FRMUF (Firm Capital Property Trust) Beneish M-Score : -2.79 (As of Dec. 12, 2024)

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What is Firm Capital Property Trust 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Firm Capital Property Trust's Beneish M-Score or its related term are showing as below:

FRMUF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.22 Max: 1.25
Current: -2.79

During the past 12 years, the highest Beneish M-Score of Firm Capital Property Trust was 1.25. The lowest was -3.08. And the median was -2.22.

Firm Capital Property Trust Beneish M-Score Historical Data

The historical data trend for Firm Capital Property Trust'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.

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Firm Capital Property Trust Beneish M-Score Chart

Firm Capital Property Trust Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.22

-2.46

-2.73

-0.97

-2.68

Firm Capital Property Trust Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-0.58	-2.68	-2.68	-2.72	-2.79

Competitive Comparison of Firm Capital Property Trust's Beneish M-Score

For the REIT - Retail subindustry, Firm Capital Property Trust'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.

Firm Capital Property Trust's Beneish M-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Firm Capital Property Trust's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Firm Capital Property Trust's Beneish M-Score falls into.

Firm Capital Property Trust 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 Firm Capital Property Trust 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 * 0.7679

0.528 * 0.996

0.404 * 1.0049

0.892 * 1.0383

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2585

4.679 * -0.021169

0.327 * 0.9752

-2.79

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was $5.29 Mil.
Revenue was 10.992 + 11.008 + 11.091 + 10.841 = $43.93 Mil.
Gross Profit was 7.153 + 7.047 + 6.85 + 7.045 = $28.10 Mil.
Total Current Assets was $15.98 Mil.
Total Assets was $481.84 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3.71 Mil.
Total Current Liabilities was $41.12 Mil.
Long-Term Debt & Capital Lease Obligation was $213.42 Mil.
Net Income was 6.912 + 6.483 + 7.303 + 5.076 = $25.77 Mil.
Non Operating Income was 3.196 + 2.973 + 4.082 + 0.874 = $11.13 Mil.
Cash Flow from Operations was 7.5 + 5.332 + 5.991 + 6.026 = $24.85 Mil.

Total Receivables was $6.64 Mil.
Revenue was 10.834 + 10.608 + 10.384 + 10.486 = $42.31 Mil.
Gross Profit was 6.631 + 6.834 + 6.74 + 6.746 = $26.95 Mil.
Total Current Assets was $17.84 Mil.
Total Assets was $470.45 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $2.84 Mil.
Total Current Liabilities was $89.46 Mil.
Long-Term Debt & Capital Lease Obligation was $165.38 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)
	=	(5.292 / 43.932)	/	(6.637 / 42.312)
	=	0.120459	/	0.156859
	=	0.7679

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)
	=	(26.951 / 42.312)	/	(28.095 / 43.932)
	=	0.636959	/	0.639511
	=	0.996

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 - (15.981 + 0) / 481.838)	/	(1 - (17.837 + 0) / 470.446)
	=	0.966833	/	0.962085
	=	1.0049

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
	=	43.932	/	42.312
	=	1.0383

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	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)
	=	(3.711 / 43.932)	/	(2.84 / 42.312)
	=	0.084471	/	0.06712
	=	1.2585

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)
	=	((213.419 + 41.123) / 481.838)	/	((165.377 + 89.461) / 470.446)
	=	0.528273	/	0.541694
	=	0.9752

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
	=	(25.774 - 11.125	-	24.849)	/	481.838
	=	-0.021169

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.

Firm Capital Property Trust has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Firm Capital Property Trust Beneish M-Score Related Terms

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Firm Capital Property Trust Business Description

Industry

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FCD.UN:Canada

Address

163 Cartwright Avenue, Toronto, ON, CAN, M6A 1V5

Website

https://www.firmcapital.com

Firm Capital Property Trust is a Canada-based open-ended real estate investment trust. It operates in five reportable segments: Grocery Anchored Retail, Non-Grocery Anchored Retail, Industrial, Multi-Residential, and Core Service Office Provider. A vast majority of its revenues are derived from the grocery-anchored retail segment. Its products and services are Mortgage Banking, Real Estate Investments, Private Equity, and Alternative Credit.