Caplease, Beneish M-Score Historical Data
The historical data trend for Caplease,'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.
Caplease, Beneish M-Score Chart
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Caplease, Annual Data
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Trend |
Dec03 |
Dec04 |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
| Beneish M-Score |
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-3.33 |
-3.00 |
-3.30 |
-3.70 |
-2.65 |
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Caplease, Quarterly Data
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Sep08 |
Dec08 |
Mar09 |
Jun09 |
Sep09 |
Dec09 |
Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
| Beneish M-Score |
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1.17 |
2.00 |
-2.65 |
-3.29 |
-3.34 |
Competitive Comparison of Caplease,'s Beneish M-Score
For the REIT - Office subindustry, Caplease,'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.
Caplease,'s Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Caplease,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Caplease,'s Beneish M-Score falls into.
Caplease, 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 Caplease, 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 * 0.1998 | + | 0.528 * 0.9981 | + | 0.404 * 0.949 | + | 0.892 * 1.0937 | + | 0.115 * 1.0617 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.345 | + | 4.679 * -0.034665 | - | 0.327 * 0.9602 |
| = | -3.36 |
* 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 (Jun13) TTM: | Last Year (Jun12) TTM: |
Total Receivables was €7.6 Mil.
Revenue was 34.206 + 33.468 + 31.676 + 32.431 = €131.8 Mil.
Gross Profit was 34.206 + 33.468 + 10.494 + 32.431 = €110.6 Mil.
Total Current Assets was €83.8 Mil.
Total Assets was €1,381.1 Mil.
Property, Plant and Equipment(Net PPE) was €1,095.0 Mil.
Depreciation, Depletion and Amortization(DDA) was €37.4 Mil.
Selling, General, & Admin. Expense(SGA) was €16.1 Mil.
Total Current Liabilities was €151.4 Mil.
Long-Term Debt & Capital Lease Obligation was €38.0 Mil.
Net Income was 0.354 + 1.575 + 0.897 + 1.148 = €4.0 Mil.
Non Operating Income was 0 + 0 + -0.169 + 0.233 = €0.1 Mil.
Cash Flow from Operations was 15.131 + 12.551 + 10.518 + 13.585 = €51.8 Mil.
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Total Receivables was €34.9 Mil.
Revenue was 31.638 + 29.512 + 29.626 + 29.71 = €120.5 Mil.
Gross Profit was 31.638 + 29.512 + 10.063 + 29.71 = €100.9 Mil.
Total Current Assets was €91.2 Mil.
Total Assets was €1,321.9 Mil.
Property, Plant and Equipment(Net PPE) was €1,026.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €37.3 Mil.
Selling, General, & Admin. Expense(SGA) was €10.9 Mil.
Total Current Liabilities was €136.4 Mil.
Long-Term Debt & Capital Lease Obligation was €52.4 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) |
| = | (7.62 / 131.781) | / | (34.865 / 120.486) |
| = | 0.057823 | / | 0.28937 |
| | = | 0.1998 |
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) |
| = | (100.923 / 120.486) | / | (110.599 / 131.781) |
| = | 0.837633 | / | 0.839264 |
| | = | 0.9981 |
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 - (83.848 + 1094.964) / 1381.091) | / | (1 - (91.236 + 1026.624) / 1321.868) |
| = | 0.146463 | / | 0.154333 |
| | = | 0.949 |
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 |
| = | 131.781 | / | 120.486 |
| | = | 1.0937 |
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)) |
| = | (37.321 / (37.321 + 1026.624)) | / | (37.413 / (37.413 + 1094.964)) |
| = | 0.035078 | / | 0.033039 |
| | = | 1.0617 |
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) |
| = | (16.055 / 131.781) | / | (10.914 / 120.486) |
| = | 0.121831 | / | 0.090583 |
| | = | 1.345 |
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) |
| = | ((38.006 + 151.413) / 1381.091) | / | ((52.421 + 136.383) / 1321.868) |
| = | 0.137152 | / | 0.142831 |
| | = | 0.9602 |
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 |
| = | (3.974 - 0.064 | - | 51.785) | / | 1381.091 |
| | = | -0.034665 |
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.
Caplease, has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.
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