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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 11 years, the highest Beneish M-Score of Medical Properties Trust Inc was -0.95. The lowest was -2.90. And the median was -2.43.
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 Medical Properties Trust 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 * 1.0186||+||0.528 * 0.9936||+||0.404 * 1.2412||+||0.892 * 1.3||+||0.115 * 0.8824|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9652||+||4.679 * -0.0249||-||0.327 * 1.0169|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $63.6 Mil.|
Revenue was 95.961 + 82.106 + 80.777 + 76.56 = $335.4 Mil.
Gross Profit was 95.61 + 81.656 + 80.077 + 76.598 = $333.9 Mil.
Total Current Assets was $137.6 Mil.
Total Assets was $3,823.0 Mil.
Property, Plant and Equipment(Net PPE) was $2,070.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $56.3 Mil.
Selling, General & Admin. Expense(SGA) was $39.2 Mil.
Total Current Liabilities was $136.5 Mil.
Long-Term Debt was $1,882.3 Mil.
Net Income was 35.897 + 14.947 + 28.537 + -0.203 = $79.2 Mil.
Non Operating Income was -0.693 + -0.952 + 1.228 + 0.415 = $-0.0 Mil.
Cash Flow from Operations was 42.026 + 54.699 + 45.489 + 31.973 = $174.2 Mil.
|Accounts Receivable was $48.0 Mil.
Revenue was 73.089 + 67.679 + 60.106 + 57.124 = $258.0 Mil.
Gross Profit was 72.351 + 66.749 + 59.648 + 56.475 = $255.2 Mil.
Total Current Assets was $161.5 Mil.
Total Assets was $3,026.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,834.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.9 Mil.
Selling, General & Admin. Expense(SGA) was $31.3 Mil.
Total Current Liabilities was $99.6 Mil.
Long-Term Debt was $1,472.0 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)|
|=||(63.59 / 335.404)||/||(48.023 / 257.998)|
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)|
|=||(81.656 / 257.998)||/||(95.61 / 335.404)|
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 - (137.602 + 2070.395) / 3823.049)||/||(1 - (161.506 + 1834.947) / 3026.592)|
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))|
|=||(43.861 / (43.861 + 1834.947))||/||(56.264 / (56.264 + 2070.395))|
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)|
|=||(39.221 / 335.404)||/||(31.256 / 257.998)|
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)|
|=||((1882.319 + 136.549) / 3823.049)||/||((1472.045 + 99.603) / 3026.592)|
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|
|=||(79.178 - -0.002||-||174.187)||/||3823.049|
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.
Medical Properties Trust Inc has a M-score of -2.23 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
Medical Properties Trust Inc Annual Data
Medical Properties Trust Inc Quarterly Data