Rouse Properties Beneish M-Score Historical Data
The historical data trend for Rouse Properties'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.
Rouse Properties Beneish M-Score Chart
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Rouse Properties Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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- |
-2.77 |
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Rouse Properties Quarterly Data
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Jun11 |
Sep11 |
Dec11 |
Mar12 |
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Sep12 |
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Mar13 |
Jun13 |
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Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
| Beneish M-Score |
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-2.90 |
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Competitive Comparison of Rouse Properties's Beneish M-Score
For the REIT - Retail subindustry, Rouse Properties'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.
Rouse Properties's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Rouse Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rouse Properties's Beneish M-Score falls into.
Rouse Properties 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 Rouse Properties 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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.
| This Year (Mar16) TTM: | Last Year (Mar15) TTM: |
Total Receivables was $43.4 Mil.
Revenue was 80.632 + 84.861 + 73.553 + 72.409 = $311.5 Mil.
Gross Profit was 53.742 + 57.902 + 48.458 + 46.128 = $206.2 Mil.
Total Current Assets was $128.7 Mil.
Total Assets was $2,523.6 Mil.
Property, Plant and Equipment(Net PPE) was $2,350.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $108.3 Mil.
Selling, General, & Admin. Expense(SGA) was $28.4 Mil.
Total Current Liabilities was $1,863.9 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -10.082 + -0.719 + -1.302 + -0.688 = $-12.8 Mil.
Non Operating Income was 0 + 2.031 + -0.067 + 4.04 = $6.0 Mil.
Cash Flow from Operations was 14.645 + 14.963 + 20.743 + 22.99 = $73.3 Mil.
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Total Receivables was $34.5 Mil.
Revenue was 74.561 + 81.714 + 74.783 + 67.79 = $298.8 Mil.
Gross Profit was 46.827 + 53.801 + 46.463 + 41.958 = $189.0 Mil.
Total Current Assets was $203.4 Mil.
Total Assets was $2,227.4 Mil.
Property, Plant and Equipment(Net PPE) was $2,023.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $114.6 Mil.
Selling, General, & Admin. Expense(SGA) was $30.0 Mil.
Total Current Liabilities was $1,659.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
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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) |
| = | (43.434 / 311.455) | / | (34.471 / 298.848) |
| = | 0.139455 | / | 0.115346 |
| | = | |
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) |
| = | (189.049 / 298.848) | / | (206.23 / 311.455) |
| = | 0.632592 | / | 0.66215 |
| | = | |
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 - (128.677 + 2350.34) / 2523.557) | / | (1 - (203.441 + 2023.911) / 2227.352) |
| = | 0.01765 | / | 0 |
| | = | |
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 |
| = | 311.455 | / | 298.848 |
| | = | |
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)) |
| = | (114.555 / (114.555 + 2023.911)) | / | (108.303 / (108.303 + 2350.34)) |
| = | 0.053569 | / | 0.04405 |
| | = | |
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) |
| = | (28.365 / 311.455) | / | (29.964 / 298.848) |
| = | 0.091073 | / | 0.100265 |
| | = | |
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) |
| = | ((0 + 1863.918) / 2523.557) | / | ((0 + 1658.969) / 2227.352) |
| = | 0.738607 | / | 0.744817 |
| | = | |
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 |
| = | (-12.791 - 6.004 | - | 73.341) | / | 2523.557 |
| | = | -0.03651 |
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.
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