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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 -1.83. The lowest was -3.21. And the median was -2.58.
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 * 1.1752||+||0.528 * 1||+||0.404 * 0.9989||+||0.892 * 1.049||+||0.115 * 1.0993|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1838||+||4.679 * -0.0533||-||0.327 * 1.1044|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $5.29 Mil.|
Revenue was 17.593 + 16.801 + 16.461 + 16.226 = $67.08 Mil.
Gross Profit was 17.593 + 16.801 + 16.461 + 16.226 = $67.08 Mil.
Total Current Assets was $11.54 Mil.
Total Assets was $524.75 Mil.
Property, Plant and Equipment(Net PPE) was $447.24 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.01 Mil.
Selling, General & Admin. Expense(SGA) was $3.79 Mil.
Total Current Liabilities was $12.44 Mil.
Long-Term Debt was $315.72 Mil.
Net Income was 4.446 + 3.818 + 4.523 + 4.428 = $17.22 Mil.
Non Operating Income was 1.06 + 1.11 + 1.227 + 1.059 = $4.46 Mil.
Cash Flow from Operations was 10.981 + 9.743 + 10.915 + 9.094 = $40.73 Mil.
|Accounts Receivable was $4.29 Mil.
Revenue was 16.013 + 15.686 + 16.049 + 16.202 = $63.95 Mil.
Gross Profit was 16.013 + 15.686 + 16.049 + 16.202 = $63.95 Mil.
Total Current Assets was $10.30 Mil.
Total Assets was $458.50 Mil.
Property, Plant and Equipment(Net PPE) was $390.50 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.20 Mil.
Selling, General & Admin. Expense(SGA) was $3.05 Mil.
Total Current Liabilities was $7.31 Mil.
Long-Term Debt was $252.31 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)|
|=||(5.291 / 67.081)||/||(4.292 / 63.95)|
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)|
|=||(63.95 / 63.95)||/||(67.081 / 67.081)|
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 - (11.542 + 447.24) / 524.75)||/||(1 - (10.302 + 390.496) / 458.503)|
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))|
|=||(22.198 / (22.198 + 390.496))||/||(23.008 / (23.008 + 447.24))|
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)|
|=||(3.791 / 67.081)||/||(3.053 / 63.95)|
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)|
|=||((315.717 + 12.435) / 524.75)||/||((252.306 + 7.311) / 458.503)|
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|
|=||(17.215 - 4.456||-||40.733)||/||524.75|
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 -2.58 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