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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.
Medical Properties Trust, Inc. has a M-score of -2.31 suggests that the company is not a manipulator.
During the past 10 years, the highest Beneish M-Score of Medical Properties Trust, Inc. was -1.08. The lowest was -2.53. And the median was -1.86.
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 * 1.0507||+||0.528 * 1.0027||+||0.404 * 0.8671||+||0.892 * 1.2236||+||0.115 * 1.362|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8602||+||4.679 * -0.0163||-||0.327 * 1.039|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $104.3 Mil.|
Revenue was 66.623 + 60.456 + 57.473 + 58.44 = $243.0 Mil.
Gross Profit was 65.693 + 59.998 + 56.824 + 58.025 = $240.5 Mil.
Total Current Assets was $150.3 Mil.
Total Assets was $2,904.6 Mil.
Property, Plant and Equipment(Net PPE) was $1,630.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.8 Mil.
Selling, General & Admin. Expense(SGA) was $30.1 Mil.
Total Current Liabilities was $118.1 Mil.
Long-Term Debt was $1,421.7 Mil.
Net Income was 17.839 + 25.648 + 27.348 + 26.156 = $97.0 Mil.
Non Operating Income was 1.288 + 0.846 + 1.153 + 0.267 = $3.6 Mil.
Cash Flow from Operations was 39.237 + 45.319 + 29.194 + 27.051 = $140.8 Mil.
|Accounts Receivable was $81.1 Mil.
Revenue was 55.551 + 52.853 + 48.918 + 41.267 = $198.6 Mil.
Gross Profit was 55.101 + 52.639 + 48.332 + 41.04 = $197.1 Mil.
Total Current Assets was $118.5 Mil.
Total Assets was $2,178.9 Mil.
Property, Plant and Equipment(Net PPE) was $1,088.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.6 Mil.
Selling, General & Admin. Expense(SGA) was $28.6 Mil.
Total Current Liabilities was $86.6 Mil.
Long-Term Debt was $1,025.2 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)|
|=||(104.328 / 242.992)||/||(81.149 / 198.589)|
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)|
|=||(59.998 / 198.589)||/||(65.693 / 242.992)|
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 - (150.307 + 1630.73) / 2904.57)||/||(1 - (118.46 + 1088.386) / 2178.886)|
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))|
|=||(35.593 / (35.593 + 1088.386))||/||(38.818 / (38.818 + 1630.73))|
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)|
|=||(30.063 / 242.992)||/||(28.562 / 198.589)|
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)|
|=||((1421.681 + 118.098) / 2904.57)||/||((1025.16 + 86.57) / 2178.886)|
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|
|=||(96.991 - 3.554||-||140.801)||/||2904.57|
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 -2.31 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