selling, General & Admin. Expense(SGA) was $237.6 Mil.
Total Current Liabilities was $403.5 Mil.
Long-Term Debt was $208.8 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)|
|=||(81.031 / 445.474)||/||(53.104 / 406.486)|
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)|
|=||(108.123 / 406.486)||/||(117.402 / 445.474)|
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 - (101.506 + 113.175) / 2103.174)||/||(1 - (73.104 + 85.153) / 1677.374)|
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))|
|=||(35.626 / (35.626 + 85.153))||/||(39.334 / (39.334 + 113.175))|
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)|
|=||(280.948 / 445.474)||/||(237.567 / 406.486)|
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)|
|=||((224.918 + 792.178) / 2103.174)||/||((208.781 + 403.484) / 1677.374)|
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|
|=||(44.386 - -0.001||-||120.625)||/||2103.174|
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 -2.32 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