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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 12 years, the highest Beneish M-Score of Medical Properties Trust Inc was 6.03. The lowest was -2.73. And the median was -2.21.
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 * 1.0562||+||0.528 * 0.9975||+||0.404 * 0.6226||+||0.892 * 1.3235||+||0.115 * 0.8275|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8138||+||4.679 * 0.0124||-||0.327 * 0.7643|
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $103.4 Mil.|
Revenue was 126.555 + 126.3 + 134.999 + 131.545 = $519.4 Mil.
Gross Profit was 126.648 + 125.516 + 134.098 + 130.361 = $516.6 Mil.
Total Current Assets was $1,252.9 Mil.
Total Assets was $6,095.3 Mil.
Property, Plant and Equipment(Net PPE) was $3,351.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $90.4 Mil.
Selling, General & Admin. Expense(SGA) was $47.1 Mil.
Total Current Liabilities was $173.7 Mil.
Long-Term Debt was $2,728.5 Mil.
Net Income was 70.358 + 53.724 + 57.927 + 58.237 = $240.2 Mil.
Non Operating Income was 3.676 + -8.945 + -38.402 + -34.672 = $-78.3 Mil.
Cash Flow from Operations was 30.999 + 67.954 + 69.336 + 74.812 = $243.1 Mil.
|Accounts Receivable was $74.0 Mil.
Revenue was 114.57 + 99.801 + 95.961 + 82.106 = $392.4 Mil.
Gross Profit was 112.843 + 99.271 + 95.61 + 81.656 = $389.4 Mil.
Total Current Assets was $453.4 Mil.
Total Assets was $5,633.3 Mil.
Property, Plant and Equipment(Net PPE) was $2,966.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $65.9 Mil.
Selling, General & Admin. Expense(SGA) was $43.8 Mil.
Total Current Liabilities was $145.5 Mil.
Long-Term Debt was $3,364.1 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)|
|=||(103.413 / 519.399)||/||(73.976 / 392.438)|
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)|
|=||(389.38 / 392.438)||/||(516.623 / 519.399)|
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 - (1252.884 + 3350.953) / 6095.337)||/||(1 - (453.364 + 2966.106) / 5633.323)|
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))|
|=||(65.908 / (65.908 + 2966.106))||/||(90.398 / (90.398 + 3350.953))|
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)|
|=||(47.135 / 519.399)||/||(43.763 / 392.438)|
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)|
|=||((2728.549 + 173.718) / 6095.337)||/||((3364.119 + 145.482) / 5633.323)|
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|
|=||(240.246 - -78.343||-||243.101)||/||6095.337|
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 -2.15 signals that the company is likely to 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