CBLDQ.PFD (CBL & Associates Properties (Old)) Beneish M-Score : -2.93 (As of Dec. 15, 2024)

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What is CBL & Associates Properties (Old) Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CBL & Associates Properties (Old)'s Beneish M-Score or its related term are showing as below:

CBLDQ.PFD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27 Med: -2.63 Max: 3.3
Current: -2.93

During the past 13 years, the highest Beneish M-Score of CBL & Associates Properties (Old) was 3.30. The lowest was -3.27. And the median was -2.63.

CBL & Associates Properties (Old) Beneish M-Score Historical Data

The historical data trend for CBL & Associates Properties (Old)'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.

* Premium members only.

CBL & Associates Properties (Old) Beneish M-Score Chart

CBL & Associates Properties (Old) Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-2.78

-2.94

-2.83

-2.76

-2.13

CBL & Associates Properties (Old) Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21
Beneish M-Score	Get a 7-Day Free Trial															-2.11	-2.37	-2.13	-2.34	-2.93

Competitive Comparison of CBL & Associates Properties (Old)'s Beneish M-Score

For the REIT - Retail subindustry, CBL & Associates Properties (Old)'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.

CBL & Associates Properties (Old)'s Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, CBL & Associates Properties (Old)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CBL & Associates Properties (Old)'s Beneish M-Score falls into.

CBL & Associates Properties (Old) 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 CBL & Associates Properties (Old) for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.659

0.528 * 1.0327

0.404 * 0.9936

0.892 * 0.8277

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7654

4.679 * -0.054783

0.327 * 0.3208

-2.93

This Year (Jun21) TTM:

Last Year (Jun20) TTM:

Total Receivables was $73.15 Mil.
Revenue was 136.561 + 133.184 + 154.179 + 129.897 = $553.82 Mil.
Gross Profit was 93.044 + 84.05 + 108.486 + 83.861 = $369.44 Mil.
Total Current Assets was $400.52 Mil.
Total Assets was $4,264.21 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $202.64 Mil.
Selling, General, & Admin. Expense(SGA) was $40.74 Mil.
Total Current Liabilities was $188.37 Mil.
Long-Term Debt & Capital Lease Obligation was $987.59 Mil.
Net Income was -8.882 + -26.763 + -59.304 + -42.878 = $-137.83 Mil.
Non Operating Income was -21.298 + -24.425 + -101.777 + 17.786 = $-129.71 Mil.
Cash Flow from Operations was 67.728 + 62.769 + 74.173 + 20.822 = $225.49 Mil.

Total Receivables was $134.12 Mil.
Revenue was 124.211 + 167.574 + 190.038 + 187.251 = $669.07 Mil.
Gross Profit was 83.426 + 112.209 + 134.335 + 130.955 = $460.93 Mil.
Total Current Assets was $409.92 Mil.
Total Assets was $4,655.16 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $230.55 Mil.
Selling, General, & Admin. Expense(SGA) was $64.31 Mil.
Total Current Liabilities was $227.15 Mil.
Long-Term Debt & Capital Lease Obligation was $3,774.03 Mil.

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)
	=	(73.153 / 553.821)	/	(134.116 / 669.074)
	=	0.132088	/	0.20045
	=	0.659

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)
	=	(460.925 / 669.074)	/	(369.441 / 553.821)
	=	0.6889	/	0.667077
	=	1.0327

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 - (400.517 + 0) / 4264.207)	/	(1 - (409.922 + 0) / 4655.159)
	=	0.906075	/	0.911942
	=	0.9936

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
	=	553.821	/	669.074
	=	0.8277

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))
	=	(230.55 / (230.55 + 0))	/	(202.64 / (202.64 + 0))
	=	1	/	1
	=	1

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)
	=	(40.743 / 553.821)	/	(64.31 / 669.074)
	=	0.073567	/	0.096118
	=	0.7654

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)
	=	((987.592 + 188.368) / 4264.207)	/	((3774.034 + 227.147) / 4655.159)
	=	0.275775	/	0.859515
	=	0.3208

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
	=	(-137.827 - -129.714	-	225.492)	/	4264.207
	=	-0.054783

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.

CBL & Associates Properties (Old) has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.

CBL & Associates Properties (Old) Beneish M-Score Related Terms

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CBL & Associates Properties (Old) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » CBL & Associates Properties Inc (Old) (OTCPK:CBLDQ.PFD) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

2030 Hamilton Place Boulevard, CBL Center, Suite 500, Chattanooga, TN, USA, 37421

Website

https://www.cblproperties.com

CBL & Associates Properties Inc is a U.S.-based real estate investment trust. The company engages in managing, acquiring, and leasing residential and commercial properties. Its portfolio of properties spans 24 states, mostly in the Southeastern and Midwestern regions of the United States. CBL's sales predominantly derive from leasing arrangements with retail tenants. The company also generates revenue from management and development fees, as well as sales of its real estate assets. CBL expands its portfolio of assets through activities such as redevelopment, renovation, and expansion.