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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 Universal Health Realty Income Trust was -1.27. The lowest was -3.25. And the median was -2.56.
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 Universal Health Realty Income Trust 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 * 0.705||+||0.528 * 1||+||0.404 * 1.6318||+||0.892 * 1.0257||+||0.115 * 1.127|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1598||+||4.679 * -0.0541||-||0.327 * 1.1285|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $4.65 Mil.|
Revenue was 16.801 + 16.461 + 16.226 + 16.013 = $65.50 Mil.
Gross Profit was 16.801 + 16.461 + 16.226 + 16.013 = $65.50 Mil.
Total Current Assets was $10.89 Mil.
Total Assets was $510.39 Mil.
Property, Plant and Equipment(Net PPE) was $432.41 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.23 Mil.
Selling, General & Admin. Expense(SGA) was $3.64 Mil.
Total Current Liabilities was $202.84 Mil.
Long-Term Debt was $107.66 Mil.
Net Income was 3.818 + 4.523 + 4.428 + 4.352 = $17.12 Mil.
Non Operating Income was 1.11 + 1.227 + 1.059 + 0.71 = $4.11 Mil.
Cash Flow from Operations was 9.743 + 10.915 + 9.094 + 10.878 = $40.63 Mil.
|Accounts Receivable was $6.43 Mil.
Revenue was 15.686 + 16.049 + 16.202 + 15.923 = $63.86 Mil.
Gross Profit was 15.686 + 16.049 + 16.202 + 15.923 = $63.86 Mil.
Total Current Assets was $10.08 Mil.
Total Assets was $438.65 Mil.
Property, Plant and Equipment(Net PPE) was $393.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.94 Mil.
Selling, General & Admin. Expense(SGA) was $3.06 Mil.
Total Current Liabilities was $6.28 Mil.
Long-Term Debt was $230.20 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)|
|=||(4.649 / 65.501)||/||(6.429 / 63.86)|
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)|
|=||(63.86 / 63.86)||/||(65.501 / 65.501)|
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 - (10.887 + 432.412) / 510.389)||/||(1 - (10.08 + 393.236) / 438.652)|
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))|
|=||(22.937 / (22.937 + 393.236))||/||(22.234 / (22.234 + 432.412))|
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)|
|=||(3.639 / 65.501)||/||(3.059 / 63.86)|
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)|
|=||((107.66 + 202.838) / 510.389)||/||((230.203 + 6.276) / 438.652)|
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|
|=||(17.121 - 4.106||-||40.63)||/||510.389|
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.
Universal Health Realty Income Trust has a M-score of -2.78 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
Universal Health Realty Income Trust Annual Data
Universal Health Realty Income Trust Quarterly Data