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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 13 years, the highest Beneish M-Score of Prologis Inc was 4.40. The lowest was -3.52. And the median was -2.59.
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 Prologis 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||+||0.528 * 0.9884||+||0.404 * 0.7817||+||0.892 * 1.1477||+||0.115 * 1.173|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8493||+||4.679 * -0.0291||-||0.327 * 1.0318|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 580.622 + 510.404 + 462.847 + 450.865 = $2,005 Mil.
Gross Profit was 419.003 + 364.69 + 315.552 + 320.441 = $1,420 Mil.
Total Current Assets was $310 Mil.
Total Assets was $31,419 Mil.
Property, Plant and Equipment(Net PPE) was $24,113 Mil.
Depreciation, Depletion and Amortization(DDA) was $779 Mil.
Selling, General & Admin. Expense(SGA) was $239 Mil.
Total Current Liabilities was $698 Mil.
Long-Term Debt was $11,934 Mil.
Net Income was 260.65 + 141.918 + 346.876 + 410.287 = $1,160 Mil.
Non Operating Income was 292.92 + 124.818 + 333.434 + 420.454 = $1,172 Mil.
Cash Flow from Operations was 293.926 + 274.357 + 81.532 + 253.744 = $904 Mil.
|Accounts Receivable was $132 Mil.
Revenue was 415.151 + 460.089 + 434.682 + 436.764 = $1,747 Mil.
Gross Profit was 290.385 + 322.676 + 300.002 + 309.487 = $1,223 Mil.
Total Current Assets was $444 Mil.
Total Assets was $24,072 Mil.
Property, Plant and Equipment(Net PPE) was $16,771 Mil.
Depreciation, Depletion and Amortization(DDA) was $639 Mil.
Selling, General & Admin. Expense(SGA) was $245 Mil.
Total Current Liabilities was $557 Mil.
Long-Term Debt was $8,823 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)|
|=||(0 / 2004.738)||/||(132.464 / 1746.686)|
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)|
|=||(364.69 / 1746.686)||/||(419.003 / 2004.738)|
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 - (310.433 + 24112.913) / 31419.354)||/||(1 - (444.343 + 16770.837) / 24072.103)|
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))|
|=||(638.981 / (638.981 + 16770.837))||/||(778.869 / (778.869 + 24112.913))|
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)|
|=||(238.677 / 2004.738)||/||(244.848 / 1746.686)|
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)|
|=||((11934.355 + 697.86) / 31419.354)||/||((8822.952 + 556.965) / 24072.103)|
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|
|=||(1159.731 - 1171.626||-||903.559)||/||31419.354|
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.
Prologis Inc has a M-score of -3.46 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
Prologis Inc Annual Data
Prologis Inc Quarterly Data