Essex Rental Beneish M-Score Historical Data
The historical data trend for Essex Rental's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Essex Rental Beneish M-Score Chart
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Essex Rental Annual Data
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Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-0.03 |
-2.24 |
-2.86 |
-2.45 |
-2.28 |
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Essex Rental Quarterly Data
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
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Sep12 |
Dec12 |
Mar13 |
Jun13 |
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Dec13 |
Mar14 |
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
| Beneish M-Score |
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-2.34 |
-2.28 |
-2.20 |
-2.55 |
-2.71 |
Competitive Comparison of Essex Rental's Beneish M-Score
For the Rental & Leasing Services subindustry, Essex Rental's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Essex Rental's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Essex Rental's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Essex Rental's Beneish M-Score falls into.
Essex Rental Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Essex Rental 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 * 0.9439 | + | 0.528 * 0.8931 | + | 0.404 * 0.8462 | + | 0.892 * 1.0207 | + | 0.115 * 0.9747 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0527 | + | 4.679 * -0.013424 | - | 0.327 * 1.0641 |
| = | -2.73 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (18.093 / 99.644) | / | (18.781 / 97.627) |
| = | 0.181576 | / | 0.192375 |
| | = | 0.9439 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (20.618 / 97.627) | / | (23.562 / 99.644) |
| = | 0.211192 | / | 0.236462 |
| | = | 0.8931 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (42.865 + 258.475) / 310.872) | / | (1 - (38.38 + 276.319) / 326.531) |
| = | 0.030662 | / | 0.036235 |
| | = | 0.8462 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 99.644 | / | 97.627 |
| | = | 1.0207 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (19.055 / (19.055 + 276.319)) | / | (18.32 / (18.32 + 258.475)) |
| = | 0.064511 | / | 0.066186 |
| | = | 0.9747 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (25.729 / 99.644) | / | (23.946 / 97.627) |
| = | 0.258209 | / | 0.245281 |
| | = | 1.0527 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((42.823 + 192.59) / 310.872) | / | ((213.363 + 19.014) / 326.531) |
| = | 0.757267 | / | 0.711654 |
| | = | 1.0641 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-12.263 - -0.696 | - | -7.394) | / | 310.872 |
| | = | -0.013424 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Essex Rental has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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