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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 -2.65. And the median was -2.22.
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 * 0.9843||+||0.528 * 1.0034||+||0.404 * 0.8377||+||0.892 * 1.4148||+||0.115 * 0.8819|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7738||+||4.679 * 0.0088||-||0.327 * 0.9987|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $96.0 Mil.|
Revenue was 126.3 + 134.999 + 131.545 + 114.57 = $507.4 Mil.
Gross Profit was 125.516 + 134.098 + 130.361 + 112.843 = $502.8 Mil.
Total Current Assets was $325.2 Mil.
Total Assets was $5,117.9 Mil.
Property, Plant and Equipment(Net PPE) was $3,203.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $86.4 Mil.
Selling, General & Admin. Expense(SGA) was $45.6 Mil.
Total Current Liabilities was $169.2 Mil.
Long-Term Debt was $2,758.6 Mil.
Net Income was 53.724 + 57.927 + 58.237 + 23.057 = $192.9 Mil.
Non Operating Income was -8.945 + -38.402 + -34.672 + -26.751 = $-108.8 Mil.
Cash Flow from Operations was 67.954 + 69.336 + 74.812 + 44.74 = $256.8 Mil.
|Accounts Receivable was $68.9 Mil.
Revenue was 99.801 + 95.961 + 82.106 + 80.777 = $358.6 Mil.
Gross Profit was 99.271 + 95.61 + 81.656 + 80.077 = $356.6 Mil.
Total Current Assets was $171.6 Mil.
Total Assets was $4,226.1 Mil.
Property, Plant and Equipment(Net PPE) was $2,488.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $59.0 Mil.
Selling, General & Admin. Expense(SGA) was $41.7 Mil.
Total Current Liabilities was $158.0 Mil.
Long-Term Debt was $2,262.9 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)|
|=||(95.988 / 507.414)||/||(68.927 / 358.645)|
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)|
|=||(356.614 / 358.645)||/||(502.818 / 507.414)|
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 - (325.248 + 3203.609) / 5117.933)||/||(1 - (171.623 + 2488.102) / 4226.125)|
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))|
|=||(59.011 / (59.011 + 2488.102))||/||(86.433 / (86.433 + 3203.609))|
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)|
|=||(45.608 / 507.414)||/||(41.657 / 358.645)|
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)|
|=||((2758.635 + 169.215) / 5117.933)||/||((2262.861 + 158.046) / 4226.125)|
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|
|=||(192.945 - -108.77||-||256.842)||/||5117.933|
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 -2.12 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